Be wise and get yourself a medical emergency savingaccount

Life springs surprises when you least expect it.  And a medical emergency is no different. A person may be fine one moment and the other minute he would be on his way to get some medical attention. The situation may be unpredictable as it would be difficult to assess the nature of expenditure. Under such circumstances, your medical emergency fund could work as a shock absorber between you and your life.

Check out more features about a medical savingaccount.

Right time to start and stick on 

‘Now’ is the right time to start. Financial gurus going by the age-old adage ‘tomorrow never comes’ say there is nothing more disastrous than postponing opening up of a medical emergency account. But this is just the first step. The second most important step is to stick on to it and not get tempted to use the money on other things of indulgence.

Easy accessibility

Do you remember how well our grandmothers hid some money in those grocery cans, in-between books and under the bed mattresses when they could have easily stowed it away at better places? They did so not only from getting all their money raided in one go but also for easy accessibility. Isn’t it similar to the savingaccount? We have to meet our different goals and reduce the temptation of shelling out all the money at one go – and of course, easy accessibility? A medical emergency fund must be easily accessible for when you are ill and have not much time and energy doing bank transactions.  

How much you must save?

Ideally, there is no specification on how much you must save in savingsaccount for a medical emergency. But whatever surplus amount is left after paying off monthly dues and other expenses must be invested for a medical emergency fund. This will also help you avoid the habit of irrelevant spending. Although, living comfortably is no sin, overindulgence could be.

Here, we are not advising you to live miserly. There is nothing wrong with pursuing things as long as you don’t dent your financial security. All we are telling you is to get over the habit of indulging in every desire and save every penny you can for those tough times.

Follow our mantra for a happy and secure financial future - savings shouldn’t just be a temporary phase initiated to deal with a financial crisis, but a way of life.

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Lesser known facts about minimum balance in savings account

Minimum balance in savings account is the mandatory lower limit of money prescribed by a bank. This means that if account holder at any given point of time dips below the prescribed limit, he would not be liable to receive the benefits like denied interest payments and may even have to pay a penalty. A customer earns his interest based on the minimum average balance maintained in the account and the same may vary from bank-to-bank.

Earlier when the Reserve Bank of India (RBI) introduced the concept of savings bank accounts with a minimum balance. This gave the banks the authority to charge customers with a requisite or pre-determined amount if the customers failed to maintain the balance.

Compared to private sector banks, most public sector banks are known for maintaining savings accounts with a lower limit of money. If a minimum balance is not maintained in the account, the customer is liable to pay charges on non-maintenance of AMB as applicable. While some Public sector banks levy a charge anything between Rs 30 and Rs 500 for non-maintenance of minimum balance in savings account, private sector banks charge from Rs 500 to Rs 750. This compulsory lower-limit balance is also known as the Average Monthly Balance (AMB) or Average Quarterly Balance (AQB) and it is generally higher in urban areas than in semi-urban and rural areas.

The penalties are charged in proportion to the extent of shortfall observed. Secondly, several banks require customers to maintain a minimum balance for a digital savings bank account as well.

Before we proceed on other important points, it is important to understand why banks levy this mandatory lower-limit amount on account holders. Remember, these brick-and-mortar banks require high-value maintenance. This means they have to make heavy investments in setting up branches and ATMs, payment of staff and back-office operations, maintaining call centres, and much more. And they have their ways of meeting these expenses.

If the above gives you the impression that banks are siphoning off their customer’s money to meet their expenses, then we would like to tell you that this is not the case. On the contrary, they help the customers maintain the mandatory lower limit by providing them online banking and sends them SMS alerts if the amount goes below the limit.  Apart from this, some banks are also known to waive off the minimum balance in savings account if the account holder has a fixed or recurring deposit for about a year with the bank.

Join us for more on savings bank accounts and minimum balance penalisation on https://savingaccount.in/blog/digital-bank-account.

Help your child graduate from piggy to real bank with savings account

Probably we all had our first independent savings bank accounts when we first started to work and our companies provided us with bank forms so that they could put our monthly earnings in it. Also, many of us would have held joint accounts with our parents and also occasionally visited the bank with them to carry out certain transactions. Isn’t it? That was a thing of the past. Now, children as young as a-year-old, have a savings account. The facility existed even when we were young, but the concept was not much in vogue.

Today, banks are promoting ‘child savings account’ more than ever and even parents are welcoming the idea. But getting the best deal for your baby is a tough thing to do and you need to check-out the best suitable options that would help your child’s funds grow steadily if not by leaps and bounds.

Here are a few tips that you as a parent must explore while opening a savings account for their child.

1. Security features: This should be the top priority while finalising a savings account for your child. Most accounts come with the security of zero liability. This protects the little account holder’s debit card from theft or unauthorised purchases. Additionally, opt for text alerts to your mobile number to stay updated about every transaction made on your ‘child savings account’.
2. E-banking facilities:A lot of banks offer free internet or mobile banking access apart from free email, prepaid mobile recharge, pay utility bills, stop cheque payment via SMS facilities and more. Do not forget to encash on them.
3. Additional benefits: Banks offer additional benefits like educational insurance cover, no monthly fees, free cheque book and passbooks annually, unlimited free transactions, etc. Avail all of them.
4. Freebies and rewards: Debit cards are issued to children above 10-years of age and come with a withdrawal limit of maybe Rs 1,000 and above as daily spending limit and a spending limit of Rs 8-10,000 at merchant locations. Some banks even add a personal touch to the junior account holder’s card by putting a fun image or the child’s photo embossed over it. Most banks also offer exciting rewards programmes like book vouchers, movie tickets and discount vouchers for the account holders of child savings account.

Financial experts say that it is never too early nor ever too late to have a savings account. Listen to them.  Most commercial banks, microfinance lenders, cooperative banks, some non-banking financial corporations and other new-age digital financial entities in the country offer the facility of savings account for minors.

Check out more on https://savingaccount.in/blog/kids-bank-account.

Gift your kid a savings account

If your daughter is one of those who have been responsible with her pennies, she deserves a saving account for sure on her 18^th birthday. Since 2014, there has been a visible increase in the number of savings accounts for minors in private and public sector banks after the Reserve Bank of India (RBI) gave banks a green signal.

The Central Bank authorises parents and guardians of children less than 10 years of age to operate the savings account after they can operate it independently. Once the child turns 18, the account becomes dormant and in order to get the regular benefits and interest, it is essential to convert it into a regular savings account. It is equally important to allow them to make harmless mistakes and let them learn from them. The idea must be to train or educate the child and not incur financial losses in any way. You could also opt for a kid’s a savings account with restricted withdrawals or expenditure via debit cards is a good idea till your child is matured enough.

Just opening a savings account without imparting the right education to little ones could result in more harm than good for your children’s future. So, before you finalise on the savings account for your minor or teen, scan banks that have the lowest minimum balance criterion. Doing so will the money from getting locked up at low interest.

So, a savings account with a bank looks like a perfect gift for children to make them learn about banking. Make the most of this opportunity to teach your child about money matters and being responsible.

Wonders of a minor’s savings account:

Kid’s savings account teaches them 

• to plan ahead
• to stay focused on goals and priorities
• to save for things till they can afford it
• the value of money 
• to learn basic math skills
• to grow their money  
• to become comfortable with bank operations and financial dealings.

Documents required for opening kids savings account

To open a savings account for minors, you may be required to submit a few documents. 

These include 

• a recent photograph of the minor applicant
• proof of date of birth of minor (birth certificate issued by Municipal Corporation or Passport)
• proof of relationship between the parent/guardian and the minor applicant (ration card or life insurance policy), 
• PAN of the parents/guardian and address proof.

A savings account for minors is an ideal way to expose them to financial education and first-hand experience in money matters. It is a good idea to encourage children to be responsible with money and make sincere efforts to answer their questions on bank operations.

We, at https://savingaccount.in/blog/kids-bank-account have all the important information that you must know about children’s savings accounts. Stay with us for more.  

Salient features of Types of Savings Account and more

Banks have different types of Savings Account that suit the requirement of their precious customers. Savings accounts are a great place to stash your savings that grow steadily with interest rates and your contributions. Your money remains safe and accessible while paying interest. Not only this, you can have multiple savings account to meet your different goals.

Very little is known about the features that these savings account offer. Read on to learn more about some of the features of different Types of Savings Account that different banks offer to their customers.

Basic savings accounts: These encourage people to save money and collect their savings.

• Allows multiple activities and more: Apart from allowing you to save money, it allows the transfer of funds, withdrawal of money and more. There are different types of specialised savings account for kids, women and pensioners.
• Nominal interest rates: Enables the depositor to earn a nominal rate of interest on your surplus money without blocking them for any period. The interest rate ranges from 3.25% to 7.00%

types of savings account

Money market accounts (MMAs): It is a market for short-term loans that provides money for working capital or circulatory capital. 

• Short term credit market: It consists of organised and unorganised sector.  While the organised sector comprises the Reserve Bank of India (RBI) and commercial banks, the unorganised sector has indigenous bankers and money lenders.  
• No fixed geographical location: Its common institutes like the RBI, the State Bank of India and other commercial banks deal on the telephone and fax only.
• Major financial institutions: Financial institutions like non-banking financial intermediaries, cooperative banks, Export-Import banks cater to the financial requirements of different sectors.
• Common Instruments: Call money, Treasury Bill, Commercial Paper, CDs, Commercial bill, etc., are some of its instruments.

Certificates of deposit (CDs): These are issued by commercial banks can have a maturity period ranging from 7 days to 1 year.

• Availability of Loan: Banks do not grant loans against them as they do not have any lock-in period. In fact, these financial institutions cannot even buy back certificates of deposit before maturity.
• Eligibility: Only scheduled commercial banks/financial institutions in India can issue CDs to individuals, companies, funds, etc. Also, it can be issued to Non-Residential Indians (NRIs) on non-repatriable basis.
• Maturity term: A CD has a maturity period ranging from 7 days to 1 year. For financial institutions, it ranges from 1 to 3 years. 
• Transferability: CDs in Demat forms are transferred according to Demat securities guidelines. Dematerialised/electronic certificates are transferred by endorsement or delivery.

The banking system embraces all these features and makes sincere efforts in providing the best Types of Savings Account for the benefit of its customers. 

Log on to https://savingaccount.in/blog/types-of-savings-account for more details.  

Is savings bank interest taxable?

We all loves interest rates. Don’t we? The higher they are the better are the savings and better are the reasons for the account holder to smile. But wait. Did you know savings bank interest rates come under the ‘Income from other sources’? Yes. They are considered as an income and are thus taxable. Savings accounts are much more multidimensional than most account holders can even think of. The more they discover and realise about these great deposit accounts, the better are the chances of growing their hard-earned savings.  

Interest amount that gets accumulated in an individual’s savings account must be declared in tax returns. The required minimum deposit and interest rate varies depending on the type of savings account held by the customer. Remember, banks do not deduct Tax Deducted at Source (TDS) on savings bank interest. In simplified terms, people open a savings account to earn interest on savings. Banks calculate the interest by multiplying the rate of interest of the money deposited in the account holder’s account. The interest rate constantly changes from time-to-time. Experts have suggested keeping minimum balance in the savings accounts because the rate of interest is very low and it is also reduced by income tax payable at 2.8% per annum for person in 30% tax slab with 4% on saving account interest.

All individual taxpayers and Hindu undivided Fund (HUF) account holders are liable to pay tax for the interest they receive. However, interest up to Rs 10,000 is exempt from tax under Section 80TTA and Rs 50,000 for senior citizens under Section 80TTB.

• Savings account in a nationalised or regional bank
• Savings account in a co-operative society carrying on the business of banking
• Savings account in a post office

Calculating exemption limit:

Earlier banks offered interest on minimum balance available in the account in a month, but now banks calculate interest on a daily basis on the money lying in your account at the end of the day. This gives customers better benefits due to higher interest based on their deposits.

Savings bank interest income from all the accounts are added, including bank savings accounts, post office savings accounts, and co-operative bank savings accounts.

However, account holders can reduce their taxability by availing the many tax benefits available under the Income Tax Act, 1961. The account holders just need to know how interest income is taxed.  

Online-only savings account

There are a lot of online-only savings accounts attracting customers to open and manage account completely using the internet. These offer better rates as the organisation is not dealing with same overhead cost like traditional banks and these saving are hence, passed on to the account holder.

 Log on to https://savingaccount.in/ for more information.

Beat the dipping bank saving account interest rate

Lack of productive savings account options can be a problem with the ever dipping bank saving account interest rate. When rates fall on instructions of the Reserve Bank of India or due to monetary policies, banks feel pressured to lower the interest they charge for loans and also the interest they pay to the depositors. Savers and those who take loans from banks are the first to feel the impact and face a battle to get decent returns from their cash.

But let us first understand how interest system works. It all starts when RBI lends money to commercial banks in the country at low rates (Repo rate). Every time there is a cut in repo rate, banks borrow money from the RBI at lower interest rates and there is a decline in the interest rates on loans as well. Personal loans, car loans, home loans, etc., become cheaper. On the other hand, as banks tend to decrease the deposit rates, account holders see a dip in their bank saving account interest rate.

Check out the few risk-free options we have for our investors who are looking out for opportunities to generate additional returns.

1.     Fixed Deposits (FDs): FDs fetch a higher rate of interest than a regular savings account and is not prone to market fluctuations. Interest can be earned monthly, quarterly or annually as desired by the investor.  As per Income Tax Act-1961, earning on FD is exempted up to Rs 10000. Also, there are preferential interest rates for senior citizens.

2.     Money Market Account (MMA): It is a very safe way to get good returns. MMAs offer relatively high-interest rates and come with cash withdrawal privileges. The interest is tiered, compounded and credited monthly to accrue more profit as the account balance increases. Account-holders easily access their accounts through ATMs, online transfers and cheques.

3.     Liquid Funds: They have evolved as an ideal option for short-term investors allowing investors to earn steady returns over short time intervals. Liquid funds carry the lowest risk and belong to the debt category of mutual funds. Once the customer submits a redemption request, he gets the money within a working day. 

4.     Payments Bank Account: Modern banking systems do not require physical bank branches. Thus, the cost savings due to operational efficiency is handed over to customers by way of the higher interest rate. It is same as existing FD rates and highest savings account interest rate among all the banks.

So, next time interest rates hit rock-bottom don’t worry about your bank saving account interest rate. Just follow our tips and sail through the crisis.

Stay tuned with us at https://savingaccount.in/ for more details on a healthy savings account.

Get savvy and know which bank is best for saving account

 Never mind how pro you are at money matters and how many accounts you may hold. But when someone asks you ‘which bank is best for saving account’ you do tend to get frazzled. But wait, instead of just mumbling something, hand him over the tips we bring for such situations.

While opening a savings account the smart thing to do is look for ways to ‘save huge’ and there are remarkably easy ways to do so.  But the big question is ‘where do we start?’ and this could be a tricky question. So, here are a few suggestions one must look for while opening a savings account.

Shop around:

1. Look for one that gives plenty: Look for banks where your savings will grow is with a competitive interest rate. Higher rates give quick pennies. Look for bonus interest rates offered over the base rate when a specific criterion is met. Scan the terms carefully as bonus rates are often for a limited period. Also, while identifying which bank is best for saving account look for those that offer impressive promotional interest rate to new account holders, but it is up to you to decide if you want to go in for them as they are valid for a couple of months.
2. No minimum deposit or balance: Some financial firms require its prospective account holders to make minimum deposits or maintain a minimum balance to cover costs associated with setting up the new account and maintaining it. The catch is that if the account holder fails to meet the requirements, the bank will lower the interest rate or pay no interest for that month. Such accounts are a deterrent for any saver. There are plenty of financial institutions that offer no minimum deposit or minimum balance account. Be patient and scan for them.
3. Prime facilities: Netbanking and mobile banking, debit cards are some of the prime facilities that most account holders look for and do not require a personal trip to the branch.  Customers can send and receive payments by logging in online or using the app on the mobile or tablet. This makes banking activities very convenient from any part of the world 24x7.
4. No hidden account fees: Many banks have no account fees for operations like ATM usage, monthly account fee, branch deposit fee or over the counter fee. Hence, it is important to read the fine print and look for sundry charges before signing the form. Most banks charge for cheque books, SMS alerts, etc., but then there are many banks who offer free services.  

With these tips, take your time to find which bank is best for saving account and helps your money grow by leaps and bounds.

Stay with us at https://savingaccount.in/ for more information.

Advantages of Passbook savings account

Wondering if passbook savings account still exists? Yes. They do exist at certain local and national banks. Traditional savings accounts have been there for over a century and were commonly referred to as a passbook savings account. It is the conventional way to track the flow of funds into and out of the account.

These accounts are there because of customers, especially the older generation and those from rural areas, who are not still comfortable using digital mode of transactions and prefer face-to-face financial dealings. Owing to this, some banks and credit unions still offer passbook accounts as an option to their customers.

If you come to think of it, the concept of passbooks hasn’t changed much with time. It has just undergone modification to suit the modern world and come with names like bank statements or e-passbooks.

Passbook savings account transactions require the account holder to do the transactions in person. The account holders do not have ATM cards to withdraw funds. The amount has to be withdrawn in person from the bank by filling in the withdrawal slip. However, the traditional way of getting the passbook updated at the teller counter is now replaced with computers and special printers that copy the latest transactional data directly into the customer’s passbook.  

Here’s what one must know before getting the account  

1. Ideal for short-term goals: Their minimal and uncomplicated rules allow the account holders to save. The savings could be to meet the down payment to buy a car, set-up a modular kitchen or to fund a vacation trip. All the account holder needs to do is to shop for banks offering best interest rates.
2. No frivolous purchases: Passbook savings account is a simplified, secure and traditional banking option. These account holders are less likely to make frivolous purchases. The account holder has more time to think about the transaction than just simply swiping a card.
3. Peace of mind: Passbook account come with no monthly charges or minimum balances. It is a liquid asset that offers accounts holders a convenient way to save. Also, it is a great way of stashing away your money in case there is an emergency.
4. No frequent password change, wrong statements:  There have been several incidents where people operating electronic mode of banking have complained about frequent change of passwords or statements with several mistakes. Passbook savings account holders are free from these technical hassles. In case of any discrepancy, the entries can immediately be rectified.

The banking system and the financial industry have undergone a sea-change in the past couple of decades. With the development of Internet banking, passbook accounts have become largely obsolete.

It entirely depends on the preference of the individual, whether to own a passbook or go for Internet services. Log on to https://savingaccount.in/blog/passbook-savings-account for more details.

How savings account interest rates affect us?

When banks cut savings account interest rates they are not kind to its customers. Even a small change results in a major difference to your savings balance. And sometimes depositors may be stuck with lower rates for long. Interest rates determine the earnings of account holders they receive on their deposits.
Interest rate is also referred to as the ‘price of money’. It is a reflection of country’s economic growth and monetary policy. While an increase in rates makes savings more attractive and encouraged, a dip reduces the rewards and discourages savings. A lower interest rate also encourages other forms of saving and investment like buying shares, mutual funds, etc.

Why interest rates fluctuate?

Understanding why savings account interest rates rise and fall can help consumers remain more informed and initiate better financial decisions. Rates fluctuate as a result of the government’s initiatives to keep our economy stable. They reflect demand from borrowers and supply of funds that can be given on loan.

When interest rates go up 

This leads to less demand for goods and services, which causes sellers to drop their price and stabilise the market.

• Customers see a rise in interest rates of CDs, money market accounts and basic savings accounts
• It becomes more expensive to take a loan 
• People borrow less money 
• People buy fewer things.

When prices dip

• Savings vehicles could generate smaller returns
• As Bond values fall, investors lose principal value
• Reduces the monthly cost of mortgage repayments
• Cause a rise in consumer spending.

Apart from these factors, fluctuation in savings account interest rates also affects the following points

Mortgage payments: Consumers with adjustable-rate mortgage see the changes in rate and payments can potentially increase or decrease, but things do not change for fixed-rate mortgage consumers.

Credit card rate: The annual percentage rate (APR) on most credit cards is variable. An increase in the target rate will raise the interest rate while a decrease will lower the interest rate making it easier to pay down debt faster.

Stay aware

It is important to remain vigilant when it comes to money matters. You must also thoroughly scan the bank’s terms and conditions to find out if it is obligated to notify its customers of changes in rate. If it is not mentioned, it is the customer’s duty to keep track of it. Secondly, check your monthly account statements to stay on top of your current interest rate.

The rise and fall of interest rates are not easy to predict. Remember, a small change in savings account interest rates affects your day-to-day life. It could make an impact on the cost of getting a loan. 

For more information click on https://savingaccount.in/

Protecting savings account debit cards during online purchases

Debit cards frauds are on a rise. It is common to hear of cases where-in scammers have made over multiple online fraud transactions within minutes after getting hold of genuine card holders and relieving them of their money from their savingsaccount.  

A debit card allows a user to make purchases linked directly to his checking account and purchases are deducted instantly from his savings account. Frequent online debit card users are more viable to becoming easy targets of scammers who are looking for little lapses by cardholders to encash upon.

Scammers strike when they have access to the user’s debit card numbers, PIN - either by skimming the card at a POS terminal, through a hack online or cloning the card - to make unauthorised purchases or withdraw cash from the account. The amount gets flushed out from the savingsaccount within minutes resulting in cheque bounces and delayed payments of utility bills, EMIs and more.

While debit cards are very convenient for users as it provides cashless transactions, it is equally easy for scammers to drain your savings account. Below given are a few suggestions for online users they can adopt while using debit cards to make online purchases.

• Limit debit spending: Think twice before making online purchases with the debit card. Use a credit card instead as it offers enhanced protective measures against fraud. If a credit card is stolen, banks take it upon themselves to retrieve it.
• Shop on secure websites: Frequent online shoppers must stick to secured websites and never save the details online. This is because, if the website ever gets hacked, so could the user’s saved details and the money in his savingsaccount can easily get siphoned.
• Avoid debit card usage at public places: Petrol pumps, departmental stores, subways, etc., have cameras and crooks can easily get a hold of the pin the user is using. These crooks can skim the debit card which can intercept and store the debit card data and have direct access to the savings account.
• Protect computers, tablets, and devices: Ensure all key protection software like antivirus, anti-spyware is updated regularly. Do not forget to use a firewall. Also, avoid the usage of public wireless access for financial transactions. 
• Opt for banking alerts: Banking alerts via emails or text messages are very important as they keep the user posted with every transaction related to the user’s savingsaccount.
• Keep account statements carefully: Though it is important to keep checking the bank statements, make sure there are no copies lying around in the house. This could hand over all the required savings account details straight into the hands of crooks.

Unfortunately, if anyone does realise that his card has been compromised and his savings account attacked, contact the bank immediately. For more information on how to counter compromised accounts log on to https://savingaccount.in/.

Market fluctuations, savings account and its implications

We have all heard about market fluctuations and inflation. Little bounces or dips in prices or market fluctuation impacts an individual’s account and investments. Inflation and interest rates of a saving account are often linked.  This cycle is dangerous. When inflations are on a rise, savings account offer flexibility to its users and allows to withdraw money frequently with limited penalties. The deposits on the other hand offer higher interest rates but limit access to your funds until the maturity of the term.

No country can ever do away with the silent thief called inflation that eats into the value of your investments. But money-wise people can do wonders and sail through a tough time with some awareness and planning.

Who controls inflation, why?

Central banks hike or slash short-term interest rates to stabilise and liquidate economy. And there are several reasons why market fluctuations take place. When financial policymakers wish to increase the money supply in the country, they decrease the interest rate and people tend to spend money or borrow it.

Factors impacting interest rates

Market fluctuations can chip off the investment returns and could be harmful to fixed income returns like bonds. As these payments are fixed, a rise in inflation leads to a decline in purchasing power, rising interest rates on your saving account, deposits, etc, and loan payments become more affordable.  

Market fluctuations make depreciates money. When inflation is on the rise, things become more expensive. But there is no point in eroding all your savings and the answer to this is to invest in equity income funds and of course stash a good amount for an emergency.

Still, not all is doomed when there is a rise in inflation. Inflation raises short-term interest rates to reduce the demand for credit and help prevent the economy from overheating. And when interest rates rise, savings account rates automatically soar.

The way out

Surf options: Most often it is a good idea to wait and watch. Look for equity income funds which pay income in the form of dividends. Government bonds are safe and their interest payments are adjusted for inflation.

Stay away from fixed incomes: Investing in fixed income like bonds could produce a stable income – hence if inflation raises the purchasing power declines. Similarly, investing in the stock market carries a high risk of losses.

Shop around: Most banks offer high-interest rates. Hence, look for such banks to open a saving account.

Long-term saving: Ensure you have the right account to store your savings. Invest in long term periods even if you may lose a bit on your purchasing power.

Check out https://savingaccount.in/ for more details on market fluctuation and more

The joy of spending with 0 balance account opening online

Petty expenses dig a big hole in the pocket and not all expenses need to always be loan-based. Things can be worked around with 0 balance account opening online, which is a good idea. While you plan the project and consider every detail of it, your money would be gradually piling up paving way for your dreams to come true. All you need to do is maintain a nominal amount every month.

Waiting for money to renovate, carry out simple expansions or do the exteriors is a wise thing to do. The mantra to a successful project is ‘sooner you invest more the money power’. Let’s check out what all can be done with the money that has been set aside.

• Terrace garden: Setting up a terrace garden isn’t so easy. You would require finances to waterproof the surface and have an effective drainage system as well. This is where the savings with 0 balance account opening online will come handy. The tile work, covering the area with riverside pebbles, soil and the grass could cost you a heavy sum. You could try cacti varieties as well, as they are low on maintenance.  
• Dollhouse: Dollhouses are not only for kids to make tons of lasting memories while playing in it, but they have a charm of their own for adults. A dollhouse could be expensive if you want to add unique and exquisite features to it. There could be windows that open and close and even put rocking chairs in it. You could use the savings to make it even more beautiful by accessorising it with tiny books, tiny furniture items, clocks and wallpapers.  After all, a dollhouse is worth the money you put in.
• Unwarranted plumbing expenses: Be it re-piping, a sudden water leak or a complete redo of your bathroom fittings, you’ll have to pay a lot out of the pocket. In such a case help is just a mouse click away. The amount you have been saving for such emergencies come handy at such moment and you don’t punch a hole in the pocket either.
• Collection of antiques: If you are inclined towards antiques and vintage items, develop the habit of setting aside some money with 0 balance account opening online. It could be those ancient coins, a gramophone, a wood brown telephone or maybe even an age-old Rolls Royce. These items are a rarity and the craftsmanship still valued in high amounts.

Surf https://savingaccount.in/ for more information on how to carry out successful creation of wealth when you invest early and regularly, irrespective of the amount invested.

Tips on how to open a savings account

Are you sure you have the right bank to park your money? A savings account is a conservative investment custom that aids to stash up your additional funds safely with a bank of your choice.

If you are new to the world of banking and wondering how to open a savings account we assure you that it isn’t all that difficult and it doesn’t take too long to have one and it has no risks. But it is important to go in for the best banks offering best saving account deals like no monthly fee, minimum balance or a minimum opening deposit.

Accounts that offer a long-term, fundamental money management tool that can help you meet your financial needs and moreover it allows you the opportunity to put away cash, in case you have an emergency.

Getting started with opening a savings bank account is the first step towards financial independence and security. All you need to open a savings account is some motivation to save and of course, some pocket change. Check out these tips on how to open a savings account before you finally zero in on to one.

1. Identify saving goals: People have different priorities at different times. So, get clarity as to why you need to save money. Example - Savings for residential accommodation or to replace an old appliance require a high-yielding account that saves more money in a shorter period.

2 Move over big banks: All banks don’t have the same competitive rates. Small banks offering online facility is a good idea. Such banks can pay much higher than the ‘big banks’ in your vicinity.

3. Opt for best rates: Online-only accounts may give higher interest rates than traditional banks. But check if these banks allow easy access to your very own money too.

4. Check transaction charges: It is important to read the fine print. Most banks charge an extra sum for transactions or services. These charges could be for issuing a duplicate passbook, regeneration of a debit card PIN, SMS alerts, etc.

5. Open another account: People with multiple saving goals opt for multiple saving accounts. This also comes handy to avoid the risk of exceeding the insurance limit, in case of an emergency and the multiple perks that come with it.

Well, when most banks lure people with ‘giveaway traps’ like bonuses, diaries, calendars, free lunches or gift cards while opening a savings account, our suggestions on why and how to open a savings account are especially targeted for the benefit of our readers.

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Put your online savings account on automatic mode

Saving money may not be your cup of tea, but that doesn’t mean you can’t get ahead in the savings game. In fact, the trick is to put your online savings account on automate mode and the money will show up in the right places without you having to do a thing or remember to do anything at all.

When savings are on automatic mode, there's less likelihood that you'll spend it on unnecessary purchases. Once an automatic savings deposits become a habit, you may find you don't miss the money at all.

Log on to https://savingaccount.in/ to check out the benefits of automating your account if you keep on paying late fees all the time, you can’t save wealth. In this article, we get you some tips on how to automate your savings and we tell you why it's a useful tool for managing your money.

But before that, let us first understand the functioning of an automatic savings plan. All it requires you to do is to schedule a recurring deposit from your checking account into a linked savings account. The frequency of deposit occurs purely on your personal preference. Once you get into the groove, you’ll find it easier to adjust your spending habits to accommodate for this expense and contribute largely to your savings goal.

So, if you're ready to amplify your savings efforts then there are several ways that automate your account. And it is you who decides how aggressive you want to be with your savings. If you already have a bank account, you just need to activate the automatic deposit for your online savings account.  You can start with small amounts and gradually increase as time goes by.  Also, the automatic mode is flexible and you could reset the amount if you get an out of turn extra incentive or a raise at work.

Secondly, try setting up automatic utility bills and credit card payments for missing a credit card payment could show up in your credit report up to seven years. Hence, it is better to automate your minimum payments. In fact, it would be a good idea to put everything you can on a credit card to maximise your rewards and make sure to pay off your credit cards in full every month to avoid paying interests.

Once these basics are taken care of, you could concentrate on growing your wealth and save for an emergency, vacation, wedding or travel. However, you just need to be careful not to over-automate and overdraft your online savings account. The penalty fees can cost your dearly.

Finally, don’t forget to keep tabs on your running balance and avoid the temptation to ‘cash out’ before you reach your bigger goals. Also, checking your growing finances can be really satiating.