Is your savings bank account giving you enough?

One of the main drawbacks of a savings bank account is the measly returns it offers. The best bet for you now, is to upgrade to a Super Savings Account.

There is no question that you need a savings bank account for all your basic transactions. It's easy to use, convenient and best of all, it gives you the flexibility to withdraw and spend your money whenever you want. But if you think it is the best place for your idle money, you may be mistaken. One of the main drawbacks of a savings bank account is the measly returns it offers. The best bet for you now, is to upgrade to the Super Savings Account by FundsIndia.com.

What is it?

The Super Savings Account is an innovative product designed to bring you the best of both worlds; saving and earning. The product gives you high returns on your savings, without compromising on the liquidity of a bank savings account.

How does it work?

This account invests your idle money in an ultra short-term liquid mutual fund (the Reliance Money Manager Fund), which gives you the flexibility of a savings account and the growth of a mutual fund. The scheme yielded a high one-year return of 8.65%, as on 10th February 2017; more than double the return of a regular savings account.

Benefits of the Super Savings Account

1) Withdraw money or shop easily with an ATM + debit card

In addition to better returns, the Super Savings Account comes with a free debit card, with which you can easily withdraw money from ATMs and shop at VISA enabled outlets.

2) Easy account transactions as good as anytime banking By placing an instant redemption request, your money is transferred to your bank account in a matter of 2-3 minutes; maximum time of 30 minutes.

3) Free-for-life investment account

The Super Savings Account comes with a free-for-life investment account with FundsIndia.com, with which you can invest in a wide range of investment options,  manage your investments with ease, get expert advisory services, set up SIPs for goal based investing, and do much more.

Who is this for?

The Super Savings Account is ideal for anyone who wishes to earn more from the money lying around in their savings account. The account is especially ideal for you, if you belong to one the following categories:

1) You have been scrimping on expenditure post demonetisation and your account is plush with funds

These are funds you don't quite want to invest, because they are meant for running your expenses. Yet, there is a surplus sitting in your bank account and all of it is earning a 4% rate of return. On the face of it, this seems alright but when you see that the prevailing inflation rate (approximately 5%) is higher than this rate of return, you realize that your money is actually eroding. If you want inflation beating returns for your future, the time is ripe for you to move your funds to the Super Savings Account.

2) You have a surplus of funds that you intend to invest but haven't identified the right avenue yet

So, you are still undecided on where to invest your money, and need to keep your funds liquid for whenever you spot the right product. You may or may not need to tap into it for expenses, but you certainly can do better than leave it in the savings account. However, a traditional FD will not serve the purpose because it is not liquid enough and if you break it midway, returns are compromised. The Super Savings is ideal, as it lets you park your funds in it and earns a higher rate of return, while you figure out where to invest your funds. 

3) You are a senior citizen or a retired person who needs liquidity for transactions

Sure, a savings account meets your needs but why would you settle for lower returns particularly when you have stopped working and have no active source of income, except the return on your savings. This is the time to look for a savings account that is safe, offers high liquidity and better returns. Neither a savings account, nor a fixed deposit gives you the combined benefits that a Super Savings Account does. The former gives you liquidity, but lower returns. The latter gives you slightly higher returns, (which are taxable, hence further shrinking your actual gain) but with a strict lock-in period.

How do I get started?Above all, applying for the Super Savings Account is super easy. FundsIndia's  paperless KYC process can be completed online in three simple steps here . If you're someone who appreciates the value of your hard earned money, then you know what to do about your savings now.