Why you should need a Super Saving Account? These are the reasons

June 17, 2018 Banking, Insurance2
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Savings account plays a major role in our life. That means we have our personal income which has to be managed by us in a best way. The reason is that, we can’t say a 4% rate of return on our income, a good and best money management for our future or further needs.But if you are thinking of saving the money, then you should think about it because inflation rate is going high (approx… 6%).which makes your money eroding.
So, what are your options?

In the previous times The RBI (reserve bank of India) deregulated interest rates on savings accounts. Which helps the bank to provide higher interest rates to the savings accounts. Which increases the competition between the rivals in the market. Rival represents banks here, don’t take it so serious. Still we are finding a bank who pay costumer a good amount. There are sweep accounts that offer a 6% rate of return by moving idle funds into a short term FD. But this is not to good to beat inflation.

Looks like you don’t have an option?But we’re going to tell you about the smartest savings instrument till the date, we do not say that you should switch this method because we are asking you to do so. But you should think about it and you would love to switch to these smartest method of income.

1) What if you could earn 8.65% returns in a year from your income?
We are talking about The Super Savings Account which is launched by Funds India. It is an innovative product designed to bring you the best of both worlds. The highest possible returns on your savings, without compromising on the liquidity of a bank savings account. This account invests your idle money in a liquid mutual fund which has the potential to offer you a higher return. It does this by parking your money in the Reliance Money Manager fund, which yielded a high one-year return of 8.65% (as on 7th Jan 2017). That’s more than double of what an average savings account will give you.

2) It is totally safe, Suitable and smarter way.
To know how liquid funds works, you need to follow the point.
This fund is known as the safest money making mutual fund because the main objective of a liquid fund is to keep your money safe, while providing liquidity until you find better uses for it. For this reason, a liquid fund invests in safe instruments, such as treasury bills, short term government bonds and the call money market, which have very low risk and are highly liquid (can be of 91 days).
The only problem for some people with a liquid fund is that some of them require high investments and if you want your money, you have to wait for 24 hours. If it’s a weekend, you’ll have to wait for a long time.
The Super Savings Account solves this issue. Whatever you have read above, It is just opposite of the above phrase. That it gives you the benefit of a liquid fund with the suitable of a savings account. Now, you can access your money at any time and still you can get high returns.
You can also transfer money in and out of your Super Savings Account. But as compared to the liquid fund, you don’t have to wait at all. Just set up a transfer and your bank account will be credited in 2-3 minutes usually, or maximum in 30 minutes.

3) No confusing charges and a low minimum balance
While many bank accounts come with a slew of charges and levies, the Super Savings Account makes life easy. There are no account opening charges and the minimum balance is just Rs.500.
This is a breath of fresh air when you see that many sweep accounts not only offer lower interest rates but also require a high minimum account balance to be maintained.

4)You will get all the benefits of a savings account You can use it just like a savings account because The funds in a Super Savings Account are easily accessible. You’ll get your own Visa Debit Card, free of cost, to use at shopping outlets or to withdraw money from ATMs.
In addition, you also get a free-for-life investment account, from which you can invest in other FundsIndia products like mutual funds, equities, corporate FDs etc.

5) And it’s easy to get a Super Savings Account
Anyone can easily get Super Savings Account. All need is a bank account from which the funds will transfer into this account. It’s completely paperless and hassle-free. With the e-kyc system in place, you’re ready to start in just a few minutes, with your Aadhaar number.
You will get your account in simple and easy 3 steps of registration.

2 thoughts on “Why you should need a Super Saving Account? These are the reasons

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