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Dual Delight of FD-Linked Savings Account
Posted on Friday, February 9th, 2024 | By IndusInd Bank
In the world of banking, savings accounts and fixed deposits (FDs) are two common tools used by individuals to manage and grow their money. While both serve distinct purposes, there exists a hybrid option known as an FD-linked savings account that combines the benefits of both. Let’s dive deeper into what savings accounts and fixed deposits are, how they differ, and the advantages of opting for an FD-linked savings account.
Savings Accounts: A Foundation for Financial Stability
A savings account is a basic banking product that allows individuals to deposit money, earn interest on their balance, and easily access their funds when needed. These accounts are known for their liquidity, providing account holders with the flexibility to make withdrawals and deposits as frequently as required. Savings accounts are ideal for storing emergency funds, managing day-to-day expenses, and achieving short-term financial goals.
Fixed Deposits: Building Wealth through Stability
On the other hand, fixed deposits offer a more structured approach to saving and investing. With an FD, individuals deposit a lump sum of money for a predetermined period, known as the tenure, and earn a fixed rate of interest on their investment. Unlike savings accounts, FDs typically have higher interest rates and are intended for longer-term savings goals. However, FDs are less liquid, as funds are locked in for the duration of the tenure, and early withdrawals may incur penalties.
The Benefits of Savings Accounts and Fixed Deposits
Savings accounts and fixed deposits each have their own set of benefits. Savings accounts provide liquidity, easy accessibility, and the ability to earn interest on deposited funds while maintaining flexibility. On the other hand, fixed deposits offer higher interest rates, stability, and the potential for higher returns over time.
Introducing FD-Linked Savings Accounts: Best of Both Worlds
FD-linked savings accounts combine the liquidity of a savings account with the higher returns of a fixed deposit. With this innovative banking product, individuals can link their savings account to a fixed deposit, allowing them to enjoy the benefits of both simultaneously. One such offering is the Indus Multiplier Max Savings Account by IndusInd Bank.
Indus Multiplier Max Savings Account
This FD-linked savings account provides account holders with the opportunity to earn attractive interest rates on their savings while maintaining liquidity. In addition to the benefits of a linked FD savings account, Indus Multiplier Max Savings Account offers:
- Instant Account Opening via Video KYC
- Personalized account number
- Paperless, 100% digital banking via the Indus Mobile App
- Rewards & cashbacks Across top brands
By leveraging the benefits of both savings accounts and fixed deposits, FD-linked savings accounts offer individuals a comprehensive solution for managing and growing their finances. With Indus Multiplier Max Savings Account, you can enjoy the best of both worlds and unlock a wealth of benefits tailored to their financial needs and goals. Open IndusInd Bank Online Savings Account NOW!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
