Exploring the Features and Flexibility of a Fixed Deposit Linked Savings Account

Posted on Tuesday, July 11th, 2023 | By IndusInd Bank

In today’s fast-paced world, financial planning plays a crucial role in securing our future and achieving our goals. While it is important to invest your hard-earned money and earn high returns on it, it is equally critical to maintain liquidity. This is where FD-linked savings accounts come into play. An FD-linked savings account – like the Indus Multiplier Max Savings Account, combines the flexibility of a savings account with the higher interest rates of fixed deposits. In this blog, we will explore the features and flexibility of such accounts and understand how it can be an advantageous option for your financial management.

What is a Fixed Deposit Linked Savings Account?

A Fixed Deposit Linked Savings Account is a unique hybrid account that combines the benefits of both savings accounts and fixed deposits. It allows individuals to earn higher interest rates on their savings by linking their savings account to a fixed deposit account.

Features and Benefits: 

 
1. Attractive Interest Rates: One of the primary advantages of an FD-linked savings account is the high interest rates it offers. The Indus Max Multiplier Savings Account gives you competitive interest rates so you can enjoy the benefits of a higher yield on your savings while still maintaining liquidity. 

2. Flexibility: Unlike other investment options, FD-linked savings account offers flexibility in accessing your funds. You can withdraw money from your account as needed without breaking the entire fixed deposit, as only a portion of the funds is linked to it. This provides you with the convenience of managing your finances without compromising the interest earned on the remaining fixed deposit amount. 
 
3. Tiered Interest Rates: FD-linked savings accounts often come with tiered interest rates, where higher deposit amounts receive more attractive interest rates.  
 
4. Tenure Options: Typically, an FD-linked savings account offers various tenure options, ranging from a few months to a few years. This flexibility enables you to align your investment period with your financial objectives. If you have short-term goals, you can opt for a shorter tenure, while longer-term goals can be supported by selecting a more extended tenure. 

5. Auto-Renewal: Similar to fixed deposits, FD-linked savings accounts often have an auto-renewal feature. This means that upon maturity, the linked fixed deposit gets renewed automatically for the same tenure or a tenure of your choice. Auto-renewal ensures that your savings continue to grow without any interruptions, making it a hassle-free option. 

6. Safety and Security: FD-linked savings accounts provide a high level of safety and security for your funds compared to other investment options that are subject to market fluctuations. 

7. Easy Access: FD-linked savings accounts usually come with the convenience of internet banking and mobile banking services. On opening an Indus Max Multiplier Account, you can track your account balance, view transaction history, and manage your funds at any time, from anywhere with the IndusMobile App.

Conclusion:

A Fixed Deposit Linked Savings Account offers a balance between flexibility and higher interest rates, making it an appealing option for those seeking better returns on their savings without compromising liquidity. IndusInd Bank’s FD-linked Savings Account, i.e., the Indus Multiplier Max Savings Account, can be opened with a balance as low as ₹10,000. The balance above ₹20,000 is automatically converted to fixed deposit in multiples of ₹1,000 to ensure high returns. With attractive interest rates, tiered interest structures, and easy access to funds, the Indus Multiplier Max Savings Account provides an excellent solution for individuals looking to optimize their financial management strategies.

Open your IndusInd Bank Online Savings Account today! 

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.