You shouldn’t settle for interest as low as 3 to 5 per cent anymore. Today, a savings account should help you grow your money.
Unfortunately, many of us don’t know how to start or find the right savings account.
How much money should you keep in your savings account?
Ask yourself, how much money are you willing to put aside?
Develop a habit and see the magic happen.
Can you save as little as Rs. 10,000?
Yes, any amount saved is a good investment. Money saved is money earned! You can then choose to invest the amount in multiple savings schemes, fixed deposits, gold, etc. Ensure that you keep increasing your savings over time and invest appropriately to make it grow.
Follow the 50-30-20 rule
All you have to do is record your expenses and club them into needs, wants, and savings.
Learn more about the 50-30-20 rule of budgeting.
How to open a savings account
A savings account is the best option to manage your everyday expenses or grow your money. Banks offer many types of savings accounts, and you can apply for a savings account without visiting the branch. We have mentioned the documents you need need to open a savings account below.
Keep your documents handy
Before opening a savings account, you must submit a few documents to verify your identity. Some banks may ask you to submit minimum documents, and some may ask you for other information. In most cases, you need proof of identity and address.
- Aadhaar card
- Voter ID card
- PAN Card
- Govt or Defence ID card
- Driving Licence
- Credit card statement
- Salary slip
- IT returns
- Electricity and telephone bill
- Bank account statement
But if you are saving for a specific goal, choose the right partner who will help you grow your savings.
What do you think?