In this era of inflation, everyone wants to increase their income through income. Because it is very difficult to run the house with just one job and fulfill your hobbies.
In such a situation, a savings account can also become a means of earning good money. As the name suggests, savings account can prove beneficial for you in earning money as well as saving your money.
Everyone is helpless due to inflation. In such a situation, it becomes difficult to run the house, so increasing the income and saving is a far cry. There are such questions in everyone’s mind that in this era of inflation, how to increase the means of earning and save in some way.
Let us tell you that savings account not only saves you but can also become a great source of your earning. Just need to adopt special methods, through which you can make your savings account the best way of earning. In fact, the savings account gives the facility to save tax on the interest earned.
The specialty of savings account is that whenever you want to deposit or withdraw money in this account, interest keeps adding up over time on the deposited money. Savings account earns interest up to 3-3.5 percent. Let us tell you that no tax will have to be paid on the amount deposited in the savings account of different banks up to Rs 10,000 interest, depositors up to the age of 60 years get this facility to save tax under section 80TTA of the Income Tax Act.
Talking about earning from savings account, for this you have to link your savings account with different accounts. The advantage of this will be that as soon as more money comes in the account, it will be transferred to the savings scheme account, this will strengthen your saving habit. Along with this, earning from interest will also increase.
These are the four accounts that can increase earnings by adding a savings account
1. Link FD Account to Savings Account
Link your savings account with your fixed deposit account. After this, set up the system of automatic money transfer in the savings account. The amount which increases after a certain amount will be transferred to the FD account.
For example, the savings account amount is fixed at Rs 25,000. When there is more than that, then it will be automatically transferred to the FD account. This will earn more interest in the FD account than in the savings account.
2. Recurring deposit account
Link your savings account with your recurring deposit account. Set up auto debit in this account. In such a situation, every month a fixed amount will be deducted from the savings account and will go to the RD account. When you plan a big expenditure, it will prove beneficial for you.
3. SIP in Mutual Funds
You can start a daily, monthly or quarterly SIP for the minimum fund from your savings account. This can save money in the long run. Mutual funds from your savings account will continue to accumulate in SIPs and you will be stress free.
4. PPF and NPS
You can also link your savings account with schemes like PPF and NPS. In fact, these schemes can help you save for your retirement fund. PPF gives assured returns and also saves tax. There is a facility of deduction under section 80C (up to Rs 1.5 lakh) on your deposits.
