Opening your own Savings Account can be a milestone in your life. After only observing and using your parent's saving account when you were minor, it can be liberating to open your Savings Account with your earnings finally. The concept of a Savings Account is to encourage you to hold on to your savings and let it grow while it sits ideally in your account. You can safely put down your hard-earned money and earn interest on that amount with modest interest rates. It is a tried and tested formulae that people have co-opted for decades. But now, with HDFC Bank MoneyMaximizer, you can transform your Savings Account into an even more lucrative investment.
HDFC Bank MoneyMaximizer allows you to convert your surplus money in your Savings Account into a robust Fixed Deposit with higher interest rates. With MoneyMaximizer, you can higher interest with the flexibility of having a Savings Account. This means that when you choose the MoneyMaximizer facility, you will earn interest on your surplus money with the added ability to withdraw that money at your convenience. This is also known as the sweep-out facility, as it lets the bank sweep out any surplus money from your Savings Account into a Fixed Deposit. The sweep-out facility works in tandem with the sweep-in facility to give you unparalleled flexibility when it comes to maximizing your earnings. But the benefits don't stop here! With MoneyMaximizer, you can expand your financial corpus significantly.
How does the MoneyMaximizer help you expand your financial corpus?
Maximum Returns:
Your money in your Savings Account is sitting, with only a modest interest rate. If you are a person who saves money and doesn't spend it willy-nilly, letting the money sit with a low interest rate is unused potential. MoneyMaximizer allows you to create a Fixed Deposit that is linked to your Savings Account. Using this facility ensures that you will earn more with higher interest rates, maximizing your earnings potential. You can earn more interest when compared with the interest in a Savings Account.
Easy Fixed Deposit Booking:
Opening a Fixed Deposit could be a hassle if you are a busy person. Typically, opening a Fixed Deposit would require you to go online and fill out laborious information or visit your bank's local branch. MoneyMaximizer eliminates the need for this. MoneyMaximizer facility allows for automated Fixed Deposit booking. It has predefined thresholds that ensure that you don't need to contact or even visit your local branch to book a Fixed Deposit account.
What is a Sweep-In and Sweep-Out Facility?
MoneyMaximizer also gives you the ability to sweep in money along with sweeping it out. Sweep-in means that whenever your funds in your Savings Account are running low for a purchase or transaction, the bank will transfer the deficit amount from your Fixed Deposit to your Savings Account without affecting your interest rate in your Fixed Deposit. This can help you in a pinch when there is an emergency like sudden hospital bills, buying a vehicle or any other personal crisis.
Read more about the sweep-out facility for your Savings Account here.
Let us take an example to simplify this concept even further.
Suppose you have an HDFC Bank SavingsMax. If your account balance reaches Rs. 1,35,000/-, The amount that your SavingsMax account will retain will be Rs. 1,00,000/- The rest will be booked under a Fixed Deposit. The SavingsMax Account Linked Fixed Deposit has a minimum amount of Rs.25,000/-.
MoneyMaximizer gives you multiple benefits like high returns, easy booking, and a sweep-out facility that put's your convenience in mind. To learn more about MoneyMaximizer, click here.
To open your very own Savings Account, click here to get started.
*Terms and conditions apply. 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.