When people have surplus money, they are unsure of what to do with it. However, today there are multiple options to grow and park your finances. You can invest in financial instruments such as stocks, bonds, or commodities, but these vehicles come with a tangible risk. Or you can opt for Savings Account by HDFC Bank, which comes with the MoneyMaximizer facility.
This article discusses what happens when you keep your funds idle versus opting for the MoneyMaximizer facility. It will also help you resolve your questions of ‘what should I invest my money in?’.
What happens when money is kept idle?
Idle funds do not appreciate over time as they are not associated with any investment vehicles. They are often considered as wasted funds that can deter the financial growth of a person.
Furthermore, it is more vulnerable to inflation. Whenever there is a positive inflation rate in a country, the value of idle funds decreases as the idle funds fail to keep up with the inflation rate.
What should you do with your money?
One option is to invest in financial instruments such as stocks, commodities, or mutual funds. These instruments are popular and have a lot of support behind them. The only problem is that they have a certain level of risks involved, and you need to know how these instruments work.
Another option is using a short-term account or a Savings Account. While these options do not have the bountiful returns of stocks or mutual funds, they are risk-averse and highly liquid. You can safely park money into these accounts and not worry about any harmful consequences. There is a third option that is safe, convenient, and risk-averse, with good returns.
How will MoneyMaximizer help you?
MoneyMaximizer will help you build a financial corpus in a convenient and risk-free way. Some benefits of MoneyMaximizer are.
Maximize Your Returns:
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:
MoneyMaximizer facility allows for automated fixed deposit booking. It has predefined thresholds, exceed funds are automatically converted into a fixed deposit. All you have to do is avail of this benefit.
Sweep-In Facility:
The Sweep-In Facility comes in handy when the funds in your Savings Account are running low for a purchase or transaction. At this stage, the bank will transfer a part of your finances from your fixed deposit to your Savings Account without affecting your interest rate in your fixed deposit.
There are no tangible advantages to letting money sit idle. Opting for the MoneyMaximizer facility will give you both – a space to park your finances and grow them.
Wondering how to avail of the sweep in sweep out facility with MoneyMaximizer facility with HDFC Bank Savings Account? Click to read more.
To open a 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.