All posts by Vinayak

Savings accounts play a crucial role in personal finance management, providing a safe and convenient way to save money, earn interest, and achieve financial goals. While a single savings account can meet your basic savings needs, there are circumstances where opening multiple savings accounts in the same bank can be beneficial. In this blog, we will explore the importance of savings accounts, discuss the advantages of having multiple accounts, and guide you through the process of opening two savings accounts in a bank. We will also highlight IndusInd Bank Savings Account as an ideal choice for individuals seeking to increase their savings and earn risk-free returns.

Importance of Savings Accounts:

Savings accounts serve as a reliable repository for your funds, offering a host of advantages, including:

1. Safe Storage: Savings accounts provide a secure place to store your money, protecting it from theft or loss.

2. Interest Earnings: IndusInd Bank offers competitive interest rates on savings accounts, allowing your money to grow over time and generate passive income.

3. Liquidity: Savings accounts provide easy access to your funds, allowing you to withdraw money whenever needed without any restrictions.

4. Financial Planning: A savings account helps you track your savings, manage your budget, and achieve short-term and long-term financial goals.

Benefits of Multiple Savings Accounts:

While a single savings account may suffice for most individuals, multiple savings accounts offer specific advantages:

1. Goal Segmentation: Multiple savings accounts allow you to allocate funds for different purposes or goals, such as emergency savings, vacation, down payment for a house, or education expenses. This segregation simplifies tracking your progress towards each objective.

2. Enhanced Organization: By having multiple accounts, you can keep your finances organized, ensuring that funds are allocated appropriately and reducing the chances of accidental overspending.

3. Increased Interest Earnings: Each savings account accrues interest individually. By spreading your funds across multiple accounts, you can maximize interest earnings, particularly if you have significant savings.

IndusInd Bank Savings Account:

IndusInd Bank’s Savings Account is an excellent choice for individuals looking to increase their savings and earn risk-free returns. With a wide range of features and benefits, it offers a comprehensive banking experience tailored to your needs. Some key features of an IndusInd Bank Savings Account include:

1. Competitive Interest Rates: IndusInd Bank provides attractive interest rates on savings accounts, allowing your money to grow faster.

2. Digital Banking Convenience: Enjoy the convenience of seamless digital banking with IndusInd Bank’s user-friendly mobile and online platforms, enabling easy fund transfers, bill payments, and account management.

3. Personalized Services: IndusInd Bank offers personalized banking services, including the freedom to pick an account number of your choice along with other tailored financial solutions.

Opening Two Savings Accounts in IndusInd Bank:

To open two savings accounts, follow these simple steps:

1. Pick an account number: IndusInd Bank gives you the option to select an account number of your choice – be it your birthday or your phone number. This allows you to personalize your banking experience.

2. Enter your details: Fill in the necessary details in the online application form. You will be asked to provide information such as your name, contact details, address, date of birth, occupation, and other relevant personal information.

3. Fund the Account: To activate your IndusInd Bank online savings account, you will be required to make an initial deposit. Choose the amount you wish to deposit and select the payment method convenient for you. You can transfer funds from your existing bank account through UPI, NEFT, IMPS, or other available options.

4. Complete Video KYC: For the final step, complete your Video KYC from anywhere, at any time. All you need is PAN & Aadhaar Card!

Once your application and documents are verified, the bank will activate your second savings account. You will receive the account details and associated debit card. You can then access your account through various channels, such as online banking, mobile banking app IndusMobile, ATMs, and in-branch services.

Click here to open IndusInd Bank Online Savings Account NOW

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.

Share This:

Salary Account

Is a salary account different from savings account?

May 30, 2023 Vinayak Leave a comment

n the world of banking, two common types of accounts that most individuals come across are salary accounts and savings accounts. These accounts serve different purposes, yet there is often confusion regarding their features and benefits. This blog aims to clarify the distinctions between salary accounts and savings accounts.

Salary Accounts: A salary account is a specialized bank account that employers typically open for their employees to facilitate the seamless transfer of monthly salaries. It serves as a conduit for salary credits and provides several advantages to employees.

Savings Accounts: A savings account is a general-purpose bank account that individuals use to deposit and accumulate their savings. Unlike a salary account, which caters specifically to employees, a savings account can be opened by anyone, regardless of their occupation.

Here are the key features of savings accounts:

a. Safety and Security: A savings account ensures the safety of your money with features like password-protected access, secure online transactions, and insurance coverage against fraudulent activities.

b. Liquidity: Savings accounts offer easy access to funds whenever you need them. Whether it’s for emergencies, planned expenses, or investment opportunities, you can withdraw or transfer money from your account conveniently.

c. Interest Earnings: One of the most appealing aspects of a savings account is the opportunity to earn interest on your balance. Over time, these earnings can significantly boost your savings and help you achieve your financial goals.

d. Financial Discipline: Having a dedicated savings account helps cultivate financial discipline. By separating your savings from your regular spending account, you can track your progress, set savings goals, and enjoy a sense of accomplishment as your balance grows.

IndusInd Bank Savings Account – Your Path to Greater Savings

IndusInd Bank offers an exemplary Savings Account tailored to meet the diverse needs of individuals seeking a robust savings option. Let’s dive into the exclusive advantages of the IndusInd Bank Salary Account:

1. Competitive Interest Rates: IndusInd Bank understands the importance of earning more from your savings. Their Salary Account offers highly competitive interest rates, ensuring that your money grows faster while you enjoy the peace of mind that comes with risk-free returns.

2. Attractive Debit Card Benefits: With an IndusInd Bank Savings Account, you gain access to a feature-rich debit card. Avail exciting discounts, cashback offers, and rewards when you make purchases at partner merchants, both online and offline.

3. Seamless Digital Banking: IndusInd Bank offers a comprehensive suite of digital banking services, ensuring you can manage your Salary Account with utmost convenience. From balance inquiries and fund transfers to bill payments and account statements, it’s all just a few clicks away.

4. Personalized Banking Solutions: IndusInd Bank believes in catering to individual needs. They offer a range of personalized banking solutions, such as customized account numbers, investment options, and loan facilities, ensuring that you have access to comprehensive financial services that suit your specific requirements.

5. Exclusive Lifestyle Privileges: As an IndusInd Bank Savings Account holder, you gain access to a world of exclusive lifestyle privileges. Enjoy cashback offers on dining, travel, shopping, entertainment, and more!

Conclusion:

The IndusInd Bank Savings Account is a gateway to maximizing your savings potential while enjoying the convenience and security of a dedicated banking platform. With competitive interest rates, zero balance requirements, attractive debit card benefits, and a host of additional features, IndusInd Bank ensures that you can take charge of your financial future and achieve your savings goals. Choose IndusInd Bank today and embark on a journey towards greater financial well-being.

Click here to open.

Share This:

MSME

MSME: What is Pradhan Mantri MUDRA Yojana (PMMY) Scheme

May 30, 2023 Vinayak Leave a comment

In the dynamic landscape of India’s cut-throat competition, MSME or small businesses play a significant role in driving economic growth and fostering entrepreneurship. However, the journey of these enterprises is not without challenges, especially when it comes to securing adequate funds for sustenance and growth. Recognizing this crucial need, the Indian government introduced the Pradhan Mantri MUDRA Yojana (PMMY) scheme, an initiative aimed at empowering small businesses by providing them access to financial assistance.

The Importance of Funds for Small Businesses:
In the highly competitive Indian market, small businesses face several hurdles, including limited resources, lack of collateral, and limited credit history. Access to funds becomes vital for them to meet working capital requirements, purchase equipment, expand operations, and innovation. Adequate financial support not only helps them stay afloat but also enables them to seize growth opportunities and contribute to the country’s economic development.

Understanding Pradhan Mantri MUDRA Yojana (PMMY):
Pradhan Mantri MUDRA Yojana, launched in 2015, is a flagship scheme of the Government of India, specifically designed to address the financial needs of micro and small enterprises. MUDRA, which stands for Micro Units Development and Refinance Agency, focuses on “funding the unfunded” by providing financial support to small businesses that typically fall outside the purview of traditional banking channels.

The scheme classifies small businesses into three categories, namely:

1. Shishu: This category caters to enterprises in their initial stages, offering loans up to Rs. 50,000 to facilitate the establishment and growth of micro-units.

2. Kishor: The Kishor category supports businesses that have progressed beyond the startup phase, providing loans ranging from Rs. 50,001 to Rs. 5 lakhs to aid their expansion plans and working capital requirements.

3. Tarun: For well-established businesses, the Tarun category extends loans between Rs. 5 lakhs and Rs. 10 lakhs, enabling them to scale up operations, introduce new product lines, and invest in modernization.

The Pradhan Mantri MUDRA Yojana is implemented through various financial institutions, including public and private sector banks, regional rural banks, cooperative banks, and microfinance institutions. These institutions disburse loans based on the eligibility criteria and repayment potential of the borrowers, ensuring that deserving small businesses receive the financial support they need.

IndusInd Bank Current Account – Your Gateway to Business Financing:
When it comes to availing the benefits of the Pradhan Mantri MUDRA Yojana or any other financial assistance, having a reliable banking partner becomes crucial. IndusInd Bank, a renowned financial institution, understands the unique requirements of small businesses and offers tailored solutions to meet their banking needs.

Opening an IndusInd Bank Current Account provides small business owners with a comprehensive suite of banking services, including seamless digital banking solutions, dedicated relationship managers, and a host of value-added benefits. With a robust nationwide presence, IndusInd Bank is committed to supporting entrepreneurs and their aspirations.

Apply for Small Ticket Business Loans:
Once you open an IndusInd Bank Current Account, you gain access to a range of financial products and services to further bolster your business. IndusInd Bank offers small-ticket business loans that can be easily availed, allowing you to address immediate financial requirements and fuel your growth plans. With a streamlined loan application process, competitive interest rates, and flexible repayment options, IndusInd Bank is your trusted partner in transforming your business dreams into reality.

Conclusion:
The Pradhan Mantri MUDRA Yojana (PMMY) scheme has revolutionized the way small businesses in India access financial assistance. It has bridged the gap between traditional banking channels and small enterprises, empowering them to realize their dreams and contribute to the nation’s economic growth.

To maximize the benefits of the PMMY scheme, it is crucial to have a reliable banking partner. IndusInd Bank, with its customer-centric approach, seamless banking services, and a wide range of financial products, including small ticket business loans, is well-positioned to support and nurture the aspirations of small business owners.

Embrace the opportunities offered by Pradhan Mantri MUDRA Yojana (PMMY) and open an IndusInd Bank Current Account today to unlock the potential for growth and success in your small business. Together, let us create a thriving ecosystem for entrepreneurship in India.

Share This:

Manage your Finance

How to Use a Personal Loan to Build Your Credit Score

May 29, 2023 Vinayak Leave a comment

Having a healthy credit score is essential for financial opportunities, such as getting a loan, securing favorable interest rates, and even getting a credit card. One effective way to build your credit score and improve your creditworthiness is by taking a personal loan. A personal loan offers you the opportunity to demonstrate responsible credit management and build a positive credit history. In this blog, we will explore how you can use a personal loan strategically to build your credit score.

Establish Credit History

If you’re new to credit or have a limited credit history, a personal loan is the perfect opportunity for you to establish a positive credit history. By successfully managing a personal loan and making timely payments, you can demonstrate responsible credit behavior and lay the foundation for a good credit profile.

Diversify Credit Mix

This refers to the various types of active credit accounts you have. Having a mix of different types of credit, such as a personal loan, credit card, home loan, or a car loan can positively impact your credit score. Such a credit mix shows lenders that you can handle different forms of credit responsibly.

Make Timely Payments

Making on-time payments is essential for building a positive credit history and late or missed payments negatively affect your credit score. With a personal loan, a fixed monthly payment makes it easier to plan budget and ensure timely repayment. You can also set up automatic payments or reminders to avoid missing due dates.

Pay off the Loan

Successfully paying off a personal loan without any misses demonstrates your ability to handle long-term debt responsibly, which positively impacts your credit score. It shows potential lenders that you can manage financial obligations and fulfill repayment commitments.

build your credit score with a personal loan with flexible tenure options

Tips for Maximizing the Impact of Personal Loan on Credit Score

Choose the Right Loan

Select a personal loan that offers you favourable terms, including reasonable interest rates and fees. Compare offers from different lenders to find the one that best aligns with your financial needs.

Avoid Excessive Borrowing

It is highly advisable to borrow only what you need and what you can comfortably repay. Taking excessive debt can put unnecessary financial strain and make it difficult to manage budget.

Monitor Your Credit

Check your credit reports regularly and identify any discrepancies or errors. Report if you find any issues promptly to protect your credit score.

Maintain Good Financial Habits

To be financially strong, practice good financial habits such as budgeting, saving, and minimizing unnecessary debt. Keep your credit card balances low, pay bills on time, and avoid opening multiple new credit accounts in a short time.

Conclusion

Using a personal loan strategically can be an effective tool to build your credit score. By establishing credit history, diversifying your credit mix, making timely payments, managing credit utilization, and paying off the loan without any misses, you can demonstrate responsible credit behaviour to lenders.

However, it’s equally improtant to remember that building credit requires more than just relying on a personal loan. Good financial habits, such as budgeting, saving, and responsible credit card usage, are crucial components of a strong credit profile.

Remember, building credit is a slow process and you need to be patient and stay committed to sound financial practices to see your credit score improve steadily. With a strong credit score, you’ll be able to take advantage of better loan terms, favorable interest rates, and other financial opportunities in the future.

If you’re looking for an instant personal loan at best-in-class rates, then do check out IndusInd Bank Personal Loan that is mindfully designed to fit into the varied needs of individuals as per their lifestyles. With IndusInd Bank Personal loan, you get to enjoy instant approval, quick disbursal, and flexible repayment tenure options. That’s not all, its application process is 100% paperless with minimal or low processing fee*.

Apply Now

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.

Share This:

Credit Card

How to Use Credit Cards to Save Money on Taxes?

May 29, 2023 Vinayak Leave a comment

Do you also struggle to find ways to save money on taxes? What if we say that your credit card can help you with that. Yeah, you read it right. While credit cards are typically associated with spending, they can actually help in maximizing tax savings as well. Leveraging certain credit card features and strategies enable you to take advantage of rewards programs, earn cashback, and streamline expenses, which ultimately reduces the burden of paying tax. In this blog, we will explore effective techniques for using credit cards to save money on taxes.

Utilize Rewards Programs

The best way a credit card can help you save money on taxes is through the rewards program. Many credit cards offer reward points on eligible purchases, which can be redeemed to avail various benefits. To leverage this feature, here’s what you need to do.

Look for credit cards that offer cashback or higher reward points on your spends.

Use your credit card to pay for tax-deductible expenses like business travel, home /office supplies, insurance premium payments, and more. By doing so, you get to earn reward points on these expenses.

Some credit card providers offer customers with the option to redeem the accumulated reward points for cash, which in turn, helps in reducing the burden of tax payment and other expenses.

saves money on taxes using card with never expiring reward points

Streamline Expenses

Credit cards can also help in streamlining your expenses and reducing tax liability. Here’s how.

Use separate credit cards for business and personal expenses to simplify record-keeping and to make sure you don’t miss out on any potential tax deductions.

If you are not carrying too much debt, you can also prepay your tax- deductible expenses using your credit card and get immediate tax benefits.

If you struggle at maintaining records, you can use an expense-tracking tool that will help you track your expenses and segregate them basis the category.

Maintain a record of tax-deductible transaction made via credit card to claim the tax deduction. This can help you in identifying missed deductions or potential savings.

To Conclude

A credit card can be a powerful tool for maximizing tax savings when used strategically. By leveraging rewards programs and streamlining expenses, you can effectively save money on taxes.

Remember to choose a credit card with reward programs that align with your preferred spend categories and tax-deductible expenses. Time your expenses strategically and prepay tax-deductible expenses to get immediate tax benefit.

Also, it’s important to note that while credit cards can be help in saving money on taxes, responsible financial behaviour is of utmost importance. Avoid carrying high balances or accruing too much debt at once.

Pay your credit card bills in full before the due date to avoid interest charges and review your credit card statements thoroughly to identify any fraudulent or hidden charges.

If you’re looking for a credit card that encompasses all the benefits and offers reward points to match your lifestyle, check our offerings and you’ll definitely find your ideal pick. IndusInd Bank offers a range of lifetime free credit cards that enable you to enjoy exquisite privileges and help save more with reward points that never expire.

Apply Now

Share This:

M	T	W	T	F	S	S
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30

Products

Accounts

Deposit

Loans

Cards

Insurance

Investments

Payments Products

Foreign Exchange

Financial Inclusion

Make Payments

Digital Banking

Apply Online

Vehicle Auction

Reach Us

Rates

Quick Links

NetBanking

Credit Cards

Forex Cards

Importance of Savings Accounts:

Benefits of Multiple Savings Accounts:

IndusInd Bank Savings Account:

Opening Two Savings Accounts in IndusInd Bank:

Here are the key features of savings accounts:

IndusInd Bank Savings Account – Your Path to Greater Savings

Conclusion:

Tips for Maximizing the Impact of Personal Loan on Credit Score