Here’s How You Can Double Interest On Your Savings Account

Getting rich is on everyone’s mind but simply depending on your Savings Account will get you nowhere! Fortunately, now there’s a sure-shot way to double the interest rate you’re getting and enhance your savings in the process!

Read on to find the five hacks to get rich without trying too hard!

Don’t just save… double your interest with Simply Save!

Your Savings Account gives you an interest rate of 4% and enables you with ‘liquid cash’ that can be readily available. But is that enough to get rich? Certainly not! Because the Savings Account gives you a low-interest rate and keeps your money below the inflation rate. The trick to wealth-building lies in solutions like Reliance Mutual Fund’s Simply Save which gives you a double interest rate of 8% and still keeps your cash ‘liquid!’

Because the Savings Account gives you a low-interest rate. The trick to wealth-building lies in solutions like Reliance Mutual Fund’s Simply Save which gives you a double interest rate of 8% and still keeps your cash ‘liquid’! That means you still can use the money, even though it is “simply saved”!

A few advantages of Simply Save mobile app are:

Convenience of investing: One click investments through the mobile application.

Low-risk scheme and offers: Investments are assigned to the Reliance Money Manager Fund portfolio which is a debt fund offering moderately low risk and stable returns.

Instant Redemption: The savings happen at the click of a button from your mobile and can be withdrawn within 30 minutes only.

 

Invest in an asset class to further your finances!

“Never invest in a business you cannot understand.”- Warren Buffett

This valuable advice holds true for everyone wishing to have life-long control on their finances. Why slow your financial growth with the conventional Savings Account when you can put money on fast track and also best the inflation rate!

The problem with Fixed Deposits, Insurance and PPFs is that they may be secure, but can’t help you beat the inflation… only equities can do that. Study various asset classes that can give you good returns over a period of time to invest in them.

 

Start early and simply save!

As the proverb goes, ‘early bird gets the worm’. And the fastest way to get your money to grant you financial freedom is starting early. And starting early gives you the benefit of compound interest.

What is compound interest? Since the interest you earn in a year gets added to the principle amount for the next year… and you earn on both those sums of money. That’s compound interest for you, which in turn makes your savings grow faster!

 

Habits can make or break your finances!

As the legend Warren Buffett rightly states, “Most behavior is habitual and the chains of habit are too light to be felt until they are too heavy to be broken.”

Habits are changeable, but the earlier you start the better. Pay attention to money habits and work to strengthen those that help your finances, and break those that hurt your finances. Avoiding unnecessary expenses is the first step towards building up your savings for the future. Be well versed with options that shape your investments to be flexible and adaptable to diversify your finances and attain more gains. Utilize the power of technology eg. Simply Save, to achieve stability and growth in your investments at the convenience of your fingertips!

 

Timing the market is hard… let SIPs do it for you!

Markets may fluctuate, but your investment stays the same when you are systematic. The best way to invest in a mutual fund is to do it through a facility called SIP (Systematic Investment Plan). Actively educate yourself about personal finance. Investing a particular sum regularly irrespective of market conditions; takes the market fluctuations out of the equation and help you win even when market goes down for a temporary period.

 

Someone’s sitting in the shade today because someone planted a tree a long time ago

Planting the seeds of financial success now will lead to shade later in life, like freedom from debts, a secure retirement or the ability to cover various expenses. Building true wealth and financial security takes time with many challenges along the way. Sometimes they’re avoidable; sometimes they’re not. But stay on-course despite those hardships and give yourself a financial foundation that will last

So what are you waiting for? Start to ‘Simply Save’ right away and get rich without trying too hard!

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