Always keep one thing in your mind that savings are always important for everyone and without any argument, this ought to be considered by all individuals on a priority basis. You may have found that if you have some reserves in the form of a cash amount, they somehow utilized somewhere and never remains in one hand. This is right that these reserves should not be remain in your hands directly so that the money should remain in circulation for the rest of the people. But how one can utilize these extra reserves in a suitable way is only possible through a saving account in a bank which can give you the best and maximum interest rate. If your cash or whatever resources you have remains with you with a proper plan like:
• You use your funds in a business
• You get wealth management from a bank
• You purchase some shares from a certain share market
If you are doing such things then it’s fine and it might expand and this is called a saving plan. The cash should continue flowing from one end to another so that process never stops. But there is a risk involved in an investment plan, so what should one do to minimize the risk factor?
The only option is to approach a bank with a fixed deposit rate which can give you a certain amount of profit at the end of every month on your reserves. This interest rate would increase annually with a certain percentage and the actual amount will remain the same. You can break your FD anytime if you get into a critical situation and demand your full amount at the spot.
Two Options for a Saving Account
How we can open a savings account? Very simple and bit similar to your current account system. Just visit your nearest bank and through an initial fixed deposit, you can open your annual FD plan and it may vary from bank to bank while considering the interest rate. You can put your money for a fixed time limit and most importantly you can keep the cash in a savings bank account with 110% security. If you are looking for a reason not keep it in an account then it can be put into various projects.
The second option will reward you with a specific benefit over the kept cash but with a little risk.
There are two options for an account holder as:
• Get maximum profit through a saving plan with a little risk
• Get a fixed profit through a saving account with 0 risk
In the first situation, you need to invest your funds through a bank account opening in a business plan, and chances are fifty 50 to get profit or loss. While on the other hand if you have a fixed deposit saving account, you for sure get profit with a fixed amount every month. Now the choice is yours. For the latest information kindly visit the official site of a bank in UAE.