While looking for saving for holidays, you don’t need to look at complicated investment options. Mandate and amount exceeding the mandate will be automatically saved in a fixed The facility of sweep-in where the excess funds in your savings account can beĬhannelized to a fixed deposit thus giving you higher interest rates than You can easily calculate the maturity amount through an FD calculator. You can also open a fixed account if you had an existing recurring account that is close to maturity or has matured. Hence, you can also open a fixed deposit even if it is only for a few months or days. Fixed deposits can have tenure from seven days to 10 years. In case of lump sum amount, you can open an FD account through your bank app and start earning interest. You can also link your goal to the recurring depositįixed deposits can also help you to save for your travel. Recurring deposits through which one can save varying amount each month. Hence, it is important to keep a portion as liquid for emergency purposes. However, you need to remember that you can’t withdraw the amount before the maturity date. RD calculator is a great tool that can help you to find out how much you would need to invest per month to achieve your target amount. You can set up a monthly debit amount according to the amount that would be needed for the vacation. You can open a recurring deposit if you have a particular time frame in mind e.g. When you open an RD through a bank app, the matured amount will be deposited to your bank account after maturity. The interest rate matters when the money is invested for a longer term which is not the case here. You don’t have to look for better interest rates as the main reason of saving for travel is to gather funds and not chase returns. All you need to do is specify the monthly installment and tenure of the recurring account. You don’t have to go to your bank for opening a recurring account. You can set up a recurring deposit with your bank through your bank account app. Recurring deposit is an ideal investing option that can help you to plan your travel. Savings account is also perfect for those sudden travel plans. With savings account, you can easily book flight tickets and hotels when it is available on discount. Savings account gives the flexibility to withdraw your money anytime. ![]() The remaining amount will continue to grow. While you are on vacation, you can use the saved money for your travel, shopping and eating. You can also opt for physical card if you wish. It comes with a free online virtual debt card. It also does not have a minimum balance requirement. Kotak 811 is one such savings account that you can open instantly and get a high interest rate of 6% while other banks give an interest of only 3.5% per annum. There are few banks that let you open a savings bank account online instantly and give a high interest. Opening a savings account is easy and can be done within few clicks. ![]() ![]() You can set up an automatic transfer from your salary account to this savings account. We are advocating a separate savings account so that it remains out of your sight and you are not tempted to spend from this savings account. One of the easiest ways to save for your travel is to have a separate savings account dedicated solely for your travel purposes. Upcoming vacations: Open a new savings account with high interest rates: Here are some of ways and tips that can help you to plan for the Important to plan for your finances accordingly well ahead of time so that No matter how the short the vacation is, it is A vacation is meant to rejuvenate your senses and relax your Travel goals vary from individual to individual from weekend gateways orįoreign vacation. Travelling may be all about experiences, one needs bucks to fulfil their travel Travel bug and planning for their next vacation tops their agenda. Travelling and tasting different cuisines. Today’s generation is focused on saving money for experiences such as Parents and elders saved for financial goals such as buying a house or car, Young generation are different from their parents and grandparents. Plan for your next vacation with savings account, recurring account and fixed deposits.
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