Keep your Money Safe with these Emirates NBD Bank Accounts
Keep your Money Safe with these Emirates NBD Bank Accounts
Where to start managing your finances better? Where to keep
extra funds and still earn without actively investing? These are some common
questions we encounter in our day to day lives, managing finances has become
easier with rising number of digital channels and mobile banking. But the
offerings of financial institutions remain the same, here’s a list of four
banking accounts which you must know to have a clear picture of where to keep
your funds.
1. Savings
account
As the name says it is an account where
your savings can be stored, banks often pay interests on these types of
accounts. A savings account is convenient and reliable way to save money, this
account is easily accessible for your short-term needs. In comparison to
current account, this account limits the number of withdrawals that can be made
in a month, has a lower minimum balance compared to a current account.
There are various
types of savings account, family savings account, savings account for
women, children. Aside from regular savings accounts these accounts are
designed to accommodate the needs of different individuals.
A current account in its essence is a
wallet in form of a bank account, as it gives you the same access as a wallet,
with differential being security and reliability. This type of a bank account
has no limit on the number of transactions one can conduct in a day, this
account also features an overdraft facility: withdrawing more than the
available funds in your account. In contrast to a savings account this account
requires a minimum balance and offers low to zero interest on the funds.
Earning and saving money isn’t going to
make anyone rich, which is where fixed deposit accounts come into the picture;
this account is where the funds you decide to lock in a set period earn
interest. There are two main types of fixed deposits. Recurring deposit account
is where you can set your money for a fixed period earning a fixed rate of
interest, at the end of the tenure the principal amount and the incremental
amount is credited to your account. Traditional fixed deposit account is where
you lock your funds for a set duration, however the interest rate is variable.
Unlike other forms of accounts gold
investment account as the name states it is an account for investing in gold as
an asset. Gold investment acts as a hedge against inflation, during inflation
the value of the currency goes down and as observed over a long time the value
of currency depreciates in comparison to gold. Another important aspect to
considering gold as your investment is its tangible nature, just like buying
property or investing in real estate.
Now that you know about the different types of bank accounts
go out and research which bank’s offering is the closest to your needs. All
major bank’s have their account opening journeys are fast tracked, but there
might be some hidden charges in the fine print. Make sure to invest your funds
early so that you can reap the benefits later.
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