Opening a savings account is a significant step in your financial journey that, , can lead to a stable and secure future. Whether you are a young adult looking for financial management or an employee looking to handle your earnings better, the steps you take right after opening a savings account influence your financial health. Here are the first few crucial actions you should consider.
- Invest for a secure future
Investing in the right instruments is a critical step towards building wealth, and the earlier you start, the better. So, once you complete the online bank account opening process, consider exploring investment options, such as stocks, bonds, mutual funds, and Exchange-Traded Funds (ETFs).
You can even automate your investments through your savings account so that a portion of your income regularly goes towards investments without any manual intervention. This approach brings discipline to your savings habits and helps you leverage compounding growth without interruption.
- Book a fixed deposit to earn more
Fixed Deposits (FDs) are known for their predictability and secure returns. Acting as a safety net when compared to market volatility, FDs are preferred by many. The INDIE app by IndusInd Bank offers a hassle-free way to book an FD online with just a few clicks. Moreover, you enjoy best-in-class interest rates and flexible payout options along with the option to opt for an auto-sweep FD. This type of fixed deposit combines the liquidity of a savings account with the higher interest rate of an FD. Wondering how to open a bank account online with INDIE to book an FD instantly and enjoy premium digital services? You only have to:
- Download the INDIE app.
- Open a savings account using your Aadhaar card and PAN card.
- Book an FD and enjoy a range of premium digital banking services.
- Take advantage of rewards on debit cards
Your savings account comes with a debit card that’s more than just a tool for withdrawals and purchases. Use the rewards and cashback that come with your debit card usage. From daily groceries to utility bill payments, every swipe or tap can contribute to your savings in the form of rewards.
Once you complete the online account opening process, understand all the reward programs linked to your account to maximise these benefits with every transaction.
- Keep emergency funds aside
Financial emergencies can arise anytime. Set aside a portion of your savings as an emergency fund to cover unexpected expenses, such as medical emergencies, home repairs, or sudden setbacks. This helps you deal with unexpected expenses without having to dip into investments or opt for high-interest borrowing options.
A good rule of thumb is to save enough to cover 3-6 months’ worth of living expenses. This fund should be easily accessible, making your bank account an ideal place to keep it.
- Additional things you can do right after opening a savings account
After opening a bank account online for your finances, there are several other steps you can take:
| Steps | Benefits |
| Open a recurring deposit | Similar to an FD, but allows you to deposit a fixed amount monthly. |
| Use budgeting tools | Many banks offer budgeting tools and apps that integrate with your account. |
| Utilise digital wallets | Link your savings account to digital wallets for convenient transactions and cashback. |
| Subscribe to mobile banking alerts | Activate SMS or email alerts for transactions, balance updates, and other important account information. |
| Auto-pay utility bills | Set up automatic payments for your utility bills to avoid late fees and ensure timely payments. |
| Make your savings account your salary account | Direct your salary payments into your savings account to immediately allocate a portion of your income towards your savings goals. |
| Explore wealth management services | Consult financial advisors provided by the bank to plan investments and taxes. |
To sum up
By taking these steps right after opening a savings account, you can set a strong foundation for financial stability, growth, and security. Remember that it is equally important to stay disciplined, patient, and active in managing your finances for long-term success.