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Today, becoming wealthy is not merely a matter of earning an active income. Passive income—money earned with minimal effort—can be a financial game-changer. Surprisingly, one of the easiest ways of creating passive income is through your savings account. If managed wisely, it can provide steady returns without compromising on liquidity. Let's see how.
Understanding passive income from savings accounts
Passive income from a savings account can yield in the form of interest accrued on your deposited money. While traditional accounts may provide limited returns, high-yield savings accounts can significantly enhance your returns. Such accounts are suitable for individuals who want to grow their money while retaining access to funds when needed.
All savings accounts may not offer the same benefits. Here are a couple of more rewarding savings account types:
They provide interest rates much higher than regular savings accounts.
Interest is credited every month, utilising the power of compounding.
IDFC FIRST Bank's savings accounts tick all these boxes—one of the highest interest rates in the industry, zero-fee banking, and monthly interest payouts.
Let your money work for you—even while you sleep.
Follow these tips to get the best out of your savings account and generate passive income:
Interest income grows with maintaining balance.
Choose high-interest savings accounts that compound more often.
Set up an automatic deposit from your salary or business profit.
Redirect unused funds to your high-yield savings account for increased gains.
IDFC FIRST Bank assists in maximising your returns with various savings options based on average monthly balances. The Bank provides attractive interest rates and effortless digital banking facilities to track and increase your wealth.
Interest earned on saving accounts is taxed under the "Income from Other Sources" category. But under Section 80TTA, you can claim a deduction for interest income up to ₹10,000 (₹50,000 for senior citizens). If the interest is even higher, it will be fully taxable based on your tax slab. Make sure to track the interest earned each year and report it accurately while filing your income tax return.
Many people settle for 2.5–3% returns. Look for high-yield savings account options to grow your money.
Unused funds in current accounts earn nothing. Instead, transfer them to savings accounts and earn interest.
Hidden charges can eat into your profits. With IDFC FIRST Bank’s zero-fee banking, this threat is completely eliminated.
Savings accounts can prove to be effective tools for generating passive income if selected well. With high interest, monthly compounding, and no maintenance charges, IDFC FIRST Bank is redefining the meaning of "save smart." Whether you're saving for a rainy-day fund or saving for the long term, let your money grow passively with the convenience, security, and flexibility you deserve.
Yes, particularly with a high-yield savings account, as it gives higher interest and compounding options.
High-interest or sweep-in savings accounts providing monthly interest credits, such as those offered by IDFC FIRST Bank are best-suited for earning passive income.
Interest is credited every month, allowing you to earn even more through compounding.
IDFC FIRST Bank provides zero-fee banking, allowing you to maximise your savings.
Yes, however, you can avail a ₹10,000 deduction under Section 80TTA. The remaining amount is taxed according to your slab.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.