Why IDFC FIRST Power is one of the best savings accounts for women, especially for a bride-to-be?

There is a reason 'big fat weddings’ are called so because of the big fat expenses! Whether you settle for a modest arrangement or decide to make it a grand affair, wedding costs can surely end up burning a hole in your pocket. Rising inflation only makes things worse. So, here is a quick checklist to ensure you are prepared to start the most exciting chapter of your life on a solid financial footing!

Set an appropriate budget
 

Drawing up an apt wedding budget is already half the battle won. Decide on the list of functions, such as the wedding ceremony and reception. Move forward and list out all the expenses, such as:

· Venue

· Catering

· Décor

· Photoshoot

· Bridal makeover/salon

· Wedding favours, etc.

For example, let’s assume you have a wedding budget of Rs 10 lakh, out of which you already have savings of Rs 4 lakh. With your wedding a year away, you need to allocate at least Rs 50,000 each month towards your wedding fund to meet your goal.

IDFC FIRST Bank’s Savings Accounts help to meet your saving planning requirements and offers a high interest rate of up to 7%!

Have a savings plan in place
 

Imagine if you could surprise your parents with a sizeable monetary contribution to fund your wedding! To be able to do so, start saving from the day you start earning. Start an automatic SIP (Systematic Investment Plan) that deducts and saves a certain amount every month.

IDFC FIRST Power is one of the best savings account for women - unlike with most other banks, the interest gets credited into your account monthly. You also get plenty of complimentary lifestyle vouchers upon joining, which can be redeemed against wedding shopping. It’s a win-win for all!

Start investing money early
 

The earlier you invest your money, the bigger your corpus will be at maturity. If your wedding is (say) 3-5 years away, you can invest in a Monthly Income Plan (MIP), a type of mutual fund with good equity exposure that involves only moderate risk. But for a duration of a year or less, you should consider investing in the following:

· Liquid funds: Ideal for holding money anywhere between 6 months and a year. Extremely liquid as you can withdraw whenever you need.

· Fixed deposit: Safest option and comes with a flexible duration between 7 days and 10 years. IDFC FIRST Bank’s fixed deposit offers a high interest rate of up to 7.50% subject to T&C.

· Recurring deposit: You can start this with an amount as little as Rs 100 per month. The minimum duration should be 6 months.

· Gold: Invest your money in gold to park your funds, but you should consider gold ETFs (Exchange Traded Funds) as holding physical gold may be risky

You can manage all the above investments through an IDFC FIRST Power Savings Account without any hassle. It also comes with a sweep-in facility that helps convert any extra money sitting in your account into a fixed deposit, thereby fetching you better returns.

For a more tailored investment approach, contact your Relationship Manager at IDFC FIRST Bank. They can guide you and help to rebalance your portfolio from time to time.

Conclusion
 

A happily-ever-after should start on a happy note, so make sure that your savings planning efforts are directed to achieve just that. Open IDFC FIRST Power – one of the best savings account for women and earn a high interest rate of up to 7%. Contact us today!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.