Tips for Saving Deposits to Grow Money

Infokekinian.com - On this occasion I will recommend tips for saving deposits to develop money. Listen, this article to the end.

Before creating a deposit account, you need to know tips on saving deposits. Yes, during a pandemic like now, a safe investment other than gold is deposits.

Deposit is a money deposit product in a bank, with a deposit and withdrawal system that can only be made at certain times. You can't just take it whenever you want because there's time.

Time deposits have a discount or penalty for early withdrawal compared to savings accounts, which can be accessed at any time.

Depending on your preference, you can set a one month, three month, six month, twelve month, or twenty four month withdrawal time.

The fundamental advantage of deposits is that the interest rates offered by banks are higher than those of regular savings products.

You can take advantage of the ARO (automatic rollover) system to extend this timeframe automatically.

Deposit Saving Tips

Here are some deposit saving tips that you can use to grow your money:

1. Select the term of the deposit

In deposits, the longer the tenor taken, the more profit you will get.

If you only want to get interest in a short time, then choose a short tenor.

2. Save Deposit Funds in Several Tenor Options

The second way to maximize deposit funds is to divide them into several deposits with different tenor options.

So, there are short tenor deposits, there are also long tenor deposits. This method can also be used as material for your analysis to determine the liquidity of the deposit itself.

3. Amount of Funds You Want to Place

Each bank has a different minimum initial deposit. The average bank in Indonesia requires a minimum deposit of 8 million rupiah.

4. Follow the Rules for Disbursing Deposits

You need to understand the rules for disbursing deposit funds. Because actually deposits are fixed investments, and withdrawals must be made within a predetermined time period.

In addition, if you withdraw funds before the specified time period, there is a risk that you have to bear.

That is in the form of fines or penalties. The amount is roughly between 0.5-3 percent of total deposits.

5. Choose Deposit Interest As Needed

Each bank has a different interest rate. You can choose the percentage based on your financial goals.

Compare the amount of each bank and the estimated profit you can get.

Remember, the longer the timeframe you choose, the bigger the profit. That way the profit becomes more optimal.

Conclusion

Those are the five tips that we provide for you who want to grow your money in saving deposits.

Thus the article about Tips for Saving Deposits to Grow Money and don't forget to keep visiting the Infokekinian website.

Because we also have a lot of other information and recommendations which of course will be useful and help current friends.