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Banking > Basics > Customising your account < Personal Finance < Finance

Customising your bank account

You can customise bank accounts so that your needs are exactly met. Just remember that fixed deposits are for a fixed period and your deposit has to recur in recurring deposit, where it accumulates to a tidy sum. A combination and permutation of these accounts can meet most of your requirements. Here is one example:

I decide to go for a ULIP(Unit linked Insurance Plan) account. I select the target amount as Rs.75,000/-. It would require me to deposit Rs.7,500/- per year. Now this is a set requirement of Rs.7,500/- per year. I have three options to chose from :
Save Rs.750/- every month in my savings/current account so that at the time of payment I have Rs.7500/- to pay UTI.(Total payments: Rs.75,000/-
Open a new Recurring Deposit account every year for one year with monthly deposits of Rs.600/- and pay the premium every year (Total payments: Rs.72000/-. I save Rs.3,000/-)

Open nine Recurring Deposit accounts with my bank with one account maturing every year This will require me to pay as follows:

  1. Rs.7,500/- at the time of entering the scheme

  2. Rs.600/- + Rs.300/- + Rs.180/- + Rs.130/- + Rs.90/- + Rs.70/- + Rs.60/- + Rs.50/- +Rs.40/- total Rs.1520/- per month in the first year (Total Rs.18240/-)

  3. Rs.300/- + Rs.180/- + Rs.130/- + Rs.90/- + Rs.70/- + Rs.60/- + Rs.50/- + Rs.40/- total Rs.920/- per month in the second year (Total Rs.11040/-)

  4. Rs.180/- + Rs.130/- + Rs.90/- + Rs.70/- + Rs.60/- + Rs.50/- + Rs.40/- total Rs.620/- per month in the third year (Total Rs.7440/-)

  5. Rs.130/- + Rs.90/- + Rs.70/- + Rs.60/- + Rs.50/- + Rs.40/- total Rs.440/- per month in the fourth year (Total Rs.5280/-)

  6. Rs.90/- + Rs.70/- + Rs.60/- + Rs.50/- + Rs.40/-  total Rs.310/- per month in the fifth year (Total Rs.3720/-)

  7. Rs.70/- + Rs.60/- + Rs.50/- + Rs.40/- total Rs.220/- per month in the sixth year (Total Rs.2640/-)

  8. Rs.60/- + Rs.50/- + Rs.40/- total Rs.150/- per month in the seventh year (Total Rs.1800/-)

  9. Rs.50/- + Rs.40/- total Rs.90/- per month in the eighth year (Total Rs.1080/-)

  10. Rs.40/-in the nineth year (Total Rs.480/+)

    I save a goodly sum of Rs.15780/- (75000-59220). In addition, a little bit extra will be left every year as the target amounts of Recurring Deposits are slightly in excess of Rs.7,500/- except in 5th and 6th year when it is less by Rs.100/- and Rs.126/-. I am also saved of interest change shocks in today's volatile times. (Rate of interest applied 10.5% for 1 year:11.0% for 2 years 12% for 3 years and above. These amounts may change a little with the change in rate of interest.)

    If you come across a tough situation where you cannot customise, you can seek help at banknetindia through our helpline.


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