Here’s Everything You Need to Know About Super Savings Account

Super Savings Account(SSA) is one of the latest offerings of the investment platform FundsIndia.

SSA is essentially a mutual fund but one that gives you the benefits of a savings account as well. It allows the customers to enjoy a higher return on investment in comparison to traditional savings accounts.

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Super Savings Account vs Standard Savings Account

A Super Savings Account is similar to a normal savings account with basic services such as free ATM and debit card, etc. that can be used at retail outlets or online stores. However, in comparison to the latter, it offers a potential to earn more due to its mutual fund facility.
While your normal savings account can earn 4% interest tops (which has, in fact, reduced even further to 3.5% in many banks lately), an SSA has much potential. For instance, by parking your money in the Reliance Money Manager Fund it can return as much as 8.65% of the investment which is more than the double of what normal savings accounts offer.

Working of SSA

The money you park in an SSA is invested in Reliance Liquid Fund which then reinvests in other investments such as Money Market Instruments, Call Money, etc. that have a small risk. However, your funds still retain liquidity, i.e. you can withdraw them whenever you wish.

Advantages of SSA

• You can easily get high yields in comparison to traditional savings accounts.
• There are no account opening charges or lock-in on savings. Even the minimum balance requirement is just Rs. 500.
• You can easily transfer your funds from a normal savings account to your SSA online. The entire process is paperless and super simple.

SSA may sound a better option than the typical savings accounts but know that there are certain risks as well, which are common with mutual funds. However, FundsIndia suggests that you can reduce them with diversification and hedging.