Emergency Savings Planner

Be prepared for any eventuality with the right amount of savings

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Emergency Savings Planner

Building a stable savings corpus requires you to consider multiple factors. As expenses become increasingly complex, your savings plan needs to be refined. Introducing the Emergency Savings Planner by Axis Bank, a new-age calculator to help you to get a customised savings plan based on your specific income and expense pattern. Factoring in multiple variables, the Emergency Savings Planner can help you to plan better for an unpredictable situation. You can save your Emergency Savings Plan, Track your Progress and Update your plan.

Frequently asked Questions

What are Emergency Savings?

Emergency Savings are financial safety net for future financial surprises and/or unexpected expenses. Financial planners recommend that an emergency savings should typically have three to six months' worth of expenses in the form of highly liquid assets. The Emergency Savings goal shouldn’t be high and unattainable. A person can start small and build up the Emergency Savings corpus gradually.
How can an Emergency Savings be built?

An Emergency Savings can be built by setting aside a particular sum depending on your Emergency Savings Goal. For example: If your Emergency Savings Goal is ₹ 60,000 and you if you want to achieve it in 12 months, you need to set aside ₹ 5,000 per month for building your Emergency Savings. In addition to your regular expenses, set aside the amount needed to build your Emergency Savings. For this, if required, rationalise your expenses.
How much should one’s Emergency Savings Goal be?

The amount in the Emergency Savings Goal depends on the income, expenditure and existing savings of a person. However, since the factors aren’t as simple as they seem, Axis Bank’s Emergency Savings Planner takes into account these complexities into its calculations of the person’s Emergency Savings Goal.
Why should I register for Emergency Savings Planner?

Once you register you can log in and check your saved plan anytime and also track your progress month on month. You will also be able to view any personalised insights on your existing savings/spends which will help you reach the final fund amount faster. You can also make changes to your saved plan based on changing life circumstances.
How to use the Axis Bank’s Emergency Savings Planner?

Simply key-in the Income, Expenses and Existing Savings into the planner to know your Emergency Savings Goal. You can also use the detailed section if you have many expenses and sources of income. You can also read more about Emergency Savings Plan in our blog.
How frequently should you review the Emergency Savings Goal?

Your Emergency Savings Goal could change if you get married or if you have children as this will lead to a change in your expenses. Similarly, any change in your lifestyle too will lead to a change in your expenses. Any likely expenses arising from changes in your life stage or lifestyle should be factored in while calculating your Emergency Savings Goal. Hence, review your Emergency Savings Goal at least once a year and change your monthly savings accordingly.
Why should Emergency Savings be highly liquid?

As emergencies can arise without any prior intimation, one should be able to access the funds as and when required. That is why the Emergency Savings instrument shouldn’t have a (large) maturity period or a penalty on pre-mature withdrawal. Additionally, the initial investment or principal amount should remain intact and should offer fixed positive returns. It should not vary depending on any change in interest rates or market fluctuations. Thus keeping these points in mind, a Savings Bank Account is the safest and most easily accessible instrument to keep your funds.
What are ‘Existing Savings’?

Existing Savings’ is the money already lying in the savings account(s) of any bank for the individual.
Is the interest earned on Savings Bank Accounts taxable?

Interest earned on Savings Bank Accounts up to Rs 10,000 annually is tax free. Anything beyond that is added to your income and taxed as per your tax slab.

The information provided in this planner is not research material carried out by Axis Bank and it does not represent views of Axis Bank in any manner whatsoever.
The information contained in here is general information. Neither does it constitute any offer, invitation, recommendation or solicitation to any person to enter into any transaction described therein or any similar transaction with Axis Bank nor does it constitute any prediction of likely future movements. The information has not been prepared with regard to any person or group of persons' investment objectives, financial situation, experience or particular needs and the information should not be construed as investment or saving recommendation or advice.
The Bank accepts no responsibility and liability for any errors, omissions or inaccuracies in the information provided here. The Bank shall not be liable for any loss or damage arising directly or indirectly resulting from the use of information contained herein, or the inability to use such information or in connection with any error, imperfection, inaccuracy, mistake, defect, interruption, delay in operation or incomplete transmission, line or system failure.
Axis Bank, its affiliates/ group companies shall not be liable, responsible of answerable in any manner, for any kind of loss or damage that may arise to any person due to any kind of error in the information contained here or otherwise.

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