Earnings refer to producing income or money by performing any activity that involves mental and physical efforts such as job, business, profession or any kind of work. Earnings are the return or reward one gets for providing goods or services to others. Salaried persons can easily know their in-hand earnings by using the in-hand salary calculator India. Keepings refer to savings or that part of your income that is left after meeting the needs and expenditure of a sustainable life. Generally, the savings from income are kept in the bank in savings bank accounts, fixed or recurring deposits, etc. The savings kept by a person in the bank can be verified by a bank verification letter. The bank verification letter format (as per bank) can vary from bank to bank. It contains information about the account holder that is duly certified by the bank authority.
Money can be earned in numerous ways; in fact, one’s expenditure becomes the earning for the other. The returns earned as interest on investments made by you are also your earnings. Keepings or savings are that part of money or income which is kept aside for the future. It can be in the form of assets, jewellery, savings in a bank account, fixed deposits, cash-in-hand at home etc.
The in-hand salary to be received by the employee is credited to the savings bank account of the employee. The employer or the lender of money or any person offering a loan or credit to a person can ask for the bank verification letter to know the borrower’s creditworthiness. The customer of the bank can ask for a bank verification letter from the bank in which he maintains his account. The format of the bank verification letter (format as per bank) contains the name of the account holder, the bank account number, the type of account or deposits, the branch code of the bank, IFSC code of the bank’s branch, date and signature of the bank authority certifying these particulars about the account holder to be true and valid.
There is a popular phrase, “earn your keep, ” which means producing income to pay for the things you need for living. It means to earn what is needed to support oneself to survive. It is always advisable to keep a part of your earnings reserved for the future to meet the future needs of money such as post-retirement needs, higher education and marriage, buying a new house, starting a new business, unforeseen emergency or any other purpose. For making well-informed decisions regarding your savings and investments, it is necessary to know your total earnings from all sources. The salaried individuals can know the earnings or income received in hand by using the in-hand salary calculator so that they can know their spending and saving capacity. All that is earned is not meant to be spent. A reasonable ratio should be maintained in the expenditure and savings. It is necessary to balance your earnings and keepings for a sustainable living and secure future.