Tips For Managing Savings Accounts Efficiently

By Author: arijit
Total Articles: 18
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Having a Bank Account is both necessary and advantageous. The Indian government urges every citizen to open an account. It’s the first step towards taking control of your finances. Furthermore, having an account helps you simplify your banking journey. Whether you wish to make a fund transfer, pay utility bills or Insurance premiums, or invest you can do it all with your account.
There are different Bank Accounts you can open. Of all the types, Savings Account is the most popular account to open. You can deposit your funds in the account for safekeeping and earn a competitive interest rate on it. You can opt for Savings Account opening online or offline. The online method is popular as it allows you to open an account in no time. Following are some tips to manage your Savings Account efficiently:
Have a separate account for spendings
Maximum number of people have a common account to take care of all their banking requirements. However, doing so should be avoided. Have a separate ...
... account for spending to ensure you do not end up using the money you plan on saving. This also gives you a chance to be mindful of your spending, preventing you from going overboard.
Maintain the minimum balance requirement
On Saving Account opening online you are required to keep up with the minimum balance requirement. The balance requirement is different for every bank. The idea of following the minimum balance requirement is to urge you to save at least some part of your income. Hence, you must keep up with it. You are also liable to pay a penalty in case of non-maintenance of the balance.
This indicates an additional liability. To avoid paying for such a liability you must always hold the minimum balance in your account.
Contribute to the account regularly
Make saving a habit. Contribute to your Savings Account regularly. Even if you can afford to contribute just a small amount, do it. Every contribution adds value. You must also consider increasing the contribution as and when possible. This way you will be able to build your corpus and earn a good interest rate.
Check your account statements
You receive your account statements typically every month or quarter on your email address. Maximum number of people skip checking this mail. If you do this as well, you must avoid it.  Checking your account statements is necessary. It gives you a chance to review your savings and spending for a particular time span. In case of any fraudulent activity, you can immediately identify it and alert the bank.
Besides your mail, you can access the Bank Account online statement on the bank’s internet banking portal or their mobile banking app.