A savings account is the centre of your personal finances. It is usually used for multiple purposes like education, travel, or contingencies. So, one must start putting away money in regular intervals to help it grow over time. This allows savings to add up for future requirements and keeps you from breaking the emergency pot. Along with keeping your funds safe, it helps incorporate financial discipline, especially among the younger generation.
One must work strategically to make the most of a high-interest savings account. This can protect you against financial shocks. Further, it also lets you manage money efficiently to maximize the earnings on the deposited amount. Therefore, take a look at a few techniques to make the best usage of your account.
1. Know the Perks
After you open a savings account, make sure to check out the added benefits. These include:
- ₹250 cashback on BookMyShow.com each month
- 10% cashback on your first card payment at specified merchant transactions
- Free unlimited ATM transactions anywhere in India
These are introduced by the top bank to ensure customer satisfaction and help you make the best of your account. Talk to the experts present at the branch for detailed knowledge of the services.
2. Digital Payments
Consider linking your Google Pay, Paytm, or BHIM accounts to your savings account. You can make secure and quick cashless transactions. You can also receive money and safely transfer it back to your savings account.
3. Take a Personal Loan
In the case of an emergency, you can borrow a portion or 100% of your savings account balance as a loan. This could be required to meet medical expenses or credit bill deadlines. Therefore, if you open a savings account, do consult your bank professional. They will guide you through the process and help take informed decisions. You might also be allowed to earn interest throughout the span of the loan.
4. Link the Account
Consider setting up your savings account with credit cards and investments like SIP. The transfer process is automated, quick, and safe. Further, you can link your internal accounts with the savings pot to make fast and hassle-free transfers whenever required. You can also split your funds to spread the risk. While opening a savings account, get in touch with your financial advisor to learn how to go about it smoothly.
5. Bill Payments
Instead of simply letting the money grow by opening an online savings account, use the funds to pay your utility bills. These can include:
- Mobile recharge payments
- DTH and online streaming platform bills
- Water, electricity and, gas bills
- Loan EMIs and,
- Insurance premiums.
These can be done via net banking along through your bank’s mobile app. Consider setting up automatic payments to avoid the manual hassle. It will also help you track financial transactions better.
Consider opening more than one savings account with your bank. This will help you reach your financial milestones quickly. Further, it will help you save for individual purposes efficiently in the long run.