Tips to save Money by Banking Smartly

Contactless Banking Should Be Given Priority

As a "need of the hour" measure, quarantine and lockdown limitations have evolved into a routine practise that has been tolerated and even anticipated. An end-to-end digital experience is required by the 'new normal' rather than requiring you to physically visit their bank locations for simple chores, services, and queries.

Compare the Savings Bank Account Interest Rates

First and foremost, savings accounts make it easy for you to access your money for your day-to-day expenses. Savings account interest rates are notoriously low since they aren't considered a reliable source of income. However, a baseline interest rate of at least 3% must be given to savers with strong and steady account balances.

Compare Fixed Deposit Interest Rates.

In India, fixed deposits have long been the favoured means of saving and investing. In contrast to market investments, FDs offer a steady return or interest on your investment, are free of the volatility and risk, and are liquid, meaning that your money may be accessed at any given time. Rainy-day funds are always a good idea, and the next logical step is to put money into fixed-income assets that pay out handsomely.

Does Your Bank Provide Reward Points For Your Purchases?

It is possible that every rupee spent has the potential to yield even more advantages. Credit and debit card companies typically reward their customers for keeping track of their expenditure with periodic awards and reward points, discount coupons and cashbacks as well as other incentives. Check to see if your savings account rewards you for your expenditures in the form of cash you can really use.

Decide on an account with a variety of useful features

It's hard to make judgments on money and financial stability when there are numerous possibilities and  When financial institutions offer a wide range of goods and services under one roof. Additional services such as credit cards, investments, insurance, and loans, as well as mobile banking, should all be available from your ideal bank partner.

Over the past year, both banks and their clients have gone completely digital. Helping folks overcome their first apprehensions about making the switch was an unexpected benefit in disguise. Many long-standing banking procedures have been completely rethought in light of today's financial stability, security and smart savings possibilities.