INVEST MORE, INVEST SAFELY, INVEST WISELY

Monetary savings are an invaluable asset for every individual for planning their future. Be it regular day-to-day needs, educational or medical expenses, savings are an indispensable need for all. Hence, for servicemen or businessmen, irrespective of the profession, money should be invested in safe hands for future use. This becomes more critical in current times, where professionals and entrepreneurs have higher payout, faster growth and a shorter shelf life. The need for protecting the future through investments has thus grown in current times. There are several banks and financial institutions in India which offer a host of attractive investment schemes for customers. It is the general trend for most individuals to open a savings account and multiple fixed deposits in a bank, when it comes to financial planning. While options like mutual funds and fixed deposits offer higher returns, savings bank accounts have lower risk and very high liquidity.

Savings bank account is a deposit account which offers moderate interest rate (around 4% for most banks) and there is an upper withdrawal limit of Rs. 20,000/- per day from each savings account in the Indian scenario. However, there are a handful of banks where the rate of interest is a bit higher, even up to 6%. However, such higher interest rate may be slightly variable according to the available balance in the savings account. Such new models of savings schemes are developing to cater to the ever-changing needs of the professionals catering to white collared jobs and new age entrepreneurs.

For this segment having better access to financial assets with a focus for saving for the future, customizing financial products to cater to the segment’s need is the demand of the day. In line with this need, there are attempts to offer special savings bank account schemes based on potential cashflows incoming and outgoing from such accounts to cater to the investment needs of this segment. A host of different savings account schemes are thus launched by some of the modern banking systems to cater to various financial needs which are tagged with the financial status of these professionals.

The savings account details can be checked, and updated time-to-time and all possible monetary transactions made via internet banking and mobile banking facilities. These details may be easily verified by visiting the bank’s website. Every banker’s duty is to serve its customers the best financial solutions possible, assuring maximum return on investment with 24×7 expert advice, thus ensuring a profitable and fruitful banking experience for one and all. A fresh inclusion of the customizable savings account provides a host of exciting features like choosing ones’ own debit card, pricing options as an alternative to maintaining minimum balance and a host of other benefits. You may want to open a savings account to take advantage of these modern day flexibility and value added services.

Savings account addresses financial solutions on an individual/servicemen basis, whereas, similar functionality is carried out by current account for businessmen/company owners. Such current account schemes cater to the needs and requirements of the customer’s business and present the best current account solution to address the business’s financial needs in the most effective way. The needs for all such firms are to ensure that their banking partner facilitates the best of services without any hidden costs, complicated pricing strategies, and the account management team should put in dedicated efforts to enhance business’s turnover.

Again, such offerings of current banking accounts offer products which attempt to provide all of the above to facilitate the banking experience of the customer. In line with these changing needs, a current account with offerings to cater for different needs of different segments need customized features and benefits to customers opting for the same. Some of such best in class key features and benefits offered by the current account systems globally by leading banks are as follows: –

  • All basic banking benefits plus attractive bundles for value added services
  • Low minimum balance requirement, suited for fresh start ups with low turnover
  • Eligible for upgradation to premium accounts with growth of business turnover
  • High range of customer services to address high monetary transaction volumes
  • Flexibility to choose or upgrade bundles of value-added services opted for.
  • Customized benefits and cost saving features
  • Free Internet Banking & IMPS to track and access funds online
  • Digital solutions to simplify payment and collection process
  • Free high usage of Business Debit Cards
  • Doorstep banking services (cheque pick-up)

This is an era where entrepreneurship is on the rise and the Indian Government has planned to offer benefits for fresh startups. In light of these efforts, current banking products need to evolve to cater to the changing needs of the markets, and offer best in class facilities as mentioned above, which will empower entrepreneurs to take their business to the next level.

Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.