“Banking hours” or “Bank branches” are words that are fast fading in today’s technology driven world. Imagine your friends waiting in queue for popcorn while you wait in queue to deposit money? Doesn’t sound very exciting does it? This is the digital era. So why should banking be confined to challans and cheque leaves alone? Banking the virtual way is more relatable to this generation and for the generations to come.
Saving is a choice, not a task. We’ve been exposed to quite a few ways of saving money throughout our lives from the good old piggy bank to chit funds to bank accounts. However, people have this notion that Recurring Deposits provide you with a staggering amount of savings in equal portions. Reality however paints a different picture; recurring deposits constrain your savings in such a way that you save the exact same amount every month.
What compels you to park your hard-earned money with banks? Is it to keep your money safe? Is it to manage your liquidity and facilitate easy transactions? Is it to obtain guidance regarding financial decisions? Or is it for a larger purpose, which is to provide banks the ability to lend to people who really need their services? Whichever the reason may be, our guess is that it will surely not be for interest rates you earn! With the decreasing rates offered by the largest banks of the country, with deposit rates being slashed down to half in a matter [...]