The 12-15-20 investment formula can make you a millionaire!
What is the 12-15-20 formula of investment? How does the 12-15-20 formula work? Which investment will give strong returns? How much of your income must you save?
Banks have now moved to our fingertips. Almost all banking-related tasks and transactions can be performed from the comforts of your couch on a smartphone. More and more banks are offering digital banking solutions to customers. All big lenders are now coming with multiple digital offers – opening a savings account through the digital mode is one of them.
You can now open a savings account in just a few minutes, without submitting any documents and make transactions or invest or take loan online, without visiting the branch physically. But before opening a digital savings account, there are certain things you need to be mindful of.
Interest rate
One of the most important factors before opening a savings account is to check the interest rate they offer. Generally, the interest rate of a savings account stands between 2.5% and 3.5. But still some private bank offers more than 6% interest in savings account.
So before opening an account digitally, one must check the interest rate what it is offering and then proceed.
Banking fees
All the commercial lenders have minimum balance rule. If that amount is not maintained every month, banks will charge a penalty.
There are multiple fees that banks charge from their customers. Some of these are balance maintenance fees, SMS charges, ATM card charges, bounced cheque fees etc. In such a situation, while opening a digital account, check the fee chart. It’s best to choose the account with the lowest fees.
Also check if there are special charges for online account opening. Currently some banks are charging it from customers.
Digital lending
Several banks offer attractive rates of interest to the customers who are applying for a loan digitally. Know these details of the bank you consider opening an account.
If you ever plan to take a loan, it is always better to know all the details in advance. When the time comes, you may very well benefit from low rates of interest.
Customer support
Customer service is of great significance in the world of banking. In case you run into any trouble, you should be able to contact the customer support immediately and get them to resolve the issue. Whether it is a stolen debit card or inability to transfer funds, the bank should be able to provide prompt customer service to minimise your problem.
Checking website and app
Always open the savings account from office website or app. Do not open any link sent by anybody over mail or WhatsApp, because it could be a trap.
Check the website and app multiple times before filling up the account opening form and proceed only if you are confident enough to proceed.
Choose the best
Nowadays, all the leading commercial banks are offering online banking facilities. Most digital savings accounts offer smooth technical and user experience. Many financial institutions offer 24×7 customer support, expense tracker, option to set limits on various transactions – UPI, point of sale, online platforms, lock and unlock debit card through app, etc.
Private banks like Kotak Mahindra and IndusInd offer special savings account which is only opened through the digital medium. They have special features such as zero balance account, free debit card, free insurance etc.