Top10 Tips To Manage Your Saving Bank Account

Top10 Tips To Manage Your Saving Bank Account :Each and every individual has one or even more Saving Account depending upon his or her needs. However, very few people know how to manage their Saving Bank Accounts. In this article, We are giving top 10 tips to manage your saving bank account. If you follow all or most of these tips, you will be able to take maximum advantage out of your Saving Bank Accounts. People generally ask several types of questions from the Financial Consultants and Experts asking them to know about the tips and techniques to manage their saving bank accounts. Some of the frequently asked questions asked by the people are listed below:

• How do you manage savings accounts?
• How can I manage my savings and save money?
• What are 3 things you should look for in a savings account?
• Which bank account is best for savings account?
• What are 3 benefits of a savings account?
• What are the Top10 Tips To Manage Your Saving Bank Account ?

In this article, we have tried to answer all the possible questions which are being asked generally by the people for better management. Top10 Tips To Manage Your Saving Bank Account are given below:

1. Always keep one saving account. “One Person-One Saving Account” should be followed for better management of the account. Remember, there are no benefits for keeping more than one saving bank account. On the contrary, if you have more than one account, you are required to report all accounts in your Income Tax Return.
2. Different Banks are offering different rate of interest on your saving bank accounts. Keep your bank account in a bank which is offering highest rate of interest.
3. Always open Zero Balance saving bank account so that you are not required to maintain minimum balance in your account.
4. If you have a Saving Bank account which has a requirement for keeping a minimum balance in your account then always keep that balance in your account so that you are not penalised for not maintaining the minimum balance in your account.
5. Always ensure that there are no hidden charges attached with your saving bank account. You should keep your bank account with such bank who is offering you zero balance account facility without levying any hidden charges.
6. Avoid cash transactions in your account. Most Banks levy some charges for frequent cash transactions.
7. Never deposit more than Rs.10 Lakh cash in your saving bank account. Bank is required to report all such bank accounts to Income Tax Department. You may get a notice from the Income Tax Department in which you will be asked to offer the satisfactory explanation for such huge cash deposits.
8. If you are keeping higher balances in your saving bank account, try to transfer some amount in the “Flexi Deposits” attached to your saving bank account offering higher rate of interest. Most banks are proving this facility to its customer to make Flexi Deposits online.
9. Your Bank in which you are keeping your Saving Bank Account should be very near to your home or office so that you can easily approach the bank in case of any emergency.
10. You should always keep your Saving Bank Account in Joint names in “Either or Survivor” mode. The person authorised to operate your account may be your spouse or some other family member. This will be very helpful for your spouse in case of your unfortunate death. If the account is in joint names with “Either or Survivor” facility, then your surviving partner can continue to operate the bank account without any problem.

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