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Use calamity as an opportunity to teach kids to handle money with children’s bank accounts: blsavingaccount — LiveJournal. Most of us would have heard the phrase – ‘man proposes God disposes’.

Use calamity as an opportunity to teach kids to handle money with children’s bank accounts: blsavingaccount — LiveJournal

Isn’t it? And this time, the calamity came in the form of Novel Coronavirus that ruined all plans of savers who had been saving penny-by-penny to fulfill the dreams they had set for their children. But gradually as we revive from the blow, we must make sure to save for the future with even more intensity, and additionally, set an example for our children how to respond to calamities. In fact, people who handle money matters with care prefer to teach their children money management skills in their early years. All one needs to know about Basic Savings Bank Deposit Account – savingaccountblog.

The Basic Savings Bank Deposit Account (BSBDA) is an account that does not require the account holder to maintain a minimum balance and at the same time offers certain basic facilities free of charge.

All one needs to know about Basic Savings Bank Deposit Account – savingaccountblog

The BSBDA was introduced by the Reserve bank of India (RBI) in 2012 to replace the ‘no-frills account’ which is also known as the ‘zero balance account’ and was functional since 2005. It is a normal banking service that has been instrumental in enhancing the financial activities among the economically weaker sections of the society. Basic Savings Bank Deposit (BSBD) Account. Savings account is one of the basic financial instruments that have always been high on the agenda of the Reserve Bank of India.

Basic Savings Bank Deposit (BSBD) Account

Although people, especially in the rural districts, have always restrain themselves from using banking services and thus, keeping the concern in mind, the RBI in November 2005, advised the banking sector to attract more ‘n’ more people by providing BSBD account (Basic Savings Basic Deposit Account) with added privileges. The account is meant to boost government’s efforts towards financial inclusion. The idea was quite a success as it got people on board who were earlier unbanked. Online Privilege Banking Account. IndusInd Bank Limited is a Mumbai-based bank founded in April 1994 and inaugurated by then Union Finance Minister Manmohan Singh.

Online Privilege Banking Account

The bank was among the first new-generation private banks offering commercial, transactional, and online banking products and services. The financial institution is better known for its frequent technology upgradation to deliver specialized banking services. The bank is focused on expanding its network across the country while meeting the global benchmark. Presently, it has around 1500 branches and over 2400 ATMs. It also has its representative offices internationally in London, Abu Dhabi, and Dubai. Apply Online for Abhaya SB Account. About Andhra Bank: Andhra bank is a public sector bank founded in November 1923 by the eminent freedom fighter Dr.

Apply Online for Abhaya SB Account

Bhogaraju Pattabhi Sitaramayya. The bank initially commenced its operation with a paid up capital of just Rs.1 lakh. But, soon the bank picked up to a good growth and today it has a network of over 2800 branches, 4 extension counters, 38 satellite offices, and more than 3800 ATMs across 25 states and 3 Union Territories. Which type of savings accounts suits you? – savingaccountblog. Banks offer different types of savings account catering to their diverse clientele.

Which type of savings accounts suits you? – savingaccountblog

They do so as every client has unique needs and every client is precious to them. It is a deposit account that offers to save your money for a modest interest rate. The account holder can withdraw the deposit amount at any time and is an assured way to save your hard-earned money. Most often, banks also offer locker facility to woo its customers. Moreover, savings accounts offer tax-free interest up to Rs10,000 under Section 80TTA. Allows e-payments for electricity bills, DTH and mobile phones recharge, booking flight and train tickets, etcAllows fund transfer through NEFT, RTGS, etcOffers attractive loan schemes at low-interest ratesOffers attractive welcome schemes and kitsOffers easy access to cash. Apply online for Passbook savings account. Well, if you too haven’t heard about passbook savings account before, then you’re not alone.

Apply online for Passbook savings account

As the name suggests, Passbook accounts followed a traditional method to record deposits, withdrawals, interest earned, and other transactions in a small booklet called passbook and were extremely popular once for its retro style savings account. Today, electronic record keeping or e-statements has made passbook accounts largely obsolete. Apply Online for Super Savings Account. Storing cash is definitely a good habit, which is why savings account has been quite popular among the netizens since years.

Apply Online for Super Savings Account

In fact, savings account is the first interaction with the bank for many. Thus, these bank accounts mark a milestone for the netizens. However, as time changes, so does the banking instruments; and bank accounts are no different. Open Fixed Deposit Online. Long-term saving plan is definitely a great investment option to secure the future financially.

Open Fixed Deposit Online

Plus, it provides financial assistance at times of unplanned emergencies. This is the reason why fixed deposit plans are getting quite popular in India. Myths the elderly have about Digital Bank Accounts - savingaccount - Medium. Digital banking has been around for a few years and has experienced good response from its consumers, yet misconceptions are keeping the senior citizens from using it.

Myths the elderly have about Digital Bank Accounts - savingaccount - Medium

Digital banking is different than online or mobile banking and the transactions are done using gadgets like mobile phone via apps. Digital bank accounts do not have any physical branches. So, it saves the elderly a physical visit to make financial transactions. Its functioning requires automation of banking steps and relies on big data, analytics and adopts technological advancements to improve the customer’s experience. Below given are a few common myths that could be keeping the senior citizens from operating the Digital Bank Account. Tips to choose best payment banks with minimum balance – savingaccountblog. It has been some time since the Reserve Bank of India (RBI) authorised non-banking financial organisations to carry out a paperless, cashless banking system.

Payments Banks (PB) in India have soon picked up as an attractive banking option with additional features like door-step delivery of financial products, trustworthy bankers, easy transaction options, no minimum balance requirements and more. Today, we concentrate on payments bank with zero-balance facility One of the prime reasons why people are going in for PB is the zero-balance facility or payments bank minimum balance that comes without any liability of maintaining a minimum balance. This means the customer does not have to pay any penalty for non-maintenance of balance in the account. PB accounts are handy while making monthly online payments like grocery, electricity bill, other utility bills, shopping, mobile recharge, DTH recharge etc.

Look for convenience: PBs save you the task of physically visiting banks. Public provident fund (PPF) Public Provident Fund Scheme (PPF) is among the best long-term savings plus investment plan with assured returns on maturity. It was initially introduced in 1968 by the National Savings Institute of the Finance Ministry to promote saving habits in the form of an investment.

This scheme ensures a retirement corpus while saving on annual taxes under Section 80 C of the Income Tax Act. Get educated on best kids savings account for your baby. It is not about ‘how much your child saves’ but ‘how he saves’. Teaching your little one to handle money is a great way to help them mature and become financially responsible. Initially, as a responsible parent, you can allow the child to make transactions in your presence and as guided by you. And once he gets the hang of it, you can just keep an eye on the transactions he makes to avoid any financial mishaps. Most parents, who overcame their initial hesitation of a savings account for their wards, realised that their child gradually developed a sense of responsibility, operational independence and ownership towards the account. Different Types Of Savings Account. Money is definitely a key source for leading a healthy and stable life. Therefore, experts suggest to lock the funds in some savings account to reap interest on the balance without risking the account deposits.

When it comes to choosing the right savings account, people often get confused due to several loan types and schemes. So, here we bring a consolidated detail about the types of savings account in the banking sector. Regular savings account : A regular savings account is a basic bank account designed to safely park your hard-earned money while earning some interest. However, such accounts generally have certain restrictions in regards to the number of transactions. Digital Savings Account Online in India. For modern generation, their Smartphone is their first partner. They can live without anything, but not without the smartphones. So, for such tech savvy individuals, banks and financial institutions have decided to expand their services to the digital platforms as well and serve their customers an unmatched banking experience.

These digital bank accounts can be opened within a few clicks through an app or online website. Thus, you can enjoy banking services at your fingertips and within your comfort zone. Range of Credit score - Generally speaking, whenever you apply for a loan or credit card, banks or financial institutions’ first query is regarding your credit score.

Apply online for Passbook savings account. Different Types Of Savings Account. Equity Linked Savings Schemes (ELSS) With a plethora of savings schemes available in the market, Equity Linked Savings Scheme marks as one of the best schemes to help you secure a wealthy future. ELSS is basically a mutual fund scheme that comes with dual benefits of tax-free assured higher returns. Since the scheme has a lock-in period of 3 years, it promotes disciplined investment among the investors. The investment in ELSS can be made either using SIP (Systematic Investment Plan) or in lump sums. Most financial experts agree that ELSS is a great tax-saving instrument as it comes with an excellent combination of certain features and benefits, making it one of the top investment choices. Post Office Investment. Best Savings Account for Minors (Childs)

Open Fixed Deposit Online. Long-term saving plan is definitely a great investment option to secure the future financially. Plus, it provides financial assistance at times of unplanned emergencies. Senior Citizen Savings Scheme (SCSS) Government launched the Senior Citizen Savings Scheme (SCSS) in 2004, specifically designed to cater the financial needs of senior citizens. The primary objective of the scheme is to provide monetary benefits to retirees by ensuring an improved cash flow, even when there is no stable source of income.

Applicants can avail the scheme through a network of Public and Private Sector banks and India Post Offices. As the scheme is backed by the government, the terms and conditions don’t vary from bank to bank. Apply for Saving Account Online.