Imagine your savings account is like a special treasure chest. With these 10 steps, you can make it even more valuable and full of treasures. And when you use Axis Bank's Digital Savings Account, it is like getting extra special rewards for your treasure chest. So, you can save and grow your treasure even faster!
1. Choose the right bank account
Selecting a suitable savings account can make all the difference. For example, Axis Bank's ASAP Digital Savings Account offers unique benefits like a ₹500 shopping voucher redeemable via grab deals, insurance benefits, and zero charges on domestic banking transactions. All these perks come for just ₹150 a month, or at ₹1,650 a year.
Also Read: Difference Between Savings Account and Current Account
2. Keep an eye on interest rates
Interest rates aren't static; they change according to economic conditions. With Axis Bank's competitive rates, your money isn't just stored; it grows. But do not stop there —always keep an eye on the market. Compare the rates regularly from different institutions and consider transferring your savings if you find a more lucrative offer.
3. Automate your savings
Automation is your best friend when it comes to saving money. Axis Bank offers an auto-transfer feature, allowing you to set up transfers from your savings account to your fixed deposits. It not only simplifies the savings process but also helps stick to your savings goals without constant reminders.
4. Save windfalls
Whether it's a tax refund, a work bonus, or a generous gift from a family member, these unexpected windfalls can provide a substantial boost to your savings. Instead of spending this money, deposit it directly into your savings account and let it contribute to your long-term financial goals.
Also Read: 6 things to consider before opening a Savings Account
5. Keep a healthy emergency fund
A robust emergency fund is like a financial cushion. For peace of mind, aim to save at least 6 to 12 months' worth of living expenses. Axis Bank's digital platform offers easy access to your funds, so in case of an emergency, you can retrieve your savings without hassle.
6. Maintain a minimal monthly balance
Failing to maintain a minimum balance can result in service fees that chip away at your savings. Luckily, Axis Bank offers a zero-balance account, enabling you to avoid this fee entirely. This feature allows you to keep your hard-earned money where it belongs: in your account.
7. Track and reassess
Make it a habit to regularly review your savings account. Keep track of the interest you are earning, how much you are depositing, and if you have made any withdrawals. Axis Bank provides a user-friendly interface on both its mobile app and online platform, making it easy to keep tabs on your savings.
8. Diversify your investments
A savings account shouldn't be your only form of investment. Axis Bank allows you to diversify your investment portfolio right from your savings account. With options like mutual funds, NPS, PPF readily accessible, you can aim for both safety and growth without having to juggle between different platforms.
9. Use technology wisely
Technology can be a game-changer in how you manage your savings. Axis Bank's mobile app and online platform offer features like tracking your spending habits and setting up automatic transfers. These digital tools can significantly enhance your ability to oversee and control your financial destiny.
10. Be patient and consistent
Building a hefty savings account won't happen overnight. It requires patience and consistent contributions. Axis Bank makes this easier by offering a host of benefits such as no charges on IMPS, NEFT, RTGS, and cash deposits and withdrawals above certain limits. These perks remove additional barriers, making it easier for you to save regularly.
Also Read: mutual funds, How to maximise returns through your Savings Account
Conclusion
Boosting your savings account is no small feat, but with the right bank and the right features, it's entirely within reach. Axis Bank's Digital Savings Account such as
ASAP Digital Savings Account, offers many advantages, including zero charges on domestic banking transactions, insurance benefits, and more. With these tips and perks, you're well on your way to seeing your savings soar. Happy saving!
Disclaimer: This article is for information purpose only. Purchase of insurance product by Bank’s customer is purely voluntary and not linked to availment of any other facility from the Bank. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
