Let’s take a look at the 5 biggest mistakes we make with our savings bank account and how to reverse them:
Mistake 1: Using one account for all your expenses
Most of us tend to use bank savings accounts for almost all of our transactions, from paying EMIs, insurance premiums, bills, and loans to phone recharge or online shopping. This makes it impossible to keep tabs on your transactions when all of them, big and small, are taking place from one account. Also, your main account remains at risk, as you make all small ticket purchases using your main account.
To overcome this challenge, you need to open a secondary account for daily expenses. The main reason to open more than one account is to keep your money safe and to be able to track your expenses and better plan your savings. For this, you can opt for Airtel Payments Bank and treat it as an alternative account to do all your daily transactions. It will not only help you keep track of your finances, but also keep them safe, with its added layer of security – Airtel Safe Pay. It has several other benefits. For example, when you want to pay your utility bills or shop, you can simply scan and pay at any of the merchants through UPI. If you need to send money to your loved ones, it can also be done instantly with the ease of a seamless app.
Mistake 2: Parking bulk money in one account
We often tend to hide most of our money in savings accounts, not realizing that we live in a world full of cyber fraud. There are thousands of scammers prowling the web. Therefore, the approach of placing most of your money in one account carries huge cyber risks; you literally expose most of your money to scammers by keeping it in one account.
Therefore, create a secondary account for better security of your money. Imagine if you had your money divided into separate accounts, one for daily transactions with a completely safe and secure funds transfer facility. Here too, Airtel Payments Bank is your best bet. The safety and security of your banking transactions are assured with Airtel Safe Pay. It asks for authentication in addition to 2-factor authentication, making it one of the most secure ways to transact among current market approaches.
Mistake 3: Overreliance on a bank
Prefer to stick to the old ways? Although you may prefer a bank for several reasons such as proximity, long association with the bank, etc., it also means that you miss out on enjoying better banking facilities from new players who take you away from many challenges that you are used to. over the years. For example, unlike the time it takes to open a savings account at a bank due to traditional processes and approvals that go into documentation and verification, opening a new account no longer takes time. , with say a bank of payments . A savings account with Airtel Payments Bank, for example, is a super easy and fast online process!
Another example is using a physical debit card at ATMs to withdraw cash. This is often accompanied by the hassle of breaking, being lost or stolen, being weathered or scratched, or wearing out with frequent use, etc. due to delays, generating a new PIN when receiving a new card, etc. Airtel Payments Bank offers users an easy-to-use digital card for hassle-free, card-free transactions. This means you always have a debit card with you on your mobile, which you can use at over a million ATMs across the country! These are just a few examples that show how opening an alternative online account can reduce your overreliance on a savings account and provide you with several new era benefits, making the banking experience more enjoyable.
Mistake 4. Loss of interest
Interest paid by most traditional banks is low. Savings bank accounts, in particular, can end up earning you around 3% to 5% interest (depending on whether it’s a zero-balance savings account or not).
Allocating your funds to Airtel Payments Bank could earn you up to 6% interest per annum on the end-of-day balance in your savings account on Rs 1 lakh – Rs 2 lakh. And 2.5% pa on the end of day balance up to Rs 1 lakh.
Mistake 5: Operating under multiple limitations
A savings account generally requires that you hold a minimum balance, failing which you become liable to penalties. You also have to travel long distances and queues if your preferred bank branch is far from your home. Even then, you may be turned away during lunchtime/breaks/holidays. With Airtel Payments Bank, the challenges associated with many of these traditional modes of operation are supported.
For example, you don’t have to worry about maintaining a minimum balance as Airtel Payments Bank offers you a zero balance account. Thanks to this, you can make unlimited deposits at any time. With a digital card, you can make contactless payments. Plus, you don’t need to travel too far for your banking needs. With Airtel Payments Bank’s extensive distribution network, you can simply walk to the nearest banking point and withdraw and deposit money within minutes.
There are additional perks too – discounts and cash back similar to e-wallet offers, free accident insurance and much more.
Last words
It is therefore essential to start re-evaluating your savings account and look for a suitable alternative that reduces the hassles and day-to-day limitations of your banking transactions and helps you manage your money better. In this regard, Airtel Payments Bank is becoming a place where you can receive a bunch of banking benefits on your money and a seamless experience without risking the main account, which holds most of the savings.
So be careful with your savings and explore the digital way to manage your money smartly with Airtel Payments Bank. As they say, there’s no better time to make wise financial decisions. Start today.
Disclaimer: The article was produced on behalf of Airtel Payments Bank by Times Internet Spotlight Team.
