New Savings Bank account rules from tomorrow

The new savings account rules come into effect from tomorrow-- where instead of the interest being paid on the basis of the minimum amount in your account from10 to the 30 of the month, it will now be on a daily basis because of which the amount of interest that you get will be almost double ( read my previous post on this --"Free interest! Your money doubled!"  

So what should we do to make use of this facility?

1. Ensure that you pay out your money as per the due dates and not before. This will ensure that the money is in your account for as long as possible
2. When paying for credit card bills etc, Use electronic means of transferring money instead of cheques when paying for credit cards etc.

3. USE cheques when paying someone money on account of payment-- eg buying furniture, paying electricity bills, etc ( that is in places where you can get a receipt stamped date , so if the person / company delays banking the cheque , you get the benefit for another day)-- keep the "Float" with you!

4. If you need to get money from someone-- get an electronic transfer if possible , else bank the cheque as soon as you can.. DONT WAIT-- you lose 0.096% daily!

Simple tips... applicable from 1st April... Double your money-- Be smart.


Happy Happy Investing :)

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