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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Hidden Bank Charges

Yes, its the new economy and everyday we get mails from our banks on new avenues for investment and how they are increasing the services they provide to us. We think that this is the New Economy-- with banks becoming more and more focussed on servicing their customers. Its true-- However...


We Need to pay for it!!

There are multiple aspects of banks for which we need to pay--
1. ATM Card fees
2. Cheque book fees ( beyond a certain no of leaves per quarter)
3. Online transfer of funds.. ( Come on-- we are saving them huge costs by not writing a cheque and they expect us to pay for them)
4. Bill payment ( ok- when they start the service they make it free -- and when you start using the facility-- they make it chargeable)
5. Getting a duplicate statement

actually the list is endless... but we need not lose hope.

We can negotiate our fees for each of these transactions-- by talking to our relationship managers/branch managers with the banks. They will make a change at the end of the qtr or end of the year-- but it will be our responsibility to remind them.


Its our hard earned money-- take the step to negotiate with the banks to reduce the fees that they keep charging us.

Our money -- Our priority