'Month end savings' presentation slideshows

3 simple tips to help you maximise money in your bank account

You save your hard-earned money in a bank account simply because it is a secure way of savings. You are well aware of the fact that returns in the form of interest rates on savings account hover generally in the range of 4-6%. The fact you need to understand here is whether you are getting optimal returns for your money parked in a savings bank account. Let us assume your year-end savings, which you have accumulated in your bank account is Rs.100,000. Therefore, the accumulated interest would roughly be somewhere in the range of Rs.4000-6000 p.a. depending on the interest rate your bank offers. Do these returns justify your principal savings? Could you have earned more cumulative returns by spreading these savings in different asset classes based on a proper financial plan? Given the wide variety of investment options these days, you are absolutely right if you feel your savings have yielded below par returns. Therefore, it is time for you to start planning your finances properly and go in for a diversified investment strategy. Having a cash cushion of three to four months of your salary in your savings account is critical. However, there are ways to ensure that you are maximising your bank accounts in terms of optimal efficiency of interest received on that money.

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