I must admit, Indian Banks are street smart. Banks always find out way around to protect their turf (Read: Income). Non Maintenance of Minimum Balance is a major issue for the banks to handle. Banks incur cost for maintaining and servicing the Savings Account. Banks recover this cost by imposing minimum balance criterion i.e. an amount which should be retained in the savings account on a regular basis to recover such cost. Charges levied for Non Maintenance of Minimum Balance generate substantial revenue for any bank. It is one of the most widely imposed penalty by any bank. It will not be an ... Read More
How Many Savings Account Do I Need?
How Many Savings Account you should Hold is classic Personal Finance dilemma. It can be loosely correlated to Prisoner's dilemma between your mind and heart. There is no right or wrong answer to this question. In my opinion, i consider Savings Account as most important enabler to financial planning. It tells how good you are in financial planning. In my financial journey so far, i have observed 3 set of individuals. First set is those who have only 1 Savings Account. The rational is that they are not good in managing multiple Savings Account and end up paying penalty for non-maintenance of AQB ... Read More