Minimise number of savings accounts

Image by • Eliane • via Flickr

CASA is the buzz word for many bank’s CEOs. From ICICI Bank to Karur Vysya Bank announced that they are going to concentrate more on CASA ( Current Account and Savings account) to minimise their cost of funds. They need to pay meagre 3.5% for the monthly lowest balance. So all the banks coming out with premium or privilege accounts which require higher minimum balance requirements. They lure you with worthless freebies and services. we need not waste our hard earned money in parking these low interest bearing saving account variants. At the most you require two saving accounts. Close all other accounts.  Use that fund to repay higher cost debts or park in FDs and liquid MFs.

These small things add big returns to your hard earned money.