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The way people bank has witnessed some massive changes over the last few decades. Until recently, customers used to share a strong emotional bond with their respective banks that lasted for years. People used to visit their branch on a regular basis, and mostly, the relationship between the customer and the banker was more than just a formal bank-client relationship.
Ever since technology started playing its role in the world of banking, banks have shifted their customer support to alternative channels such as online banking, mobile, telephone, and ATM. Today, there is an immediate need to transform the typical business model of a bank to a customer-centric one. Banks do not only need to take note of changing consumer behavior but also have to work upon enhancing customer experiences to meet their expectations in the long run.
These days, banks consider providing their customers with the best of services and enhance their services with proper financial guidance, helping them invest in better options. Some of the major banking institutions like Kotak Mahindra Bank have started providing services such as a personal finance manager to help their customers use technology to manage their finances. Listed below are some of the most common forms of investments offered by banks. Let’s find out how you can manage all of these more efficiently.
Every bank provides their customers with exceptional customer service in order to boost the customers’ confidence and offer them the convenience they’re looking for. Having a savings account helps you make the most of profitable monetary opportunities. Some banks offer higher interest rates on savings accounts which enables you to make most of your savings. Savings accounts, either short term or long term, helps you reach your financial goals today and tomorrow. Besides, it gives you a peace of mind.
Being one of the most popular financial instruments provided by banks in India, Term Deposits offers better returns than a regular savings account. It offers an edge when it’s about earning better returns on your savings. However, comparing fixed deposits with other forms of investments is a long debate. You can also save tax along with great returns over the investment with Tax Saving Term Deposits. This type of scheme is suitable for investors who want to save on income tax. Fixed deposits offers you the same interest rates regardless of the market conditions.
Mutual funds are ideal for small investors who want a diversified risk portfolio in terms of money management. You can use it as a vehicle to invest in the long term. Mutual funds offer the benefits of market-linked returns, plus they help you earn high returns in the form of capital appreciation during positive market conditions.
But, using all these financial instruments can make it difficult to track your financial goals and monitor your investments, especially without a personal finance manager. However, there are these personal finance management tools available today that help you manage your finances spread across different financial institutions all under one roof. One of the most trusted platform for this is Kotak’s MoneyWatch. Whether it is your savings accounts, credit cards, mutual fund investments, insurance policies, loans, or fixed deposits, you can track them all through Kotak MoneyWatch. No manual feeds required here, the tool updates all the data automatically for your accounts.
Rachita Kotian is an independent blogger and writing has been her passion for a long time. A literature major, she loves exploring the world of health, lifestyle, travel and finance. When she’s not writing, she’s most likely listening to music, cooking, surfing the web, or catching up on the latest flick.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.