5 Personal Finance Products Benefits (Especially During COVID-19)

written by 

Sylvester Dodd   |  published date : Jan 09 , 2021 

Nine months into a pandemic, it’s hard to feel grateful. But here are some personal finance products I’m certainly glad exist, since they save me major time and money - especially in these trying times.

The economy has been ravaged. Your bank account is busted. Somebody’s going to want to talk politics at the dinner table, and you’re looking forward to it like a root canal.

It’s hard to feel grateful during a pandemic, but even in times like these, there are a few things I remind myself to always be grateful for:

  • I have a loving family.

  • India has the best variety of ethnic food in the world.

  • It’s never been easier to safely manage and invest money.

To elaborate on my third point, here are five personal finance apps and websites that I myself am hugely grateful for, since they’ve saved me or my friends bundles of time and money.

1. High-yield savings accounts

IDFC First Bank

Formerly known as IDFC Bank, IDFC First Bank was formed in December 2018 after its merger with Capital First Ltd, a non-banking financial company. To open a savings bank account with the lender, you will need a photograph and a government-issued identity proof. PAN card is mandatory to open a savings account with IDFC First Bank.

This savings account comes with a Signature Visa Debit Card.

Minimum monthly balance:

Rs 25,000. The bank charges a non-maintenance of balance charge ranging from Rs 50 to Rs 400.

Alternatively, the bank also has a zero balance savings account option.

Interest Rates:

Balance in Rs.Interest Rate (p.a.)

    Up to 1 Lakh6.00%

> 1 Lakh up to 250 crore7.00%

> 250 Crore8.50%

IDFC First's website says that the customers can make free ATM Transactions at any bank and on any network. It also comes with unlimited free fund transfer.

 

Kotak Mahindra
Minimum monthly balance: No minimum balance is required to be maintained and no charges will be levied. Interest Rate:

Daily Balance Interest Rate in %

Less than Rs 1 lakh 4.00

Rs 1 lakh to up to Rs 10 Lakh 6.00

Above Rs 10 lakh to up to Rs 5 crore 5.50

Interest calculation and credit period:

The interest earned is calculated in slabs. Suppose you have maintained a balance of Rs 1,50,000. You will receive 4 percent interest on Rs 1 lakh and 6 percent on the remainder, that is on Rs 50,000.

2. Best Cashback Credit Card in India

Choosing a card that meets your spending behaviour thus gives you more benefit compared to a regular cashback card.When used properly cashback credit cards significantly reduce you cards annual maintenance. You can thus enjoy the benefits offered by your money back card free for life time.

  • HDFC Bank Moneyback Card

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