A Hindimerijaan's Initiative
Financial literacy may refer to as the amalgamation of various financial terms used in day to day life such as the knowledge of having digital banking, basic financial concepts and are able to manage their personal finances. It is not only confine to having knowledge of financial techniques or investments but also about what comes under the domain of it.
it is neccessary to search alternate of savings account because they give low interest rates.We all keep some cash in savings accounts for day-to-day expenses for liquidity and convenience. Now, with interest rates as low as 3.5-4 per cent, it is unwise to keep a large sum of money in savings accounts, as considering inflation, one is actually earning negative returns. That is why experts have started asking people to keep minimum cash in savings accounts and park the rest in better alternatives. “Ideally, 15 days to one month expenses are good enough for savings accounts, especially as there are instruments like credit cards for emergencies.”
