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3 Banking Activities You Must Automate For Hasslefree Transactions and Returns
There are many ways you can make your financial life easy. Automating transactions is one of the. Automating the transactions could help you to save, earn, and also allow you to avoid the fear of missing out on your monthly premiums, which could result in policy lapse or could attract penalties on missing the due date. Banks are a great tool to manage your personal finance and earn as well. Here we have discussed 3 automated features that banks allow their customers for hassle-free financial life. Below are the following:
Automate your SIP/STP/SWP
Systematic Investment Plan (SIP)- In SIP monthly payments, you can automate your mutual funds' payments through SIP. Doing this allows you to avoid the fear of missing out on the due date of the SIP premium.
Systematic Transfer Plan (STP) - An STP automatically transfers a certain amount from one fund to another. An investor must select the fund from which the investment will be transferred. In addition, the fund in which the transferred fund must be stored.
Systematic WithdrawalFund (SWP) - Using SWP, you can withdraw from mutual funds on a specific date. This allows you to do manual withdrawals from mutual funds.
Policy Renewal Payment
If you are any policyholder or subscribed to any plans that require renewal payment then you must have come across missing the due date. In this case, the bank's automatic policy renewal payment could help you out and make your payments hassle-free with no fear of missing out. In automatic Policy Renewal Payment, you allow the bank to withdraw payment on behalf of you for the renewal of the policy so, the policy doesn't lapse in case you miss the manual payment. This is called e-mandate.
E-mandates are electronic forms of mandates that organizations use to efficiently handle various sorts of recurring payments such as deposits, policy renewal, or anything. The e-mandate method eliminates the inconveniences of sending reminders and requesting penalty costs from customers, and it finally proves to be a win-win situation for both parties.
Open Sweep Account
One method of managing your personal finances is to open a sweep account with your bank. Sweep accounts allow you to earn interest on money that isn't actively saved or invested. At the conclusion of each working day, unused money is transferred into high-yield savings or investing options. If you have the chance to use a sweep account as part of your financial plan, it's a good idea to grasp how they function. Consult with a financial expert to ensure that you are getting the most out of every investment dollar you have. A sweep account is an account of account that can be connected to either a bank or a brokerage account. These accounts are intended to optimize money that may be lying idle by automatically shifting or "sweeping" them into a better yielding investment alternative.
