We all have a savings account and access to banking service however we might not be making best of it, here is a list of 5 must have banking products every individual should avail despite one’s profession and income category.

1. Mutual Fund :

Expert fund managers manage your investment, stay invested for longer time for very good returns, even a 1000 Rs SIP is good enough to start with.

An average performing fund yields 9-10% and can multiply investment and is idle for child future, retirement planning.
2. Credit card :
No matter how much we save or plan, there are always events of unexpected expense and its last week of the month, do not worry, you do not have to be embarrassed and ask your friends for money, make credit card your friend and borrow money for as many as 50 days without any charges however be sure you return money to this friend on time !
This friend would also have tie ups with multiple companies and e-commerce websites and can help you get great discounts.
3. Term insurance :
Life is uncertain, and insurance fills the gap in all monetary sense for the comfort and  expenses of your loved ones in an unforeseen event of death. Term insurances are quite affordable if taken early on life however double check the claim ratio of the insurance company and do not forget to handover the insurance bond to the nominee !
One can take insurance up to the extent of 20X-35X of one’s annual income depending on insurance company.
4. Home Loan :
If you are staying on rent &/OR fall in 30% tax bracket, home loan is the definitely recommended as it helps one build a dream home and also makes lot of financial sense since effective ROI comes down to 3-4 % after factoring : Savings on rent, tax benefits and monthly reducing balance concept.
Its also a thought to take home loan even if fund arrangement is there to safeguard the transaction and have thorough checks in place as far as the property purchased is concerned.
5. Medical insurance :
Illness of a family member can erode savings of life time, always advisable to take maximum possible cover (personal or employer provided).
Family floater is a wise option to consider and is economical than individual plans policy.
Stay Financially Healthy 🙂

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