A savings account at your bank is really simple right? It’s just a black-box into which money comes in and from which money goes out. That’s what we used to think until COVID-19 hit and we finally got around to opening that monthly account statement which conveniently comes over email and is more conveniently forgotten because hey, there comes another more important email that we absolutely need to reply to now!
You can imagine the shock and surprise on our faces when that very nicely formatted PDF monthly account statement opened up on our screen and we saw a big bunch of things linked to that one account.
Here’s a list of things that immediately came to our mind:
- Single or Joint Ownership
- Passbook or e-Passbook
- Debit Card
- Internet Banking
- Mobile Banking
- Linked Fixed Deposits
- Linked Recurring Deposits
- Linked Loan EMIs
- Linked Investment EMIs
- Income (salary, rent, interest earned, etc.)
- Linked Credit Cards
- Linked Insurance
- Registered Mobile Number
- Registered Email Address
If a simple savings account can be this complex it’s no wonder then that we don’t have a true picture of personal finances. Does this account have a nomination? if yes, is it up to date? If no, do you know how to register a nomination? Do you still have access to the registered mobile number and email address? If not, how can you update it?
Multiple this by the number of savings accounts that you have. Not an easy problem to solve right?
That’s where sthana.ai comes in and makes your life a lot easier. Through our AI-powered templates we make it super easy for you to document every aspect of your savings account, guide you on identifying and plugging the gaps (and taking them to closure), and make your savings account information easily shareable only with your loved ones in an unforeseen situation.
Stay tuned for more details or you could even email us at connect at sthana dot ai.