Benjamin Franklin once said, ‘A Penny saved is a Penny earned’. This statement couldn’t have been more correct when it comes to the real life of a common man. Basically, it is tantamount to saying that the more we save, the more we can live comfortably in our later years. Undeniably, there is an almost universal consensus with this belief, so much so that the majority of earning human population is inflicted with the concern of saving enough. The ubiquitous nature of this belief is evident through the Banking Industry rising to the occasion and bringing some lucrative savings plans for this populace.
But the Banking Industry has come a long way since then, rendering savings as one of its integral services. And in order to effect major improvements in the existing saving plans even further, much research has been done. Owing to this, banking is getting smarter day by day with the entry of some new players as well. Most of these new entrants have proven themselves to be disruptive to the Banking Industry since they have paved their own paths which in no way have aligned with the existing ones. Though, the bigger players in the banking industry have thrown scepticism at such ways of these players since they have entered this market only recently. However, what these new entrants are trying to do is to introduce a revolutionary savings plan, at a very low initial deposit, or with zero balance and to put maximum focus on a flexible approach towards a long-term savings plan.
