Imagine paying almost a fifth of your monthly income in interest on a loan that has a higher cost per month than most formal loans have per year? This is Saraswati’s reality. A maid from Chennai, she was forced to borrow from a moneylender when her son fell sick ten months ago. She does not know when, if at all, she will be financially free. Does she have a bank account? Yes, she has a savings account with State Bank of India but she has never cared to use it. And why so? Because she thinks going to bank branches is complicated and she perceives that she does not save “enough” to use her savings account. Does she not save at all? She does save using informal sources; however, it is not an effective saving mechanism.