Hi Norman,
Just wanted to extend the question. Is there a way whereby:

Step 1- You run a macro for a workbook once where you also specify a
new path
Step 2- After running this macro, Excel creates a backup file for the
selected workbook at the path which you have mentioned in Step 1
Step 3- Now whenever you save the file (Using normal CTRIL+S or
File-Save command), an updated Backup copy of the workbook is created
at the specified path with date and time in the file name.

I want to have the macro so that I can understand the logic and then
customise it for my requirements.

Thanks in advance.