What is the best and applicable approach to keep the team motivated and productive?

Having Friendly Nature witth the Team and Tactically work done by them.

Reward to best is always keep them motivated. Reward is not only in shape of money. It can be in any manner but it may keep your team members motivated and encouraged them to be loyal, conscientious and energatic for the organisation.

I'm replying to this question from a managers perspective. Micromanaging would only lead to employees being stressed out. In order to keep their team motivated, this company started this trend known as "Fed-ex days". On these days, employees were asked to produce results on absolutely anything at all, within 24 hours. 100% of the proved to be more successful and productive than they were the rest 29 days of a month. The secret behind motivating an employee and making sure they are productive is to hand them the regiens regarding a decision. Sometimes it might backfire, but it is a learning experience which most managers should risk for the sake of encouraging their employees to do better and work better as a team.