  Recent discoveries of gravitational wave (GW) signals from astrophysical
compact binary systems of neutron stars and black holes have firmly established
them as prime sources for advanced GW detectors. Theoretical templates of
expected signals from such systems have been used to filter the detector data
using the \emph{matched filtering} technique. An efficient grid over the
parameter space at a fixed minimal match has a direct impact on improving the
computational efficiency of these searches. We present the construction of
three-dimensional template banks (in component masses and an effective spin
parameter) by incorporating several new optimizations to the hybrid
geometric-random template placement algorithm that we proposed recently. These
optimizations allow us to create more efficient template banks in future
compact binary searches by shrinking the hybrid banks by $\sim 34\%$ in
comparison to the basic algorithm. Such optimized banks are also found to be
$\sim 22\%$ smaller than the optimized stochastic bank constructed over a
nominal range of parameters. We also construct an explicit hybrid template bank
with parameters identical to the `uber-bank' used in the recently-concluded CBC
searches in the second observation run of the Advanced LIGO and Virgo
detectors. We demonstrate a reduction of more than 53,000 templates over the
stochastic template bank at a near-identical coverage as determined by fitting
factor studies. A computationally efficient technique for semi-numerical
calculation of the parameter space metric, applicable for aligned-spin waveform
family, is also outlined. The resulting hybrid template banks can be generated
much faster in comparison to the stochastic banks, and are ready to be used in
the upcoming observation runs of Advanced LIGO and Virgo.
