Warning: Use of undefined constant HTTP_USER_AGENT - assumed 'HTTP_USER_AGENT' (this will throw an Error in a future version of PHP) in /var/www/wp-content/themes/author/header.php on line 1
How safe is your bank deposit? -First aid to savings. – CurvySide Skip to content

How safe is your bank deposit? -First aid to savings.

Recent incidences of top banks being restricted by RBI has raised concerns among many. This blog addresses those concerns among tips on saving your money. I have tried to sum up a short, basic guide to utilizing your money to yield maximum value. Money-saving is important. However, there are smart ways of doing it. Also, note that this is a thrifty guide for beginners in the savings arena. People with special requirements better hire a professional to manage your money.

A savings account is not the best measure to keep money and apparently it’s not safe either. Okay, so what do I do?
D I V E R S I F Y.

To diversify your money you won’t have to open a dozen bank accounts with different banks. A better solution to diversifying your money is investing it in liquid funds.

  • Liquid funds:

I personally, put all my money into a liquid fund once my salary is credited. I only keep a small amount of money in my banking account. Why? For better returns on my idle money and safety. Liquid funds give better interest on the money than your bank account. Wait, What if I need to withdraw money in urgency?
Rest assured, you would be able to retrieve the money back in your savings account in a matter of minutes with a click.

There’s this app called ‘ET MONEY’ developed by Times Economic Group that I find very handy to do just what I explained above. Other than that it also provides paperless mutual fund support, loan pass, and other tax-saving fund options.

ET MONEY: //etmoney.onelink.me/unJQ/9d583f5c

Once KYC is complete and you have activated the ‘Safe Deposit’ liquid fund option, you can transfer money back and forth to your savings account in just a click. You get a ‘Deposit’ and an ‘Insta Withdraw’ button to relay funds.

Download ET Money here.

  • Mutual Funds

If you’re young blood, you probably have a better appetite for risks considering your responsibilities. Even if you don’t have a risk appetite there are stable ‘Large-Cap’ options of investing. Mutual funds are the best investment options in this arena. There are a lot of high performing mutual funds that can meet your long term goals. However, mutual funds are for long term (3-7 Years) and not for short term gains. Also, you don’t need trading knowhow to invest in mutual funds, with basic aptitude you will get a hang of it.
Pro tip: The trading market is down right now due to Corona, which means it is the best time to invest in mutual funds.
Again, Et Money is a better platform for managing mutual funds. If you go through an agent, you will have to go through a lot of paperwork and loose on commission.

  • Ek Jugaad Aisa Bhi

Most companies give their employees options of availing advance salary and interest-free loans. Utilize this money to stock into your liquid fund so you get better returns on the idle money.
Also, most banks are offering lucrative offers on Credit cards. If your bank offers you a lifetime free credit card, it is better to depend on your credit card for your online and fuel expenses. However, pay your complete dues timely each month as paying only minimum due each month might result in interest overload.
It is wise to have a credit card that rewards you on online purchases and a fuel card to subsidize your fuel expenses.

Recommendation: Here’s a CitiBank credit card recommendation that gives 1000 cashback as joining benefit along with other benefits. Apply through the form and Citibank will contact you with benefits based on your credit score.

Apply for a Citibank credit card here.

ICICI bank offers Amazon Pay ICICI credit card to its users with shopping rewards on Amazon and 500 amazon voucher.

If you know any savings tips or want to guest blog on any issue feel free to get in touch via comments.

Published inPersonal Finance

Be First to Comment

Leave a Reply

Your e-mail address will not be published. Required fields are marked *