PLease suggest an investment plan.

Discussion in 'Money Matters' started by umahathi, Jan 8, 2009.

  1. umahathi

    umahathi New IL'ite

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    Hi Friends,

    I want to save some amount on month or quarterly basis.

    I don't want to keep my amount blocked as if we go with any LIC or mutual funds. By the same time, I want a good rate of interest.

    Please suggest a plan accomplishing the above.

    Awaiting your suggestions.

    ...... Mahathi UmaShankar.
     
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  2. Priya_Mommy

    Priya_Mommy Gold IL'ite

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    Go for FD's...now a days the interest rate is almost reching 12%.... is very much good and also safe along with easy access as and when you require money.
     
  3. chituapr

    chituapr New IL'ite

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    Hi,

    If you want to save small amounts only a monthly basis then Recurring deposit is a good option. The rate of interest is equivalent to that of Fixed deposit...

    Mutual fund is also not a bad option , but only if you are staying in for a long term like more than a year. But for short term dont try mutual fund as you would burn your fingers...

    All the best
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    uma,

    I think now banks have accounts that are called flexi deposit accounts, which act as a savings cum fixed deposits, every month a part of the amount that has not been used goes into the fixed. i think this way you can have the flexibility of savings and also enjoy the interest rates of FD's. Do check with your bank. you could set a limit and instruct the bank to transfer the balance of your idle money to the term deposit.

    how does this work..
    If you 10,000 in a flexi account for a year, out of this 7,000 will be transferred to flexi deposit while the your limit amount of 3000 will be in the savings acounts. the 7,000 will earn a interest of minimum 8 % per annum while if it was in your savings your interest will be lower...

    Now the doubt arises, what if i have an expense of 4000 when the limit set is 3000, your bank will take the extra 1000 from your flexi deposit without charging any penality which is the normal procedure for a regular fixed deposit.


    I came to know about this scheme during a discussion with my banker.

    right now icici, union bank of india, corporation bank and hdfc too have this facility. only the savings minimum limit for the account differs.

    This ensures safety of your money as well as the money is slowly working for you.
     
    Last edited: Jan 9, 2009
  5. Haasinii

    Haasinii Bronze IL'ite

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    Shanti

    Thank you for this information...
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    haasini,
    You are welcome. sometimes, few of us burn our fingers investing in the MF, without realising the charges that are levied on exit, before the time frame, if you need the money that is locked in.

    Just wanted to show that there are other options available.
     
  7. umahathi

    umahathi New IL'ite

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    Hi All,

    Thank you very much for all the suggestive information u provded. :)

    -- Mahathi UmaShankar.
     
  8. manasa_gs

    manasa_gs Senior IL'ite

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    Thanks so much Shanti. The info was really useful, even i was planning to start my investment in bank. I will definitely chk this out.
     
  9. Shanvy

    Shanvy IL Hall of Fame

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    maanasa,

    Start it as early as possible. even the smallest amount grows, with the effects of compounding..
     
  10. manasa_gs

    manasa_gs Senior IL'ite

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    I will be able to start it only 3 , 4 months yaar. Got lot of commitments right now, ti will be done in another 3 to 4 months. Then my first job will be start investing.
     

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