instead of me confusing you, better talk to your bank. icici has this scheme Deposit Schemes - Flexi Fixed Deposit Scheme - The Bank of Rajasthan Ltd. and there is a penalty if you don't maintain a minimum, as is in savings account too. it was only a suggestion when the amount that you have in a particular month is not fixed.
You can initiate an Systematic investment plan with any of the mutual fund's debt scheme. Visit HDFC Mutual Fund Mutual Funds | Mutual Funds India
Hi Friends, This is Maaya.. Long back I joined Indus Ladies but unfortunately I couldn’t log in for these many months due to personal and work related tensions (mainly because of improper net connection in home L) But finally I got my user name and password today and here I’m to get tips / Clarifications from my friends J I’m working in a private company and earning a good salary, but the main problem here with me is I’m not at all aware of the value of the money LLL I’m spending money like anything if I have it in my account LL ( I’m feeling so shame on my behavior with money L , because my family is average in financial support L dad worked / working very hard for our sake and I dono why I’m like this L.. Even now my dad s not taking money from me L he said “carry on with ur life with best savings, knw the value of money” I know I’m spoiling his trust on meL) Please frnds save me from this character pls…. I wanna show my dad that I’m the best kid who can manage things very nicely starting from household things, finance and everything…. I’m not at all aware of the things like Insurance policies, benefits, tax, interest, etc etc L. To be frank, even after my 2 years of work life, I did no savings from my salary till now L. I’m still single and I dono hw I ll manage jewels for my marriage ( I can’t bother my dad anymore). Please gimme some nice ideas / tips to enlighten my life pls…. I have few questions to ask, please answer me Recently I opened DEMAT account in ICICI (I dono the exact purpose of this account – My friend is working there and he said I can do some savings using this account. So I opened the account). Is there any ways to do savings using this ICICI account? I'm having account in HDFC (Salary account) also.. I’m paying my Educational loan amount from my salary. Other than that I will transfer some money to my mom. I will buy medicines for my parents. Other than that I will use my money for petrol / buying things for the kid (my sister son), buying bakery items, vegetables, fruits, shopping, etc. L. Now I need to control my expense so that I can save something for my future (including my parents future) I planned to open PPF of 3500 Rs in post office 6 months back but because of my irregular expense I couldn’t start that also. Is PPF good to save my money? Can I open some LIC policies (Suggest some good policies) if that is benefit? I wish to invest on Gold coins (with online payment facility), is it good to invest? If so which scheme is good? What is meant by Gold trading? I read in some thread that it is good to invest in Gold trading instead of joining some gold scheme… What is mutual fund / Fixed deposit and all? Pls reply to my thread frnds Expecting to start my savings from jan,2013 atleast I liked "shaishav"'s post regarding savings... shaishav if possible reply to my thread pls
Hi Maaya , Below are my responses ... Recently I opened DEMAT account in ICICI (I dono the exact purpose of this account – My friend is working there and he said I can do some savings using this account. So I opened the account). Is there any ways to do savings using this ICICI account? I'm having account in HDFC (Salary account) also.. Sonal : Never ever do such things.. Just because someone asked u do open DEMAT account .. dont do it.. Do proper research before opening and account ( or any thing) like Putting ur thing .. For demat , Check ur brokerage rates.. I believe ICICI has highest brokerage charges... I’m paying my Educational loan amount from my salary. Other than that I will transfer some money to my mom. I will buy medicines for my parents. Other than that I will use my money for petrol / buying things for the kid (my sister son), buying bakery items, vegetables, fruits, shopping, etc. L. Now I need to control my expense so that I can save something for my future (including my parents future) Sonal : Divide ur salary. There are so many budget tools available. Check any of them. Divide ur expenses related to that .. like Rent / Food / traveling/Medical/Hobby .. I always believe spending on ur hobby some amount is as important as u r spending on any thing.. I planned to open PPF of 3500 Rs in post office 6 months back but because of my irregular expense I couldn’t start that also. Is PPF good to save my money? Sonal : Open PPF account either with PO or with SBI .. in SBI if u have online account.. U can xfer to ur PPF account online.. Always open long term accounts/investments in ur hometown.. As with work .. ur work location may change from time to time.. under 80C consideration .. U can put max of 1 lac to ur PPF account Can I open some LIC policies (Suggest some good policies) if that is benefit? Sonal : Have 1 insurance or I will say go for Term insurance.. Compare policy and plan online.. Many sites are available for that. Just google it.. Policybazzar is one such site.. I wish to invest on Gold coins (with online payment facility), is it good to invest? If so which scheme is good? Sonal : There are something (investing/buying gold jewellery/coin) .. U need to go to Bank/Jewellery shop as its worth to go thr.. What is meant by Gold trading? I read in some thread that it is good to invest in Gold trading instead of joining some gold scheme… Sonal : Thru ur demat account u can trade in gold ETF (eg SBIGETS on BSE can be searched) What is mutual fund / Fixed deposit and all? Sonal : FD : Investing ur money with Bank / Finance company over period of time will give u some 8-9% interest. For eg : 10000 with bank for I year will yield u 900 rs extra. Mutual Fund : someone on ur behalf will invest in Shares/on regular basis. MF are always subject to market risk.. Hi Shaishav , U can correct me if u feel I m wrong or partially incorrect
Sonal.. thanks for your responses.. I got information from ur responses even though i do not post any questions here.
Sonal - Can u pls provide me little more detailed info of Gold trading thru DEMAT account? How to start FD? Is it good to start some gold plan in GRT jewellery shop?? (sorry for asking qns again and again. I'm unaware of all of these stuffs also my parents are also not aware of such things )
Maaya, First you need to check if your DEMAT account allows you to do trading online. Sometimes, the DEMAT will allow you to only hold the shares. the trading should be done manually. I mean you need to contact the bank (in this case ICICI), and request them to buy/sell on your behalf. I think this is difficult process, as we tend to loose the interest if we need to contact the bank everytime. And, with regards to gold trading, as Sonal suggested, you could try for SBIGETS etc, if you have online trading option. Go through some trading websites, understand the terminology before proceeding for any trading. For our question on starting FD, if your HDFC account allows to open FD online, you can just provide request for how much every you want to put in FD for the duration. If not, visit the bank branch, and give request for opening FD. With respect to PPF, PPF is always a long term savings plan. You cann't withdraw money from PPF account before 7 years. And, after 7 years, you can withdraw only 50% of it. Only after 15 years you can withdraw full amount from PPF account GRT gold plans, now-a-days, they are giving good schemes. Some schemes also say no making charges, no wastage when you purchase gold after the scheme gets over. As you are planning jewellery for your marriage, this might be a good option. But carefully analyse your requirement, because, sometimes, they put offers and you feel that it is waste to put in the scheme rather you would have got the discounts anyhow through their offers at certain times. Hope this helps.
Hi Maaya.. Just book 1 FD for minimum duration.. u will understand.. Finance / managing money is more like.. once u did it.. U will understand.. Others experience will only help u whether to opt that service or not..
