Money Makes Money for You at No risk

What if your money makes money for you without any risk, and your money will be available with you 100% all the time. Isn't it wonderful? Let me explain how can you earn money from your money easily?

Why do you consider this?
You don’t not spend entire monthly salary on regular expenses (time being forget occasional big expenses). You must (should) be saving some part of salary every month. Most of the people do not invest this saving for future short or long goals and this money does not do anything except earning 4% per annum interest for you. I will let you know how you can earn more interest on your idle money in your saving/salary account.

As per the RBI’s bank policy rate hike, all banks are offering good interest (definitely more than standard 4% per annum) on special fixed deposit for any amount for any duration.

What is Special Fixed deposit scheme?
This special fixed deposit has feature that will allow you to withdraw amount from fixed deposit amount automatically when you withdraw money from ATM or transfer money for other purpose. So your money will be available with you 100%. The remaining amount of the fixed deposit will continue to earn more interest.

Let’s say you have RS 20,000 saving this month and do not have any expenses planned for 6 months. You put this amount in special fixed deposit thru your net banking or phone banking for 6 months with interest rate of 7% P.A. After two months, you need money for unplanned expenses and you have used that month salary but still need Rs 15,000 then this time Rs 15,000 will be deducted from your fixed deposit automatically and you  earn 2 months interest for Rs 15000 and Rs 5000 will be continue to earn 7% interest till next months.

This can be easily done with online banking with most of the bank. Your idle money will help you to earn more interest amount and  100% money will be available with you all the time.

What are they called in different banks?
This special fixed deposit schemes have different names in different bank. For example, sweep in deposit in HDFC bank and Money multiplier in ICICI bank. Please check with respective banks for more details.

General Note: As per income tax rule, interest earned in financial year should be added in your year’s income and should be taxed while filling the return. Even if you pay the tax as per rule then also you will be in profit for sure.

This approach will help you increase you saving in long term and most of the case you will not withdraw amount from fixed deposite and reduce/delay the expense. You should create fixed deposit in start of the month after putting all planned expenses aside.

Summary: Even if you save Rs 5000(idle money) per month then you should invest in these fixed deposit to earn interest.

You may like to read:
  1. EPF Balance - Employees' Provident Fund Balance online 
  2. Term Insurance vs Endowment Insurance

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