Best bank for Emergency Fund - FD - FDCC

[Rahul92]

So , i want to create an emergency fund at a separate savings account of 5L.

As the money will be idle there most of the time , i want to create a short term FD on it and take a FD based cc on it.

Which bank should I go for to get best FD returns and good enough cc ?

 

[EINSTEIN]

So , i want to create an emergency fund at a separate savings account of 5L.

As the money will be idle there most of the time , i want to create a short term FD on it and take a FD based cc on it.

Which bank should I go for to get best FD returns and good enough cc ?

Go for IndusInd, interest rate will be the highest and you can take any card against it, they give 90% as credit limit. For super premium cards minimum 5.6L FD is required. They report it in cibil as normal credit card not secured which can be useful for c2c.

 

[Rahul92]

Go for IndusInd, interest rate will be the highest and you can take any card against it, they give 90% as credit limit. For super premium cards minimum 5.6L FD is required. They report it in cibil as normal credit card not secured which can be useful for c2c.

That seems good ! Which cards will they give for 5.6L FD ?

 

[EINSTEIN]

That seems good ! Which cards will they give for 5.6L FD ?

Pioneer Heritage, Indulge, Crest, Celesta etc. Basically you will be eligible for every card they have to offer. The ones mentioned above have very hefty fees and require at least 5.6L FD others you can get for less than that.

 

[Rahul92]

What about idfc first and it's cards ?

 

[Souvik]

Pioneer Heritage, Indulge, Crest, Celesta etc. Basically you will be eligible for every card they have to offer. The ones mentioned above have very hefty fees and require at least 5.6L FD others you can get for less than that.

Since these are secured credit cards, does these cards come LTF with a FD commitment ?

 

[Nemesis]

Pioneer Heritage, Indulge, Crest, Celesta etc. Basically you will be eligible for every card they have to offer. The ones mentioned above have very hefty fees and require at least 5.6L FD others you can get for less than that.

Which one do you hold? Initial joining fees and annual fees applicable? Whom to reach after FD... RM or CC?

 

[Nemesis]

So , i want to create an emergency fund at a separate savings account of 5L.

As the money will be idle there most of the time , i want to create a short term FD on it and take a FD based cc on it.

Which bank should I go for to get best FD returns and good enough cc ?

Yes Use CC for emergency and pay CC later after breaking FD.

 

[Rahul92]

Yes Use CC for emergency and pay CC later after breaking FD.

That's the idea , i am looking for beast FD intrest and cc features combination

 

[TheTrickySid]

Yes Use CC for emergency and pay CC later after breaking FD.

I guess they won't close the card without clearing of dues.
Also FD can be withdrawn only after closing the card

 

[yolofino]

A warning: During an actual emergency, you will need the funds in quickest way possible. Breaking an FD won't be possible if you have taken an FD-based credit card. Don't mix emergency with returns or rewards.

 

[Rahul92]

A warning: During an actual emergency, you will need the funds in quickest way possible. Breaking an FD won't be possible if you have taken an FD-based credit card. Don't mix emergency with returns or rewards.

What are the possibility of changing a secured card to unsecured after some time.

Can they be upgraded ?

 

[Nemesis]

I guess they won't close the card without clearing of dues.
Also FD can be withdrawn only after closing the card

My plan was with unsecured CC card you can use it for emergency.... Along with that high interest FD till 5L as keeping your emergency funds idle won't even beat inflation and would be worth less.

Someone here has used Apay card for emergency... 1% cashback

 

[Nemesis]

A warning: During an actual emergency, you will need the funds in quickest way possible. Breaking an FD won't be possible if you have taken an FD-based credit card. Don't mix emergency with returns or rewards.

Emergency requires liquid asset... CC is most liquid next to DC, FD is to repay the emergency CC debt in the next billing cycle

 

[Nemesis]

What are the possibility of changing a secured card to unsecured after some time.

Can they be upgraded ?

Another method you can avail an OD facility on your low balance saving account (10-12% Interest yearly), translates to 2-2.5% monthly... pay it next month by breaking FD/MF/Gold investments (ensure that is possible)

 

[krishc]

Pioneer Heritage, Indulge, Crest, Celesta etc. Basically you will be eligible for every card they have to offer. The ones mentioned above have very hefty fees and require at least 5.6L FD others you can get for less than that.

For an FD between let's say 3L-5L , what would be the best IndusInd card that we can get ?

 

[Rahul92]

For an FD between let's say 3L-5L , what would be the best IndusInd card that we can get ?

Legend , pinnacle?

 

[tuhin]

Bandhan Bank

 

[Rahul92]

Bandhan Bank

Why ? Do they offer credit card ?

 

[tuhin]

Why ? Do they offer credit card ?

High interest rate