Best way to Park Rs 1L

[Newbie2004]

So My mom had accumulated about Rs 120000 in cash saving for last 3 years
She wanted to Park this funds in a savings account
I wanted to know what will be the best way to invest this safely so she can earn while doing so? She doesn't care as long as the money is safe Or What is the best saving account which maybe provide good benefits like Rupay select debit card and all like that
Also I don't know anything SIP/stocks

 

[Hope]

Slice account ( NESFB savings account gives 6.25%/A interest interest credits daily)

 

[Ak Singh]

Open account in any private banks which provide auto sweep facility. Then deposit the money in the same bank account. Or you can just do FD.

 

[Saral]

IDFC rates are a scam:

 

[rams]

Or What is the best saving account which maybe provide good benefits like Rupay select debit card

Put 20k in bank of baroda super savings account to get rupay select dc...

Super Savings Personal Account

Baroda Super Saving Account is a superior saving account that offers flexible auto/reverse sweep facility to high value resident customers. Open Baroda Super Saving Account now!

www.bankofbaroda.in

Put the remaining money 1lac in FD in a nearby small finance bank. Most provide 8% interest rate.

Also I don't know anything SIP/stocks

Forget about stock market for now.

 

[Saral]

You can park in small finance bank using stable money app

 

[jhanishdev]

Unity bank gives 9% interest rate (9.5% for senior citizens) and deposits are insured by DICGC upto 5Lacs.
They also have a provision of monthly interest payout.

There are many other banks giving around 8.75-9.00% returns.

You may have to submit PAN card and provide source of funds since this will be cash deposits.

 

[KGSIPO]

IDFC give 7.25% p.a. monthly interest credits. FD like rates, in a savings account - worth a shot tbf

Being a moderator, don't give the wrong information.. The question is for 1.2 lakhs and idfc gives 3 % only upto 5 lakhs. Please edit your answer.

 

[InfamousInfamous is verified member.]

Being a moderator, don't give the wrong information.. The question is for 1.2 lakhs and idfc gives 3 % only upto 5 lakhs. Please edit your answer.

Wasn't aware of that bifurcation, my bad

 

[brightknight]

mostly all pvt banks do like that

Wasn't aware of that bifurcation, my bad

 

[Sup]

Super Savigs has 25k aqb!

Nop, its 20k

 

[sidmanraj]

Which is better liquid fund or small finance bank account?

 

[am11]

Which is better liquid fund or small finance bank account?

I hope you are asking about FD in SFB. Depends on use case. For small tenure such as a week or month, liquid fund is better, for longer term, SFB FD is better. For savings, safety should be of paramount importance. Risk should only be taken as per appetite when investment is involved.
So, for money to be saved, FD, in a stable bank, should be the first option.

 

[Beyond]

Nop, its 20k

@ S U D O whats up with you bro?
I acknowledged the 20k by reacting at @Sup
I mentioned 25k as my ac was opened with that amount by bob, never cared to look back

 

[Credit_Cards]

Being a moderator, don't give the wrong information.. The question is for 1.2 lakhs and idfc gives 3 % only upto 5 lakhs. Please edit your answer.

mods are humans and to err is human, to forgive is @KGSIPO

 

[Credit_Cards]

which small finance bank is most reliable? I am looking to park around 10L

 

[rams]

which small finance bank is most reliable? I am looking to park around 10L

None, imo. Publicly traded banks can be evaluated based on their performance. For others, we can't.

If I had 10l, I will put half in a nearest sfb branch. 25% in sfb that offers the highest interest. Another 25% in another sfb that offers the second highest interest rate.

 

[Saral]

which small finance bank is most reliable? I am looking to park around 10L

Divide the money in mulitple small finance bank say 4 lakh each.

 

[fradela]

So My mom had accumulated about Rs 120000 in cash saving for last 3 years
She wanted to Park this funds in a savings account
I wanted to know what will be the best way to invest this safely so she can earn while doing so? She doesn't care as long as the money is safe Or What is the best saving account which maybe provide good benefits like Rupay select debit card and all like that
Also I don't know anything SIP/stocks

Amount is less than 5L, so go with only FD (8 to 9 %. If she is senior citizen , will get extra .5%).

No savings account. (only 2.75%)

FD. Put 6 FDs (20, 000) in any ONE small finance banks which give more returns.

For RuPay Select Debit card, you don't need put huge amount. Normal savings account is enough.

Don't couple with RSDC with your mom's cash.

 

[jhanishdev]

which small finance bank is most reliable? I am looking to park around 10L

All banks have the same safety net from RBI upto 5L under DICGC. I would select the deposit with highest interest rate but max upto 5L rs. SFB are not always bad. AU is on its way to become a full fledged bank, Unity is run by veteran banker Jaspal Bindra and so on.

Any bank including non co-operatives whose security threshold falls below RBI's norms is put under PCA or prompt corrective action. This also includes some big banks like IDBI and Yes bank. Rarely does a small bank (almost always a co-operative) falls but RBI puts it on PCA which is sort of a course correction.