AU Ivy Premium Banking Program

[Bhavik Kamthe]

Hi,

I wanted to know whether anyone is a member of the AU Ivy Premium Banking Program? What is your experience of this program? I also wanted to know whether AU Bank will downgrade if the Rs 25 Lakh AQB is not maintained? or do they not have any downgrade mechanisms at all?

 

[FinoGuy]

Why? What's the fear? No small bank has ever lost investor deposits in India. You can keep an eye out for any negative news and move funds away if necessary. People are ok investing in the stock market which falls regularly but afraid of a bank deposit!

An old HNI customer of yes bank will hv some stories to enlighten in this regard

 

[FinoGuy]

No way. All large banks give 3 ro 3.5% savings interest.

There's the answer.

 

[ccent]

Yes. Got it about 3 months back.

Zenith+ which you got is paid or LTF?

 

[Lobogris]

Zenith+ which you got is paid or LTF?

Paid. LTF is apparently not possible.

 

[Lobogris]

There's the answer.

Answer to what? I always move to whichever bank is providing good rates.

 

[S D S]

Why? What's the fear? No small bank has ever lost investor deposits in India. You can keep an eye out for any negative news and move funds away if necessary. People are ok investing in the stock market which falls regularly but afraid of a bank deposit!

For an incremental 4 percent per annum, too much risk. Stock Market we can make that in a day, if you trade. I am long term investor and prefer to take calculated risks.

 

[Lobogris]

For an incremental 4 percent per annum, too much risk. Stock Market we can make that in a day, if you trade. I am long term investor and prefer to take calculated risks.

It's a calculated risk only. Just like a stock can drop 10%, 50% or even more in value in a week.

 

[SSV]

For an incremental 4 percent per annum, too much risk. Stock Market we can make that in a day, if you trade. I am long term investor and prefer to take calculated risks.

It's a calculated risk only. Just like a stock can drop 10%, 50% or even more in value in a week.

Life itself is at a huge risk. We never know we come back safe after going out. 😉
Still we are living and planning big for the unknown tomorrow!!

 

[prash1161]

+ @FinoGuy

I'm not sure my maths correct or not, isn't equal to cumulative interest of 5.9% (when considered incremental slabs for 5L amount). Each month around 2460 as interest which calculates overall interest rate as 5.9% + some minor interest that we get on monthly interest amount.

And, Kotak active money gives 7% simple interest on auto sweepin at the moment for 180days tenure, even other banks incl. HDFC has 7% slab for 1yr tenure.

Any advantage here with savings account vs. auto sweep in, did I miss anything or have to consider extra T&Cs?

If u are saving u getting 7% in feature like autosweep there's no bigger fool then you

 

[SSV]

+ @FinoGuy

I'm not sure my maths correct or not, isn't equal to cumulative interest of 5.9% (when considered incremental slabs for 5L amount). Each month around 2460 as interest which calculates overall interest rate as 5.9% + some minor interest that we get on monthly interest amount.

And, Kotak active money gives 7% simple interest on auto sweepin at the moment for 180days tenure, even other banks incl. HDFC has 7% slab for 1yr tenure.

Any advantage here with savings account vs. auto sweep in, did I miss anything or have to consider extra T&Cs?

This is how Kotak ActivMoney works..
Please go thru this post..

Kotak Activmoney, what's the catch here

The Kotak Activmoney features without premature withdrawal penalty seem really good but there is a catch here. It says to give 7% interest but the final interest is calculated based on number of days the FD was kept. For example if you keep the FD for 180 days you will get 7% interest but if...

www.technofino.in

 

[prash1161]

This is how Kotak ActivMoney works..
Please go thru this post..

Kotak Activmoney, what's the catch here

The Kotak Activmoney features without premature withdrawal penalty seem really good but there is a catch here. It says to give 7% interest but the final interest is calculated based on number of days the FD was kept. For example if you keep the FD for 180 days you will get 7% interest but if...

www.technofino.in

Bro sidhe sadhe logo ko chu banane ki skim hai
False Marketing

 

[prash1161]

This is how Kotak ActivMoney works..
Please go thru this post..

Kotak Activmoney, what's the catch here

The Kotak Activmoney features without premature withdrawal penalty seem really good but there is a catch here. It says to give 7% interest but the final interest is calculated based on number of days the FD was kept. For example if you keep the FD for 180 days you will get 7% interest but if...

www.technofino.in

For parking 2-3lakhs which account do you prefer?

 

[SSV]

For parking 2-3lakhs which account do you prefer?

Please refer this post .. and the thread .

Bank account with good Savings interest

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account. I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good. Any premium LTF cc would be icing on the cake but not...

www.technofino.in

 

[helloworld]

If u are saving u getting 7% in feature like autosweep there's no bigger fool then you

need some calculation for 1 year, can you help.

ex:
amount: 4l
interest: 7% simple interest for 180 days.

how much I'll get at the end of 1yr (ignore taxes part, that didn't included in savings, so to avoid confusion).

 

[helloworld]

This is how Kotak ActivMoney works..
Please go thru this post..

Kotak Activmoney, what's the catch here

The Kotak Activmoney features without premature withdrawal penalty seem really good but there is a catch here. It says to give 7% interest but the final interest is calculated based on number of days the FD was kept. For example if you keep the FD for 180 days you will get 7% interest but if...

www.technofino.in

actually the message contains both savings part and active money.

summary (background before the post):

In savings we're getting 5.9% from Equitas bank (incremental slabs for 5L amount) which compounded quarterly.

In active money we're getting 7% for 180 days on simple interest.

So, checking if we keep amount in active money any disadvantages or whats the benefits with savings account.

For that, @Lobogris gave good example scenarios and suitable scenarios where savings benefit here:

https://www.technofino.in/community/threads/au-ivy-premium-banking-program.22925/post-530184

Now, it seems like I missed some hidden drawback of active money here as per @prash1161 response where it says its not 7%, so looking for exact calculation.

my online calculator says,

if I kept savings for 5L at quarterly compound 5.9% interest, Ill get 31000 in a year.

If I kept in active money 5L at simple interest of 7%, Ill get 35000 in a year.

 

[SSV]

actually the message contains both savings part and active money.

summary (background before the post):

In savings we're getting 5.9% from Equitas bank (incremental slabs for 5L amount) which compounded quarterly.

In active money we're getting 7% for 180 days on simple interest.

So, checking if we keep amount in active money any disadvantages or whats the benefits with savings account.

For that, @Lobogris gave good example scenarios and suitable scenarios where savings benefit here:

https://www.technofino.in/community/threads/au-ivy-premium-banking-program.22925/post-530184

Now, it seems like I missed some hidden drawback of active money here as per @prash1161 response where it says its not 7%, so looking for exact calculation.

my online calculator says,

if I kept savings for 5L at quarterly compound 5.9% interest, Ill get 31000 in a year.

If I kept in active money 5L at simple interest of 7%, I’ll get 35000 in a year.

okay, understood..
The point I would like to highlight here is: we will earn interest rate that is applicable to the time kept for the withdrawals we make from the activ account , which is the main facility of this account.

If you keep it for longer periods then no issues there

 

[prash1161]

Broooo if u r keeping for longer time
Just do a fd in rbl
U will get 8% or 7.5%

We were talking about savings account. Means anytime we can use the amount and still interest rate will be same .

 

[prash1161]

Ok. so in reality Kotak active money really gives 7% if we keep money 180 days, is that correct?

and your points as below





are meant to be there are better alternatives available than Kotak 180days 7% simple interest, is that correct?

still trying to figure out when you say 'false marketing' or 'bigger fool', I thought they're not providing 7% if I kept for 180 days in that bank account as active money FD.

So, can you justifiy whether kotak active FD providing 7% if I kept that money for 180 days. Will do the comparison and other options later.

AU Ivy Premium Banking Program

Hi, I wanted to know whether anyone is a member of the AU Ivy Premium Banking Program? What is your experience of this program? I also wanted to know whether AU Bank will downgrade if the Rs 25 Lakh AQB is not maintained? or do they not have any downgrade mechanisms at all?

www.technofino.in

Btw, any best options for keeping money for 6 months (safe mode), rbl fd gives 5.5% and savings provides 5.25%.?

It's just an normal fd and indie is providing same thing at 7.5% intrest rate.

And if u want to hold money then it's better to do fd in sfb to get higher intrest on direct fd.

We were talking that in rbl/idfc we can deposit withdraw money to and still we will get higher intrest rate . And fds will be mess, there also 1% penalty on intrest so let's assume if u were getting 5% on 6 months timeframe and you withdraw so you will get only 4% intrest rate.

 

[helloworld]

so there is no false marketing or anything, we really get 7% if we keep money for 180 days atleast without touched.

 

[prash1161]

so there is no false marketing or anything, we really get 7% if we keep money for 180 days atleast without touched.

Dude 7% its yearly
For 180 days u get 3.5%