Best account to keep Liquid Funds

[Ghost655]

Hello Guys, I have some idle cash as liquid funds lying round in my icici account earning around 3% interest i think.
I have invested in liquid funds , but in such uncertain times i want to keep the rest of the money in some bank account if possible.
My requirements:- A bank with good rate of interest in savings and a bank with minimal / no charges for debit card and sms if possible as i will keep money idle for long time.
I will consider FD if ROI is much higher. I see lot of guys walking about IDFC here in forum , it seems good with 5% ROI in savings with free debit card (if i get it this month) , and i can get a a free cc it seems.
Any other banks please suggest , i have relationship with icici, bandhan and corporation now.

 

[Batmanbaba]

Problem is bharatpe is lending P2P, which is all sub-prime, not so good borrowers. So default rate is bound to be high i think.

That is why I mostly suggest small amount and not more than 1 year tenure...

 

[BankExpertIndia]

Problem is bharatpe is lending P2P, which is all sub-prime, not so good borrowers. So default rate is bound to be high i think.

In This Case Cred Mint Is Good... Because They Only Give Loans To People With High Credit Score & CRED Members. One Main Caveat Is That Minimum Investment Amount Is 1L.

 

[Souvik]

In This Case Cred Mint Is Good... Because They Only Give Loans To People With High Credit Score & CRED Members. One Main Caveat Is That Minimum Investment Amount Is 1L.

Cred Mint says upto 9% returns for lender, so for the borrower they maybe charging around 12% or more, with that rate of interest why would a borrower with a good credit score go for Cred and not a bank ? I agree paperwork and all maybe less, but in terms of interest rates also it looks higher compared to banks.

At the end of the day I feel Cred Mint, BharatPe would all be preferred after banks and the best borrowers may not be coming for these credit lines but rather go for banks, NBFC's, only the less creditworthy ones will come in, my thoughts anyways.

 

[Batmanbaba]

Cred Mint says upto 9% returns for lender, so for the borrower they maybe charging around 12% or more, with that rate of interest why would a borrower with a good credit score go for Cred and not a bank ? I agree paperwork and all maybe less, but in terms of interest rates also it looks higher compared to banks.

At the end of the day I feel Cred Mint, BharatPe would all be preferred after banks and the best borrowers may not be coming for these credit lines but rather go for banks, NBFC's, only the less creditworthy ones will come in, my thoughts anyways.

I think its not like that you invest for 25000 for 1 year.... Then they give some person that same amount for same time period... They create a pool of money and give on loan from that ... Else there would be no concept of any time investment and any time withdrwal.....

In this case issue is when the npa is huge...... Then your money is in danger.... And these bnpl.... Or nbfc... Use every other unethical techniques to recover the money... Those who have been using postpe or slice might know it....

 

[BankExpertIndia]

Cred Mint says upto 9% returns for lender, so for the borrower they maybe charging around 12% or more, with that rate of interest why would a borrower with a good credit score go for Cred and not a bank ? I agree paperwork and all maybe less, but in terms of interest rates also it looks higher compared to banks.

At the end of the day I feel Cred Mint, BharatPe would all be preferred after banks and the best borrowers may not be coming for these credit lines but rather go for banks, NBFC's, only the less creditworthy ones will come in, my thoughts anyways.

That You're Saying Very Right

 

[BankExpertIndia]

ThAt, s bhartpe concern......... Every lending institution has some npa.. Even banks... But when you deposit your money in bank... You can withdraw it anytime.... Whether bank has a npa or not... Issue is when there is large amount of npa...

Sir,
Banks Have DIGIC Protection From RBI... So NPA Doesn't Matter.

Eg. HDFC Has Rs.15 Trillion FUM... So NPA Doesn't Matter For Them... But It Can Change The History Of BharatPe

 

[Souvik]

That You're Saying Very Right

I am just sticking to basic finance/economics and how a competitive market works ! 🙂

 

[Souvik]

I think its not like that you invest for 25000 for 1 year.... Then they give some person that same amount for same time period... They create a pool of money and give on loan from that ... Else there would be no concept of any time investment and any time withdrwal.....

In this case issue is when the npa is huge...... Then your money is in danger.... And these bnpl.... Or nbfc... Use every other unethical techniques to recover the money... Those who have been using postpe or slice might know it....

I agree with you, pool of money, loans are given from this pool, and profits are distributed from the pool, so is looses in that pool. Now I was reading on Facebook that one stupid fellow took around 20L loan for investing in cryptos and he calmly pointed out that he lost money in business 🤣. That person would never be able to give this money back no matter what unethical techniques are used.

As and when we lend/invest with sub-prime category there is more risk than Cred tells you. Cred is playing with public's money and like Ola/Uber having a brokerage in between, defaults/losses/NPA's if any (now interest rates are rising so more defaults are inevitable) have to be passed onto the investor like you or someone else. Do they have a lock-in period also like cannot withdraw money before 6 months, 1 year for 9% ?

 

[Batmanbaba]

I agree with you, pool of money, loans are given from this pool, and profits are distributed from the pool, so is looses in that pool. Now I was reading on Facebook that one stupid fellow took around 20L loan for investing in cryptos and he calmly pointed out that he lost money in business 🤣. That person would never be able to give this money back no matter what unethical techniques are used.

As and when we lend/invest with sub-prime category there is more risk than Cred tells you. Cred is playing with public's money and like Ola/Uber having a brokerage in between, defaults/losses/NPA's if any (now interest rates are rising so more defaults are inevitable) have to be passed onto the investor like you or someone else. Do they have a lock-in period also like cannot withdraw money before 6 months, 1 year for 9% ?

No intrest is given on daily basis...... Nd risk hai to paisa hai..... You have to take some risks..... If you want to earn a bit... Yes you can loose... But you can get profits too....

Share market runs on this concept only.... Nothing us safe outsude bank account depsit and fd,s.....

 

[Ghost655]

Your Debit Card Will Be LTF.... Just Go And Open Your Account Before 30th June

I opened the IDFC account as per your suggestion , still no mail regarding Debit card charges

I was offered rs 3k worth GV for completing various tasks etc , when i complete the mentioned tasks, but the issue is I dont get any mails confirming that i will be eligible for the GV later at the end on the month. Do you guys have any idea how can confirm if am eligible for those GV's , i thought i would at least get a mail

I asked cc they said they said just to do the task's(i would not get any mail) like UPI payment and open FD to get the GV at the end of the month. I was told by one cc support that i need to complete all three tasks before 30th june (my DC isn't even issued yet) to get those GV's , i said the terms said 30 days, he did not agree as i thought of escalating the matter , he then said he was mistaken i would get 30 days to completed all the tasks.

Today i checked IDFC account opening and it is updated and does not show rs 300 gift vouchers.

 

[Ghost655]

No intrest is given on daily basis...... Nd risk hai to paisa hai..... You have to take some risks..... If you want to earn a bit... Yes you can loose... But you can get profits too....

Share market runs on this concept only.... Nothing us safe outsude bank account depsit and fd,s.....

Everybody having any idea of share markets knows these, the current market bloodbath isn't over yet and we might head into you know what ,one should better keep their assets safer.

 

[Souvik]

Everybody having any idea of share markets knows these, the current market bloodbath isn't over yet and we might head into you know what ,one should better keep their assets safer.

Good advice, I tried to convey the same, but did not want to argue any further. At times learning by making mistakes is the best learning !

 

[BankExpertIndia]

I opened the IDFC account as per your suggestion , still no mail regarding Debit card charges

I was offered rs 3k worth GV for completing various tasks etc , when i complete the mentioned tasks, but the issue is I dont get any mails confirming that i will be eligible for the GV later at the end on the month. Do you guys have any idea how can confirm if am eligible for those GV's , i thought i would at least get a mail

I asked cc they said they said just to do the task's(i would not get any mail) like UPI payment and open FD to get the GV at the end of the month. I was told by one cc support that i need to complete all three tasks before 30th june (my DC isn't even issued yet) to get those GV's , i said the terms said 30 days, he did not agree as i thought of escalating the matter , he then said he was mistaken i would get 30 days to completed all the tasks.

Today i checked IDFC account opening and it is updated and does not show rs 300 gift vouchers.

Is Your KYC Done!!!

Will Get The 300 After The KYC

No DC Charges Before 30th June

 

[Ghost655]

Is Your KYC Done!!!

Will Get The 300 After The KYC

No DC Charges Before 30th June

Yes i completed my VKYC on the account opening day, still no mails regarding welcome kit or cashbacks , Do they let know that you completed the required task or give those cashback Voucher's before the 30 days.
i have not gotten a single cashback as of yet not even the account opening one they are saying to wait 30 days.

Also no email or form to raise written request in IDFC. Well the call center's are quick as not many customers.

 

[Ghost655]

Good advice, I tried to convey the same, but did not want to argue any further. At times learning by making mistakes is the best learning !

Don't wanna go off topic but last years IPO's and investments are all in red for many. Btw any thread on this community on Markets/ investments.

 

[vijay]

Yes i completed my VKYC on the account opening day, still no mails regarding welcome kit or cashbacks , Do they let know that you completed the required task or give those cashback Voucher's before the 30 days.
i have not gotten a single cashback as of yet not even the account opening one they are saying to wait 30 days.

Also no email or form to raise written request in IDFC. Well the call center's are quick as not many customers.

No such confirmation will come. IDFC bank works on some scheduled system kind of thing. I think after the exact 15 days of account opening you will get an account opening voucher. Keep checking emails as some of these voucher emails will be redirected to Spam.

 

[vijay]

You can also check AU Small Finance bank. It has a zero balance account with a Rupay platinum debit card. 5lac insurance is also there. So you can keep it till 5lacs. AU bank debit card has good offers. I have already got around Rs1000/- benefit from their debit card in 1-2 months.