Best place to deposit cash?

[Hisoka]

My father has around 2L cash he wants to deposit. He was thinking of depositing in Bandhan Bank which offers 6% interest above 1L.

Is there any better place where we can get more out of it and it can be easily liquidated as well?

I was thinking Kotak 811 with auto sweep after say 10k where it can offer 7.2% on remaining 1.9L.

Anyone with a better suggestion will be of great help. It shouldn’t necessarily be savings account, just it should be easily liquidated when needed. Thanks

 

[RaviAglRaviAgl is verified member.]

Ujjivan small finance bank is also a good place but it has maximum business in South India. I cannot say if it is at your place.

Your father should be a senior citizen, so I guess he would get an additional benefit of 0.25 to 0.50 percentage.

Thanks!!

 

[imdjay]

What about this

12% Club

Let's make this count

twelve.club

Personally, Have not used it. So I cant say wheter its genuine or not.

 

[Deleted member 11974]

i

What about this

12% Club

Let's make this count

twelve.club

Personally, Have not used it. So I cant say wheter its genuine or not.

have used this and mobikwik 12% as well
the only downside is it will take upto 48 hours to give you back your money
otherwsie interest get credited on a daily basis and i have had no issues with withdrawal of money

 

[Chaitanya-a]

What about this

12% Club

Let's make this count

twelve.club

Personally, Have not used it. So I cant say wheter its genuine or not.

I think he is asking for safe place to park the money. P2P isn't that place.

 

[Deleted member 11974]

I think he is asking for safe place to park the money. P2P isn't that place.

well these nbfcs are rbi regulated and banks also end up lending to these credit profilies directly or indirectly
its just that they want you to make less money

 

[Chaitanya-a]

well these nbfcs are rbi regulated and banks also end up lending to these credit profilies directly or indirectly
its just that they want you to make less money

When we keep money in bank, banks are taking risks on our behalf. They're taking a cut for that risk. Atleast our capital is safe there. Banks also lend money to good credit profile holders.

Whereas these P2P lenders aren't taking any risk. Our whole capital is at risk there. These companies don't keep liquidity. If at any fine day, too many people start asking for withdrawal then these lenders would go bankrupt for sure.

So I would suggest to keep only that amount in P2P, which you can afford to lose

 

[Trust Me]

My father has around 2L cash he wants to deposit. He was thinking of depositing in Bandhan Bank which offers 6% interest above 1L.

Bandhan Bank SB rate is only 3% upto 1L. So the effective rate for a full 2L would be just 4.5%. Even less for a lesser amount.

I was thinking Kotak 811 with auto sweep after say 10k where it can offer 7.2% on remaining 1.9L.
.....
It shouldn’t necessarily be savings account, just it should be easily liquidated when needed. Thanks

This 7.2% rate is for an FD of what duration? You'd get less if broken prematurely. Just keep that in mind.

And you don't need a sweep-in account. Just open a flexi FD linked to your SB for easy access to the money. That way you can choose your bank, the acceptable rate and the duration of the FD yourself.

 

[AritraSaha]

My father has around 2L cash he wants to deposit. He was thinking of depositing in Bandhan Bank which offers 6% interest above 1L.

Is there any better place where we can get more out of it and it can be easily liquidated as well?

I was thinking Kotak 811 with auto sweep after say 10k where it can offer 7.2% on remaining 1.9L.

Anyone with a better suggestion will be of great help. It shouldn’t necessarily be savings account, just it should be easily liquidated when needed. Thanks

I don't know about auto-sweep, buy
If want fd then- fincare sfb 8.5%
If savings then - bandhan bank (6% only for amount above 1L)
If can take risk then- p2p lending ( mobikwik extra)
In mobiwik extra for 2L , you will get ₹65.7 every day. And money can be withdrawn with 12h.

*plz check your risk appetite before doing.

 

[Deleted member 11974]

When we keep money in bank, banks are taking risks on our behalf. They're taking a cut for that risk. Atleast our capital is safe there. Banks also lend money to good credit profile holders.

Whereas these P2P lenders aren't taking any risk. Our whole capital is at risk there. These companies don't keep liquidity. If at any fine day, too many people start asking for withdrawal then these lenders would go bankrupt for sure.

So I would suggest to keep only that amount in P2P, which you can afford to lose

if nbfcs are rbi regulated they have to mantain liquidity.
you capital in the banks is safe upto 5L only
i agree p2p deposits arent insured but it would be stupid just to settle with a bank just because they are taking they risk.
while depositing in a bank you face indirect default risk while in p2p you face direct default risk
and banks dont take a cut they take the whole goodaam amount
casa se 2% pe uthao and nbfcs ko 12% pe do
10% khud kamao
jab paisa nbfc ke pass jaa raha hai 12% khud kyu na kamaye
anyways it is upto him to decide
but this was just my opinion on how banks fool the financially illiterate people

 

[Hisoka]

if nbfcs are rbi regulated they have to mantain liquidity.
you capital in the banks is safe upto 5L only
i agree p2p deposits arent insured but it would be stupid just to settle with a bank just because they are taking they risk.
while depositing in a bank you face indirect default risk while in p2p you face direct default risk
and banks dont take a cut they take the whole goodaam amount
casa se 2% pe uthao and nbfcs ko 12% pe do
10% khud kamao
jab paisa nbfc ke pass jaa raha hai 12% khud kyu na kamaye
anyways it is upto him to decide
but this was just my opinion on how banks fool the financially illiterate people

Thanks, I'll surely check this if it looks safe.

 

[CARDBITRAGE]

Wherever it is, make sure that the institution is covered by DICGC. Since it is under 5L, you should be safe leaving it with small banks that offer a high interest.