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Can I Invest 1 lakh for 12-15 days every month and then withdraw?
Enable auto-sweep in account. That's enough
There are some other options also, but considering the risk I won't recommend
There are some other options also, but considering the risk I won't recommend
It will show in your ITR IF YOU DO cumulative fd of 10 lakh in one bank
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aniketkr.sharma
TF Ace
Use kotak active money for autosweep, its good for atleast 7% interest as i am also using and I came to know about this when my salary got credited and on next day there were only 23k left
RAMESH BABU N
TF Legend
Almost all banks give interest on SB Balances - usually on the lowest balace held in a month - but there is a very unique bank with a unique product.
Unity SFB's SB account is unique. They pay interest on DAILY BALANCES.
That’s precisely what you need. Everyday, your money earns interest.
Try that. It's fully ONLINE.
Unity SFB's SB account is unique. They pay interest on DAILY BALANCES.
That’s precisely what you need. Everyday, your money earns interest.
Try that. It's fully ONLINE.
Dont try to over optimize things and never invest in any instrument that offers to double your money in short time.
This money is needed to pay the EMI, so safety is paramount.
Also any other instrument like Sweep FD would offer minimal delta returns, will not make much of a difference.
try if you can convert your loan into an OverDraft account, that would give you max returns
This money is needed to pay the EMI, so safety is paramount.
Also any other instrument like Sweep FD would offer minimal delta returns, will not make much of a difference.
try if you can convert your loan into an OverDraft account, that would give you max returns
Chiraggyl
TF Select
7% interest only calculated if you complete 180 days fd.. else interest rate would be lesser
Attachments
aniketkr.sharma
TF Ace
I was referring activmoney that is liable for sweep in and out not the FD
Hemang
TF Legend
Sir now a days this is not the case anymore.
Interest is calculated in all banks as mandated by RBI on daily balance maintained with them, and credited on quarterly basis.
Lowest balance method was the method used earlier.
Still now it is being practiced in case of ppf account where lowest balance between 5th to 30th of every month is taken for interest calculations.
Sweep in FD and sweep out facility gives you hassle free experience but not fruitful if you keep on withdrawing that amount frequently because for shorter duration like 15 days the fd interest rate is lower than normal savings interest rate. Banks are way smarter than us.
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Chiraggyl
TF Select
I took screenshots from activmoney t&c only, activmoney breaks fd to 180 days fd..
Earn up to 7%* Interest with Kotak ActivMoney Savings Account
Open a Kotak ActivMoney Savings Account today to earn up to 7% interest on your idle funds & conveniently access your money anytime without penalties through automatic transfers to Fixed Deposit.
aniketkr.sharma
TF Ace
No option thenI took screenshots from activmoney t&c only, activmoney breaks fd to 180 days fd..
Earn up to 7%* Interest with Kotak ActivMoney Savings Account
Open a Kotak ActivMoney Savings Account today to earn up to 7% interest on your idle funds & conveniently access your money anytime without penalties through automatic transfers to Fixed Deposit.www.kotak.com
Slice also pays on daily basis
Do they also provide interest on interest the next day?
Compounding daily seems good idea. Anything to consider?
Compounding daily seems good idea. Anything to consider?
Hemang
TF Legend
This is simple interest and not compounding interest. Compound interest is there in fixed deposit of tenure more than 180 days. Also in PPF there is compounding quarterly. Savings account me to bhai interest quarterly mil jata hai.
If you don't use that interest then it is indirectly compounding only.
John Since
TF Ace
Banks paying high interest rates on savings is only short-lived. In long term, they reduce the interest they pay as their deposit base increases and in case of FD's, there's penalty on premature withdrawal. I would recommend keeping your funds in liquid funds or liquid ETF's or GILTbees which invest in govt securities. Whenever you need money, just sell them and withdraw one day before. There's one app which provides instant withdrawals as well. You can try it if you decide to invest in liquid funds.
But even if it's simple interest the compounding is done daily na
So if it's 10000 at 3% then it's 25rs I think per day and next day will 3% be calculated on 10025. This is my doubt
Shaktimaan V2.0
TF Select
Slice calculation
Per year 6.25%, so dividing it to daily 0.017% (6.25%12 (month)%30(days)=0.017%)
For 1lakh we will get 17 rupees per day.
Per year 6.25%, so dividing it to daily 0.017% (6.25%12 (month)%30(days)=0.017%)
For 1lakh we will get 17 rupees per day.
Hemang
TF Legend
nhi mere bhai. compound interest me hume interest ke upar interest milta hai, iss case me aisa nahi hota hai. Isme Quarter ka ek sath calculate karke, one go me mil raha hai, if it had been given on daily basis and next day's interest would be including previous day's interest then it would have been compound interest.