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[StanRoute66]

 

[AllSeeker]

What do you mean by "it's better to have 5L per account covered by law"?

There is insurance for up to 5 lacs per bank which is approved and overseen by RBI, insurance is done through DICGC

RBI is also contemplating to make it full insurance. People might not know this but this is norm in western countries, there even your trading account balance is insured in case broker run away, because there we don't have something like "Demat". They just park money with broker.

 

[Souvik]

Only thing one should actively avoid is co-op banks and small local people run "pathpedis", they are one step away from robbing you.

I say this but I sometimes still do FD in my local banks, it gives better returns. But amounts are very small.

So, this is one of those issues where losing too much sleep over it is not worth it, just keep low amounts in high risk banks or w/e you fancy.

Right i do not look beyond the leading ones, co-operative ones are a strict No no

 

[Extrovert🌃]

There is insurance for up to 5 lacs per bank which is approved and overseen by RBI, insurance is done through DICGC

RBI is also contemplating to make it full insurance. People might not know this but this is norm in western countries, there even your trading account balance is insured in case broker run away, because there we don't have something like "Demat". They just park money with broker.

Might be a dumb question but all banks in India have this right including Fi Money and Paytm payments bank etc , ik they are backed by federal Bank but still

 

[AllSeeker]

Might be a dumb question but all banks in India have this right including Fi Money and Paytm payments bank etc , ik they are backed by federal Bank but still

What annirban said, this is why they come under scrutiny from time to time. I would not keep any money in payment banks.

In fact I've recently closed my airtel payment bank a/c.

 

[Extrovert🌃]

What annirban said, this is why they come under scrutiny from time to time. I would not keep any money in payment banks.

In fact I've recently closed my airtel payment bank a/c.

But Fi money is safe right? It's backed by Federal Bank which is backed by RBI. These might seem silly questions but doesn't hurt to verify

 

[AllSeeker]

But Fi money is safe right? It's backed by Federal Bank which is backed by RBI. These might seem silly questions but doesn't hurt to verify

Yes.

 

[souvikdey2002]

@AllSeeker @Souvik @anirbanm @prc1990 @helloworld @Extrovert🌃
To all experts, I think I wrote something which is one of the most debatable topic. 🙂🙂🙂🙂🙂
So will have a discussion one day over whatsapp voice if we all agree to form a Group.

 

[Extrovert🌃]

@AllSeeker @Souvik @anirbanm @prc1990 @helloworld @Extrovert🌃
To all experts, I think I wrote something which is one of the most debatable topic. 🙂🙂🙂🙂🙂
So will have a discussion one day over whatsapp voice if we all agree to form a Group.

Let's do it

 

[AllSeeker]

@AllSeeker @Souvik @anirbanm @prc1990 @helloworld @Extrovert🌃
To all experts, I think I wrote something which is one of the most debatable topic. 🙂🙂🙂🙂🙂
So will have a discussion one day over whatsapp voice if we all agree to form a Group.

Sure thing, but please don't call us "experts" 😆

 

[souvikdey2002]

The Jio postpaid one may not be a good idea,as I spend much less on a 84 day prepaid recharge.

I beg to differ on the point that you will get same treatment in all banks even if you compare between Private and Public sector banks.

Private banks may be riskier than Public ones I agree but you may not get good service if you walk into a SBI. Hence the shift to Private along with better interest rate and offers.

Though I never had to opt for a loan but people like public sector banks for loans i know.

If I am looking for a low risk or close to zero risk scenario with ample liquidity/ no lock in...then bank FD's are the only option right now. I do not see any other valid option here.

Considering default or liquidity risk, Yes bank was somehow saved i agree, so was UTI sometime back, same for Lehman & Bear Sterns and it's because of me and your that's taxpayers money infusion that SBI is surviving now.

Risk mitigation wise it's better to have 5L per account covered by law and probably park more money in banks with good balance sheet.

Actually I wrote in a Wrong way.
What I meant to say is regardless of the relationship that you have "Savings Account" or "Credit Card" you are supposed to get the same treatment from one particular bank, whether it is Private or Public.

Secondly I always prefer Postpaid over Prepaid, reason behind:-

1. If you carefully see the Prepaid pricing of any telco you will not get full 30 days, it's always 28 days. So in a way you are loosing 3 days, if a month is of 31 days or 2 day if a month is of 30 days which generally nobody notices.

So at the end of the year you have an extra 2*12=24 days, for which you need recharge for a month extra. Whereas in Postpaid there is nothing this sort of calculation is done since Operator knows that you are not likely going to surrender your connection.

2. Secondly in the Prepaid there a concept named ARPU(Average Revenue per User) which generally goes up all the time. If you see in 2021 all the operator increased their ARPU which actually increased the cost. But at the same time in Postpaid, have you seen there is any price increase??

3. Now why I told Jio, because if you see the pricing for 2 users, they are the most competitive in the market where you will get even Netflix mobile along with Amazon Prime & hotstar but no other operator will give you that in a 599 Plan. for sure.

 

[007]

@AllSeeker @Souvik @anirbanm @prc1990 @helloworld @Extrovert🌃
To all experts, I think I wrote something which is one of the most debatable topic. 🙂🙂🙂🙂🙂
So will have a discussion one day over whatsapp voice if we all agree to form a Group.

Sure! Would love to learn from all the intelligent folks out here! 🙂

 

[Souvik]

Actually I wrote in a Wrong way.
What I meant to say is regardless of the relationship that you have "Savings Account" or "Credit Card" you are supposed to get the same treatment from one particular bank, whether it is Private or Public.

Secondly I always prefer Postpaid over Prepaid, reason behind:-

1. If you carefully see the Prepaid pricing of any telco you will not get full 30 days, it's always 28 days. So in a way you are loosing 3 days, if a month is of 31 days or 2 day if a month is of 30 days which generally nobody notices.

So at the end of the year you have an extra 2*12=24 days, for which you need recharge for a month extra. Whereas in Postpaid there is nothing this sort of calculation is done since Operator knows that you are not likely going to surrender your connection.

2. Secondly in the Prepaid there a concept named ARPU(Average Revenue per User) which generally goes up all the time. If you see in 2021 all the operator increased their ARPU which actually increased the cost. But at the same time in Postpaid, have you seen there is any price increase??

3. Now why I told Jio, because if you see the pricing for 2 users, they are the most competitive in the market where you will get even Netflix mobile along with Amazon Prime & hotstar but no other operator will give you that in a 599 Plan. for sure.

Prepaid still works out cheaper for me, 590 odd for 84 days+some data top up only when not in home wifi range.

A bit of deviation from the subject of this post, but what some of us are effectively trying to do is park our money in the best possible option and get some freebies/benefits to go along.

 

[souvikdey2002]

Prepaid still works out cheaper for me, 590 odd for 84 days+some data top up only when not in home wifi range.

A bit of deviation from the subject of this post, but what some of us are effectively trying to do is park our money in the best possible option and get some freebies/benefits to go along.

Yes, that's right.