pleasegiveltf
TF Select
TL;DR: I want a financial product that works like Fi's "Jars" (aka Smart Deposits) and "FIT Rules", but from a "full" (with physical branches and all) bank with more accountability (Fi has countless reports of unexplained and irreversible debit freezing of accounts).
Long story:
I've been looking at various financial products (see below) to fulfill a workflow that I'd like to have.
Basically I want to automate all investments and keep only the amount I've budgeted for a month in my savings account. All my major investments (long term) are automated through SIPs. What's left to optimize is:
1) Expenses for annual (/every 3/6 months) subscriptions like apps, gym memberships, telecom/internet expenses etc.
2) Saving for travel, major electronics (laptops, phones or other gadgets)
Currently this is what I'm doing: for (1), I have an idea of my quarterly subscription expenses. I divide that by 3 and that amount goes into a liquid fund. For (2), same thing but a different liquid fund so I know which fund is for what purpose.
My issue: these will be redeemed in less than 3 years and I'll bear a 30% tax, bringing my effective returns to ~3.5 assuming a 5% return on the liquid funds. That's almost like a savings account :/
I don't want to keep them in my savings account because it'll give me an illusion that I have more money to spend than I actually do. I'd ideally like a FD. I've seen some that give as high as ~ 7.5% pre tax.
The problem with FDs: (1) they're not automated. Every month I have to manually move money into that FD, (2) I also don't have a clear segregation that this X amount of the FD is for travel/electronics and Y is for subscription expenses
What I've checked out: 1) Flexi deposit schemes of various banks, 2) FDs with a sweepin/sweep out facility, 3) "Jars" or "Pots" from neobanks like Fi money.
Except for 3), none of what I've seen fits my needs. I really like Fi's jars - they can be automated and give much higher returns than savings a/c and even some liquid funds, but I'm not comfortable putting large amounts of money in a neobanks because there's countless reports of inadvertent freezing of accounts by Fi. I want an account with a bank that has a physical branch.
Long story:
I've been looking at various financial products (see below) to fulfill a workflow that I'd like to have.
Basically I want to automate all investments and keep only the amount I've budgeted for a month in my savings account. All my major investments (long term) are automated through SIPs. What's left to optimize is:
1) Expenses for annual (/every 3/6 months) subscriptions like apps, gym memberships, telecom/internet expenses etc.
2) Saving for travel, major electronics (laptops, phones or other gadgets)
Currently this is what I'm doing: for (1), I have an idea of my quarterly subscription expenses. I divide that by 3 and that amount goes into a liquid fund. For (2), same thing but a different liquid fund so I know which fund is for what purpose.
My issue: these will be redeemed in less than 3 years and I'll bear a 30% tax, bringing my effective returns to ~3.5 assuming a 5% return on the liquid funds. That's almost like a savings account :/
I don't want to keep them in my savings account because it'll give me an illusion that I have more money to spend than I actually do. I'd ideally like a FD. I've seen some that give as high as ~ 7.5% pre tax.
The problem with FDs: (1) they're not automated. Every month I have to manually move money into that FD, (2) I also don't have a clear segregation that this X amount of the FD is for travel/electronics and Y is for subscription expenses
What I've checked out: 1) Flexi deposit schemes of various banks, 2) FDs with a sweepin/sweep out facility, 3) "Jars" or "Pots" from neobanks like Fi money.
Except for 3), none of what I've seen fits my needs. I really like Fi's jars - they can be automated and give much higher returns than savings a/c and even some liquid funds, but I'm not comfortable putting large amounts of money in a neobanks because there's countless reports of inadvertent freezing of accounts by Fi. I want an account with a bank that has a physical branch.
