| Author: Pramod Dabholkar 02 Apr 2012 Member Level: Diamond Points : 2 Voting Score: 0 |
There are banks like SBI who offers investment plans such as PPF with high rate of interest. Now a days people are more keen to buy a paper gold in terms of savings and benefits. For this you can contact to ICICI or HDFC bank. Now a days generally many banks have customer service officer at their branch. Similarly if you have SBI bank's account then even you can open PPF or RD account through netbanking.
Apart from this even Indian Postal services also offers RD schemes with high interest rates.
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| Author: Rajendra Singh 03 Apr 2012 Member Level: Gold Points : 4 (Rs 2) Voting Score: 0 |
I suggest you to open MIS account in Post office, they give you Rs.100 per month if you deposit Rs.15000.So for Rs1,50,000 you will get Rs.1000 per month as interest which is good option.
You can open an account in SBI, PNB or others bank they provide good interest on fixed deposits(FD), currently 9.25% interest are in all banks for Fixed deposit for one or more years.So if you have good amount now you choose FD account.
If you want deposit money monthly then you have to open a recurring deposit(RD) account in a bank.Interest rates are same as in FD account.
Regarding account opening procedure all banks have almost common procedure ,they want one Identity proof card and one address proof document, which are mentioned in the account opening form of banks.
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| Author: Dont read 07 Apr 2012 Member Level: Silver Points : 2 Voting Score: 0 |
In case of ONLY Bank Accounts, Fixed Deposit Bank Account yield greater returns than any other kind of Bank Accounts, but the downside is once you invest in Fixed Deposit Account, the money invested is locked for a certain period of time, and in critical situation if you decide to break the FD, you will be charged penalty for that.
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| Author: Sesha 07 Apr 2012 Member Level: Gold Points : 2 Voting Score: 0 |
In my opinion Fixed deposit are the best as they pay high interest at all times. The interest rate keep changing from day to day. If you have interest some money in fixed deposits your money will be given as loans to the people who require loans and will pay you some interest for this purpose. This is beneficial to everyone. If you deposits some money in the form of fixed deposits today you will be paid interest according to today interest through out till your fixed deposits is mixture. Fixed deposits give more money when you invest money for a long durations. If you have grand parents or parents above sixty years they are consider as senior citizen and they will be paid extra interest, so you can make a joint account with them and enjoy extra interest.
Regards,
Sesha.
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| Author: Phagu Mahato 07 Apr 2012 Member Level: Gold Points : 2 Voting Score: 0 |
There are various schemes available in the market for investment at government and non government sectors .but according to your question you want to know about the best deposit scheme in bank. I am telling you the scheme of Indian largest bank SBI. This time SBI provide a RD Scheme named 'Lakhpoati bano'. According to this scheme you need to deposit 1000 rs/month and after 6.3 months your amount returns in lakhs with full security.
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| Author: Aparna Shankarraman 04 May 2012 Member Level: Gold Points : 4 (Rs 2) Voting Score: 0 |
Fixed deposits in banks have set rate of interest which cannot be varied for an individual.However, if this is going to be monthly investment, then many banks offer a facility wherein a minimum amount is set aside and the balance is automatically converted into fixed deposits.Some banks have an auto option of investment for 6 months but certain banks like ICICI require you to specify the tenure for every deposit. At the maturity of this FD, the amounts gets re invested in another deposit for the same tenure unless specified otherwise. This is a very good option as these kind of deposits offer you the flexibility of withdrawal through an ATM at any time and also provide FD interest rates.
In case, you are looking for tax benefit, then Recurring deposit is the best option as tax is not deducted in RDs. Also standing instructions can be given to the bank for posting certain amount in RD every month for a maximum of 12 months.
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| Author: palash 04 May 2012 Member Level: Silver Points : 3 Voting Score: 0 |
According to me you should invest your money in Alchamist group. It gives 12% annual interest which is maximum in India. Each invest is for 3 years. It means if you invest rs 1,00,000 then you will get rs 1,000 per month. Ther is even more plans for 4 years, 6 years, 9 years, 12 years and 16 years but I found 3 years plan is best. And for each referal you will get 4.46% commition means rs 4460. This company is fully trustable because it is govt. Undertaken. Alchamist is in 5th position in India and in world ranking it stood at 96th position.
So, I think that when it comes for invesment then Alchamist is the best option for everyone. For more information follow the link below.
Reference: http://www.alchemist.co.in/
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| Author: Chitra 05 May 2012 Member Level: Gold Points : 4 (Rs 1) Voting Score: 0 |
Hi
Different banks have different deposit schemes. Normally fixed deposits are good compared to other deposits. Now the interest rate on fixed deposits have increased. It's gone up to 9% plus. You can also take loan against your FD deposit. Depositing money in treasury will also yield better interest.
Better deposit in government or semi government banks rather than in private banks.
For opening a bank account you need the following documents
(a) Your ID proof and copy of it
(b) Passport size photographs
© A document certifying your address
(c) As an initial deposit, you need to deposit some money into the account
Also note that the person has to be personally present in-order to open an account with any of the banks.
Regards
Chitra
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| Author: Manoj Chaurasia 06 May 2012 Member Level: Gold Points : 8 (Rs 7) Voting Score: 0 |
Hello Gopi,
Before you think of saving money for earning you should be clear of your goal which can be divided into long term and short term.
For long term goal:
If you are sure that you have sufficient spare money which you would not require in future say for 5 years or so, then you can save your money by investing in following manner.
1. Make an Fixed deposit (FD), which shall be for 5 years or more and will also help you get deduction under section 80C where limit of Rs. 1 lakh is counted.
Interest on FD is higher than any other kind of savings. But you should keep in mind that the interest on FD is taxable.
2. Purchase National Saving Certificate (NSC) which is also a good option for saving money as well as increasing your return after 5 years. If you invest Rs. 10,000 now, you will get Rs. 16080 at the end of 5 years and is also eligible for deduction under section 80C. Here also interest is taxable on accrual basis meaning although you will not receive any interest during the 5 year period but will have too compute interest during the 5 year period and pay tax on same. So that in the end all the extra amount does not get taxed. Interest calculator on NSC can be found easily on the internet.
NSC is available at any post office and is also available in lower denomination.
These two options are for those who do not want to take much risk and have safe investment with guaranteed return.
For Short term goal:
1. Open savings bank account and earn interest on the same which at present is around 5% to 6 % depending upon bank, but there are also some condition of some minimum amount.
Interest upto Rs. 10,000 is now exempt if earned on savings account, but don't confuse this interest with FD interest which is taxable.
2. Open recurring deposit account with any bank where you will deposit sum of money monthly or a lump sum amount and earn interest monthly, quarterly or yearly. interest is bit higher than the savings account but again it is taxable.
Under these option you have higher liquidity meaning in case if any urgency arises you can withdraw money from these account with very little or no penalty.
Under long term option you do not have the option to withdraw the money before the 5 years and your money gets stuck. Although it provides higher interest but has disadvantage of blocking the money for long period. So you should go for this option only when you have sufficient money which you can deposit and forget for 5 years.
Short term options on the other hand provide high liquidity but give lower interest, but has an added advantage of interest upto Rs. 10000 exempt if earned on saving account.
For FD and saving account options you can go to any bank and ask the help desk who will guide with the options available with them. Private banks provide higher interest but also have higher penalty charges as well as minimum balance requirement while public sector banks provide lower interest but also lower penalty and minimum balance requirement.
For NSC you can go to any post office and ask for the same, you will only have to give them your photographs and money and they will give you a certificate for the amount deposited.
In case of NSC there is some commission involved so if you directly take NSC you can ask for a sum of money from the booking clerk itself or they will give you themselves and add some agent name in their form.
Now you have o decide which options suit you well and decide accordingly.
Hope it helps.
Regards
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| Author: c.b.nithin prasath 06 May 2012 Member Level: Silver Points : 3 Voting Score: 0 |
hi,
There are various ways to deposit money in bank.
They are:
1) Fixed deposit,
2) Term deposit,
3) Savings account.
1) Fixed deposit:
In fixed deposit you can deposit money from 500 rs to a crore.
There is also having the period of maturity of deposited amount throught he interest gained on it.
2) Term deposit:
In term deposit you can deposit money on monthly basis ,for example: If you can deposit monthly 100RS for aperiod of 5 Years.After the period you money is build very big based on the interest of bank.
3) Savings account:
In this you can put money in it any time and also withdraw at any time.It is not possible in fixed as well as term deposit. it is very easier.
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| Author: Phagu Mahato 06 May 2012 Member Level: Gold Points : 2 Voting Score: 0 |
Every one wishes a good return from her amount in banks. the best return of your amount depends on the bank. Some bank provides high returns in your deposit.
If your want to invest in long term then your need to fixed deposit on Bank/PO. Otherwise your can also opening recurring account in bank for short term investment
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| Author: SUNIL KUMAR K 07 May 2012 Member Level: Silver Points : 5 (Rs 4) Voting Score: 0 |
Hi Gopi,
The decision for the type of investment, any root be it matters, completely depends upon the appetite of the investor both in terms of the risk and the time involved in it. When I meant risk here, is the risk of fluctuation of the currency with respect to the international ones, which is the currency value.
As you said, you will be opting for investing a certain sum fixed on a periodic basis, the best and the most viable option is to open a recurring deposit. Earlier there were several rules and procedures for the same. Now in this age of virtualization, opening this type of account is just a button click away. If you are an account holder (whether it is nationalized or private), and if you use their net banking facility then there are options there for you to open the RD account. Money will automatically be deducted from your linked savings account on the predetermined date and the maturity amount will automatically gets credited on its expiry. This account also offers competent interest rates when compared to alternative accounts.
If you have a lump sum amount in hand and wish to park it in bank on a long term basis, you can opt fixed deposits. Now in this age of cut throat competition almost all the banks are offering a minimum return of 9% on the principal. Please not rather than going for opening an FD for say 5 years, open it for 1 year. After that invest the maturity amount (Principal plus the interest accrued) for another 1 year and continue till you wish to proceeds. This helps you in tow ways:
1) It provides easy liquidity for you of as short as 1 year. You don't have to break the FD's which you have opened for say long period of 5 years.
2) It provides more money than the 1st method of investment as you are investing Principal plus interest on each period where you can take the advantage of the prevailing market rate as well.
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