How and where to keep money?
So people who make 1.5L+ and mostly freelancers who didn't get the bank account created by the company this question is for you..
How and where do you keep the money like a bit safe? Do you use multiple bank accounts? Which one to keep for the long term and which one for upi payment and stuff?
I have one account which is currently connected everywhere. Groww, kite, all various upi apps etc Now i am planning to get one more account so I can move my salary there because my current bank account behaves weird sometimes.
Can anyone help?? Please!
Get some cc for payments,
Sbi cashback or American express for online payments
Hdfc play or flipkart super cc for upi
Don't place any money in savings acc, keep money in liquid funds/FD(stable money)
Whats your experience with stable money? Is it safe?
I have placed 3 lacs(my emergency money) in FD in stable money, which I gave insurance for that money under my mom's name, which I don't need to pay any tax on interest
If your savings are above 5L, then i would suggest IDFC savings account. It gives 7% interest on amounts more than 5L, till then it's ~3-3.5%. But the good thing is they credit interest monthly, so it's essentially compounding on a monthly basis.
Personally, I hold my emergency/excess funds here. And for regular expenses /bill payments I use my salary bank account.
What bank is your salary account
Why in fd and not savings and what kinda liquids
Saving funds will be eaten by inflation, At least small finance banks give btr FD rates, this money(5lac) will have insurance free of cost by RBI, If you feel hard then you can look into liquid funds or over night funds which you are able to see in groww
