Don’t Break Your FD To Buy Something. Do This Instead.
4 میلیون بار بازدید -
2 سال پیش
-
One of my friends started
One of my friends started making ₹4 lakhs to ₹5 lakhs extra per year after doing this. 🤑
Banks will not tell you this unless you ask for it!!
There is something known as a ‘Sweep-in Facility’ which allows you to convert the excess money in the savings account or current account to an FD. 🏦
Current account gives 0% interest rate, Savings account give 3.5% interest whereas FDs give 5% to 6%.
So if you're a business owner with a current account, you might be losing lakhs of rupees if you haven't enabled this.
Now you might ask me- "Sharan, what's the big deal for salaried people, It's just 2% more interest".
Well, let's say you're planning to buy a car or an expensive gadget this year but can't wait to save money. You go to your bank to break your FD to get the money.
Now let's say you had 5 lakhs in a 3-year FD of 5.5% interest rate. if you want to buy the iPhone 14 you would have to break the entire FD costing you INR 16,000 in penalty because they charge 1% penalty.
If you had taken a flexi-FD your loss could have been limited to just INR 3,000 because the 1% penalty is charged only on the withdrawn amount and not the total 5 lakhs.
Banks will never tell you this. You need to tell them to enable this, especially for the current account. 🙏🏻
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.
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.
.
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#financewithsharan #savemoney #banking #iphone14 #moneymanagement
Banks will not tell you this unless you ask for it!!
There is something known as a ‘Sweep-in Facility’ which allows you to convert the excess money in the savings account or current account to an FD. 🏦
Current account gives 0% interest rate, Savings account give 3.5% interest whereas FDs give 5% to 6%.
So if you're a business owner with a current account, you might be losing lakhs of rupees if you haven't enabled this.
Now you might ask me- "Sharan, what's the big deal for salaried people, It's just 2% more interest".
Well, let's say you're planning to buy a car or an expensive gadget this year but can't wait to save money. You go to your bank to break your FD to get the money.
Now let's say you had 5 lakhs in a 3-year FD of 5.5% interest rate. if you want to buy the iPhone 14 you would have to break the entire FD costing you INR 16,000 in penalty because they charge 1% penalty.
If you had taken a flexi-FD your loss could have been limited to just INR 3,000 because the 1% penalty is charged only on the withdrawn amount and not the total 5 lakhs.
Banks will never tell you this. You need to tell them to enable this, especially for the current account. 🙏🏻
.
.
.
.
.
.
.
.
.
#financewithsharan #savemoney #banking #iphone14 #moneymanagement
2 سال پیش
در تاریخ 1401/06/15 منتشر شده
است.
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