Bank account

[Harshcdy220]

We should use a saparate bank account for savings as since upi came it's very difficult to save money now a days
1. Can someone share tips to save money
2. Ideally one should have how many bank accounts and can be managed easily

 

[omneelsavant]

1. When it comes to saving money, what you should consider mainly is how you will beat the inflation. The prices of things you buy rise every year. What you buy today for Rs. 100 might cost Rs. 120 a few months later or next year. You should invest money in such a way that it will give you a higher return than the inflation rate which is currently said to be going at around 8% pa. I will suggest the Nifty 50 Index Fund. This type of mutual fund invests money in the top 50 companies listed in the Nifty index of the stock exchange.
If you are beginning your investing journey and want to start with a low-risk fund, then you should begin with a Liquid Fund among the mutual funds. It has all the benefits of a savings account and FD. The interest rate is like FD and the liquidity is almost like a savings account which means that if you place a withdrawal order for all or part of the money you put in liquid funds during the weekdays, then the money will get credited to your bank account within 24 hours. Just don't try to withdraw it before 7 days of depositing as you will face a slight penalty which is called an exit load.

2. As far as your second question is concerned, there's no such limit on the number of bank accounts but I suggest you have 2 at least, the second of which should be an account that has a better savings account interest rate. Ideally opening a zero-balance account with banks like Kotak or AU Small Finance Bank would be beneficial.

I hope I have been of some use to you.