I want to save money but not in my HDFc saving account for 1 year ? Where do I Save please help me

[mrbro]

Hi guys,
First of all thanks for replying me.
Here is the situation, Right now I have appx. 70k INr in my HDFC Savings bank I'm doing job and saving some part every month and I want to save it for college fees next year I'll take admission next year but I'm spending that money little little. Where do I invest or save that amount, I don't want to spend more money till next year.
Please help

 

[TaxWiser]

Hi guys,
First of all thanks for replying me.
Here is the situation, Right now I have appx. 70k INr in my HDFC Savings bank I'm doing job and saving some part every month and I want to save it for college fees next year I'll take admission next year but I'm spending that money little little. Where do I invest or save that amount, I don't want to spend more money till next year.
Please help

Considering the current Global & market scenario, investing(equity) for a 1-year tenure might not be the best option. Instead, you should consider the oldest and most basic investment option: Fixed Deposits (FDs). FDs offer a stable and secure way to grow your money with guaranteed returns as it's DICGC Secured.

Try checking Small Finance Bank's FDs for best FD returns

And if you're not comfortable with SFB then

• Make a FD in your Primary Bank
• Or You can opt for Auto Sweep Facility

Best of Luck

 

[RITIK Jain]

I have faced the same situation in the past, so I can relate with you. At that time, I chose an FD option but in different way. For this, I used "Stable Money App." Where you can find attractive interest rates. But don't fall for that, and before booking a FD, reassure yourself that there are no premature charges.

Also, if you're a user of "Angel One", then there is a better option right now where you can get the maximum interest rate on FD as 9% for a normal citizen.

You should also compare both Angel One and Stable Money as per your FD term and then you should book.

 

[Mr.Christmas]

Use Airtel thank App Wahan Apko stable money Jaisa hi option milega!

 

[mrbro]

I have faced the same situation in the past, so I can relate with you. At that time, I chose an FD option but in different way. For this, I used "Stable Money App." Where you can find attractive interest rates. But don't fall for that, and before booking a FD, reassure yourself that there are no premature charges.

Also, if you're a user of "Angel One", then there is a better option right now where you can get the maximum interest rate on FD as 9% for a normal citizen.

You should also compare both Angel One and Stable Money as per your FD term and then you should book.

Thanks for your suggestions, but I've did FD in DBS digibank account, I don't more interest just wanted to save money for fees. By the way they are giving me interest 7.5% fo 367

 

[sayandeb]

Hi guys,
First of all thanks for replying me.
Here is the situation, Right now I have appx. 70k INr in my HDFC Savings bank I'm doing job and saving some part every month and I want to save it for college fees next year I'll take admission next year but I'm spending that money little little. Where do I invest or save that amount, I don't want to spend more money till next year.
Please help

Go with SVG if you don't need liquidation of the amount for next 8 years. But if you need the money next year then FD is the only best option with the minimum volatility.

Thanks for your suggestions, but I've did FD in DBS digibank account, I don't more interest just wanted to save money for fees. By the way they are giving me interest 7.5% fo 367

So if you can take risk considering the last few months market status just invest it in a index mutual fund that might be a great option for you.