Need Advice on Emergency Fund Parking!

[pulkit.gupta4444]

Earlier, I had my emergency fund parked in the Mobikwik app,cred mint,ET Money, where I was earning 12%+ returns for a few months & immediate withdrawal in 24hrs. Unfortunately, due to RBI regulations, all investments have been halted, and now the funds are stuck in the app. I'm looking for guidance on two things:

How can I withdraw my lump sum amount from Mobikwik given the current situation?
Where can I now park my emergency fund to get better interest rates? Most rates I’m seeing are around 7%, which is much lower. I need an alternative where I can earn a good return and still have the flexibility to withdraw at any time, as this is my emergency fund.

 

[TaxWiser]

Earlier, I had my emergency fund parked in the Mobikwik app,cred mint,ET Money, where I was earning 12%+ returns for a few months & immediate withdrawal in 24hrs. Unfortunately, due to RBI regulations, all investments have been halted, and now the funds are stuck in the app. I'm looking for guidance on two things:

How can I withdraw my lump sum amount from Mobikwik given the current situation?
Where can I now park my emergency fund to get better interest rates? Most rates I’m seeing are around 7%, which is much lower. I need an alternative where I can earn a good return and still have the flexibility to withdraw at any time, as this is my emergency fund.

I was stuck in kinda similar situation as my extra earnings not my Emergency funds was deposited in 12%Club & Mobiwik Xtra

In case of Mobikwik Xtra investment, You can't withdraw your investment as per recent Mobikwik T&C, you will get Principle+Interest as monthly repayment similar to EMI structure. So, Wait until you get your full investment back.

Considering my risk appetite, current financial situation & market conditions, I parked 80% of my P2P investment in FDs of Multiple Small Finance Banks (Interest Rate: 9.05-9.10%, Tenure: 1.5-2 years, Maturity Amt: <₹5L), 10% in Gold, Silver, Debt ETFs, and SGBs, 5% in Smallcases, and left the remaining 5% to see how P2P will work out in the future, considering recent RBI guidelines.

Note: This is not investment advice. In 6-9 months, I plan to reallocate my investments once my research is complete.

It’s important to conduct thorough research and stay informed about market conditions before making any investment decisions

P2P platforms aren’t ideal places to park emergency funds. It’s crucial to improve your financial knowledge and act wisely. Emergency funds should be kept in low-risk, highly liquid accounts such as savings accounts, money market accounts, or short-term fixed deposits. This ensures quick access to your funds without risking capital loss.

 

[hitirfan]

Considering my risk appetite, current financial situation & market conditions, I parked 80% of my P2P investment in FDs of Multiple Small Finance Banks (Interest Rate: 9.05-9.10%, Tenure: 1.5-2 years, Maturity Amt: <₹5L), 10% in Gold, Silver, Debt ETFs, and SGBs, 5% in Smallcases, and left the remaining 5% to see how P2P will work out in the future, considering recent RBI guidelines.

How do u make FD is SFBs? Online / offline?

 

[TaxWiser]

How do u make FD is SFBs? Online / offline?

Mostly Online via Stable Money, except offline in Utkarsh SFB(only SFB available in my area)

 

[hitirfan]

Mostly Online via Stable Money, except offline in Utkarsh SFB(only SFB available in my area)

Stable Money is an app or kisi SFB ki app?

 

[TaxWiser]

Stable Money is an app or kisi SFB ki app?

App to invest in FDs in SFB, NBFCs & Regular banks without opening savings/salary account.
Check out some YT videos for better understanding

 

[hitirfan]

App to invest in FDs in SFB, NBFCs & Regular banks without opening savings/salary account.
Check out some YT videos for better understanding

Thank you

 

[zacobite]

Earlier, I had my emergency fund parked in the Mobikwik app,cred mint,ET Money, where I was earning 12%+ returns for a few months & immediate withdrawal in 24hrs. Unfortunately, due to RBI regulations, all investments have been halted, and now the funds are stuck in the app. I'm looking for guidance on two things:

How can I withdraw my lump sum amount from Mobikwik given the current situation?
Where can I now park my emergency fund to get better interest rates? Most rates I’m seeing are around 7%, which is much lower. I need an alternative where I can earn a good return and still have the flexibility to withdraw at any time, as this is my emergency fund.

u can't withdraw from mobikwik.. u have to wait

et money has lockin.. cred mint u can chk

emergency funds have to be kept in liquid funds / debt funds or FDs.. whr risk is minimum..u can't get high return at low risk.. try SFB FDs if u want slightly higher fd rates..
check out STABLEMONEY app for FDs.. they are advertising a lot.. You can do your research..