Planning to build fund for travel

[SanthoshSomu]

I am planning to build fund for travel every month and can please let me know where can i keep this ammount?

 

[Skylar]

I am planning to build fund for travel every month and can please let me know where can i keep this amount?

How long can you keep it aside?

- My kotak 811 Edge account has this feature called "Active money"
- 25k will be saving and rest will be automatically converted into 180days FD and for that 180 days I get 3.5% interest (180+180days = 3.5+3.5 total 7% interest per year)
- No lock in, you can withdraw anytime and if you are removing before 180days you'll get normal savings account interest rate.


This same facility will be there in most banks known as "Auto sweep"

 

[SanthoshSomu]

How long can you keep it aside?

- My kotak 811 Edge account has this feature called "Active money"
- 25k will be saving and rest will be automatically converted into 180days FD and for that 180 days I get 3.5% interest (180+180days = 3.5+3.5 total 7% interest per year)
- No lock in, you can withdraw anytime and if you are removing before 180days you'll get normal savings account interest rate.


This same facility will be there in most banks known as "Auto sweep"

I am planning to build first 50k for domestic travel , will keep on add fund to that.

 

[gurpalsachdeva]

I have started a sip specifically for my travel goal

 

[SanthoshSomu]

I have started a sip specifically for my travel goal

SIP in mutual funds?
What is your goal amount and SIP amount?

 

[Karunakara]

How long can you keep it aside?

- My kotak 811 Edge account has this feature called "Active money"
- 25k will be saving and rest will be automatically converted into 180days FD and for that 180 days I get 3.5% interest (180+180days = 3.5+3.5 total 7% interest per year)
- No lock in, you can withdraw anytime and if you are removing before 180days you'll get normal savings account interest rate.


This same facility will be there in most banks known as "Auto sweep"

In addition to building fund for travel, you may think of planning your spends also. If you have a travel CC, you can plan to shift your sending majorly from Cashback/other non-travel cards. It will bring Rewards/air miles. These air miles can significantly reduce your travel expenditure.

For example an annual spending of 4L on Amex Platinum Travel Card will fetch 48000/- RP redeemable into airmiles of any airline carrier.with these points your can make flight charges to a foreign country free.

 

[Karunakara]

Correction: shift your spending majorly from cashback/non-travel cards to Travel Credit Cards