Considering investing a lump sum in Shriram Fixed Deposit?
I'm recently checking out all the Fixed deposits out there for saving my emergency fund. Among everyone Shriram Fixed deposit provides max interest rates? Is it worth it? Or any other suggestions for the best FD?
Whatsinthename
Stealth
8 months ago
Don't risk your capital for that extra 1-2% , NBFC are never that safe and there is no DGIC insurance alike banks which have upto 5 Lakhs of insurance if there's a default by bank.
For an emergency fund, depositing with a bank is better.
designerrrrr
Stealth
8 months ago
đ
Open a Kotak 811 Account. They have autosweep fd called Activmoney. Anything above 25k is put into an FD with 7% interest and no locking or penalties. When your bank balance goes below 10k it is automatically withdrawn.
Gems_Bond
Stealth
8 months ago
Wow, this feature is cool.
Will need to open an account with Kotak, just for this feature.
Other banks have it too. Check for sweep in FD. But I am not sure about the sweep out and sweep in threshold.
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Shriram finance? âThe group had its beginning in chit funds business and later on entered the lending and insurance businesses.â đ
short term ok but not for long term
designerrrrr
Stealth
8 months ago
Any suggestions for the best FD?
If u want good rate and better safety than this then go for small finance bank.
I think stable money is the right platform to answer all of your queries related to fd, there you can compare all banks fd interest rates, whether they are providing insurance or not, personally I like the application and I am using it for my senior citizen parents for better returns as well. In case you are planning to install Please consider using my link, we both will get Amazon vouchers.
https://stablemoney.app.link/qzQKCsNv4Eb
designerrrrr
Stealth
8 months ago
Sure
Emergency fund needs to be super liquid. Corporate FD (like Shriram) is not liquid at all, sometimes they have lock-in as well. Rather keep in FD with private sector bank where you can premature withdraw immediately into your bank account within a few minutes on mobile app. If you generally asking for investment advise to park your excess funds, then these corporate bonds are good enough. Havenât heard of a default in the retail market in recent years - authorities wonât allow retail investors money to be hurt in any way.
designerrrrr
Stealth
8 months ago
Yup
I'd say the best in this case is Paytm payments bank. They are just an intermediary. IndusInd bank is the one with whom your FD is created.
It's safe and you can withdraw it without any hassle. I've parked my emergency fund there.
You get 7.5% as interest rate as well. So ticks almost all the boxes.
Check the exit load as well. I have invested in it and regretting now. I invested there to park my money so that i could invest in equity whenever opportunities comes. But if you exit before the maturity, the returns are pathetic. Itâs not worth it to have added risk plus high exit load for that additional 1-2%.
Hi, Checkout Stable Money and Invest in a Small Finance Bank with 5L DGIC Insurance and Returns up to 9.1%
https://stablemoney.app.link/dztojjZHsCb
You can deposit in a small finance bank. Unlike Shriram Finance, SFB deposits upto 5L are insured. And they offer higher interest rate vs traditional banks
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