QuirkyDonut
QuirkyDonut

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?

11mo ago
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SparklyBurrito
SparklyBurrito

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.

QuirkyDonut
QuirkyDonut

👍

GoofyQuokka
GoofyQuokka

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 When your bank balance goes below 10k it is automatically withdrawn.

PrancingBurrito
PrancingBurrito

Wow, this feature is cool.

Will need to open an account with Kotak, just for this feature.

GoofyQuokka
GoofyQuokka

Other banks have it too. Check for sweep in FD. But I am not sure about the sweep out and sweep in threshold.

FluffyNugget
FluffyNugget
Plivo11mo

Shriram finance? “The group had its beginning in chit funds business and later on entered the lending and insurance businesses.” 😅 short term ok but not for long term

QuirkyDonut
QuirkyDonut

Any suggestions for the best FD?

FluffyNugget
FluffyNugget
Plivo11mo

If u want good rate and better safety than this then go for small finance bank.

GigglyBoba
GigglyBoba

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

QuirkyDonut
QuirkyDonut

Sure

SleepyTaco
SleepyTaco

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. Haven’t heard of a default in the retail market in recent years - authorities won’t allow retail investors money to be hurt in any way.

QuirkyDonut
QuirkyDonut

Yup

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