Table of Contents
Where can I keep my money instead of bank in India?
Some of the alternative investment options are:
- -Invest in Money Market Accounts:
- -Certificates of Deposit:
- -Invest in Liquid Funds:
- -Ultra Short Term Funds:
- -Invest in Government Bonds:
- -Invest in banking and PSU debt mutual fund:
What is the safest place to keep money in India?
Table of contents
- Bank Fixed Deposit (FD)
- Public Provident Fund (PPF)
- National Pension Scheme (NPS)
- Gold.
- 7.75\% GoI Savings Bond.
- Recurring Deposit (RD)
How do you protect money from a bank failure?
Tips to keep your money safe from bank failures
- Only deposit with insured institutions: Before depositing your money with any institution, make sure they’re covered by the government.
- Don’t exceed the insured deposit limits: The FDIC and NCUA both insure up to $250,000 per person per bank per type of ownership.
Where can I store my money in India?
Here is a look at the 10 investment avenues Indians look at while saving for financial goals.
- Direct equity.
- Equity mutual funds.
- Debt mutual funds.
- National Pension System.
- Public Provident Fund (PPF)
- Bank fixed deposit (FD)
Is my money safe in bank of India?
Now, as a countermeasure, Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a subsidiary of the Reserve Bank of India (RBI) has insured your account up to Rs. 5 Lakhs for both the principal and interest amount on deposits/accounts held by you.
Is it safe to keep money in bank in India?
Is cash in banks safe? Yes! Keeping your cash in banks is safer than keeping it at your house as it may be easy to steal it from your house than a bank. Also, you earn interest on your deposits in the bank which means your money is making more money which won’t be the case if you keep it at your house.
Which bank is safe for fixed deposit in India?
Fixed Deposit Interest Rates
| Bank name | Tenure | Interest rate (\%) per annum |
|---|---|---|
| IDFC Bank | 91 days to 180 days | 6.75 |
| Kotak Mahindra Bank | 181 to 363 days | 6.5 |
| SBI | 180 to 210 days | 6.35 |
| Axis Bank | 6 months to 8 months 29 days | 6.25 |
How should I save my money in India?
Here is a look at the 10 investment avenues Indians look at while saving for financial goals.
- Direct equity.
- Equity mutual funds.
- Debt mutual funds.
- National Pension System.
- Public Provident Fund (PPF)
- Bank fixed deposit (FD)
- Senior Citizens’ Saving Scheme (SCSS)
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Is it safe to keep money in private banks in India?
Answer Wiki. Definitely it is safe to keep money in Private Banks in India. All the private banks which are scheduled banks (like ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra, Yes Bank, IndusInd Bank, etc.) are governed by the guidelines prescribed by the RBI.
Are fixed deposits in Indian banks safe?
I will say that most Indian banks are safe most of the times. RBI does its job fairly well and hence, problems if any are more or less very rare. But that doesn’t mean that you can put all banks in the same risk bucket. So your bank Fixed Deposits (FDs) are safe.
Is it safe to keep money in private banks like HDFC?
Yes, it is safe to keep money in private banks like HDFC. In India, if any bank fails and has to go in for liquidation then a depositor can get up to Rs 5 lakh under the Deposit Insurance Scheme of RBI previously this limit was 1 lakh. ( RBI latest guidelines) Also, HDFC is company with highest market capitalization till this date.
Is India’s banking sector the best in the world?
India is a bank-led economy and banks command a large share of household savings. The public’s trust in banks in India is one of the highest in the world, largely because the sector has been historically dominated by public sector banks following the banks nationalisation in 1969. Additionally, bank failures have been rare in India.