- Online Banking, Mobile Banking, Phone Banking.. You should be able to access these services..
These services ensure that you have your money on your finger tips for best management.
- Demat Account & Online Trading... These services all your to invest money for short and long term..
Normally keeping money in savings account or even FDs may not give sufficient returns... they should be better invested in options that can give higher returns..
They ensure that you can make quick investment decisions and invest...
- You should always try to earn interest 4-5% higher then the Inflation figure. eg. now the inflation figure at present is 12% ... hence your investments should be the ones that earn 16% interest.. FDs today give 8-9% interect almost half.. or 3-4% less then inflation figure...
This actually mens that by investing your money in FD it become 3-4% less. You are loosing money and not really saving.
Lets sya if inflation is 12%.. and you have Rs.10000.... Lets say you want to save it to buy a TV after 1 Year which today cost Rs.10000/- in the shop. So you decide to put it in FD with 8% interest rate. So after one year you will get Rs.10000/- + Rs.800/- a interest. Total: Rs.10800/-
Now if you go to same shop to buy the TV, then due to inflation the price of TV might have increased by 12% to Rs.11200/-... hence You are Rs.400/- short of money.
This is a big problem... You could have bought the TV for Rs.10000/- but today even after investing the money you are not able to buy it.. It menas that value of your money has become less.. You are becoming poorer..even after investing in FD.
Hence you should always ensure that your money grow at a rate 4-5 % faster then the inflation.. Normally inflation is 4-5% but since last 1 year inflation is 8% or more..
