General Trading Chat

[timepass]

Another alternative is a liquid fund or short term debt fund like Reliance Money Manager Fund.

This fund has given about 8.4 to 8.5% returns consistently. Plus you also get an HDFC debit card along with the investment. Effectively, it combines the best practices of a savings account & FD with better returns, along with easy access. Just a suggestion.

Yes, heard about those. Will have a detailed discussion about it sometime.

 

[timepass]

But this Kotak 811 scheme, there must be some restrictions. Maybe pay extra for the Debit/ATM card or something.

 

[jd1234]

According to their website there is no physical Debit/Atm card. only virtual card and one can deposit max 1lk rupees to this account.

http://www.kotak.com/kotak811/faq.html

 

[timepass]

According to their website there is no physical Debit/Atm card. only virtual card and one can deposit max 1lk rupees to this account.

http://www.kotak.com/kotak811/faq.html

One thing I don't understand - the maximum amount is 1 lakh in this account, but 6% interest is given on balance above Rs. 1 lakh

 

[candle]

One thing I don't understand - the maximum amount is 1 lakh in this account, but 6% interest is given on balance above Rs. 1 lakh

:rofl::rofl::rofl:

 

[vivektrader]

One thing I don't understand - the maximum amount is 1 lakh in this account, but 6% interest is given on balance above Rs. 1 lakh

1Lac limit until the A/C is not fully KYC compliant and verified, below 1Lac its 5% interest. This is what I could make out from FAQ section.

Vivek

 

[manoj2012]

The Zero Balance Account and 6% saving accounts may be 2 different things like in SBI there is Zero Balance Jan Dhan Accounts where no Charges apply no Min Bal etc .... then there is other Fully Loaded Saving accounts where Min Bal and other charges apply ....

Kotak may not be giving anything other than that ..... Zero Balance account where usual limit of total 1 Lakh amount of txn allowed ... no txn beyond that limit ......

Then the other fully loaded Saving account where all the narmal banking chares may apply and you will also get 6% if you maintain more than 1 lakh min balance .... and 5% for 10 K to 1 Lakh.

 

[vijkris]

GST Bills passed in Lok Sabha. !! :clap:

 

[manoj2012]

I think the post office offers the best interest rates, along with the highest security.

https://www.indiapost.gov.in/Financial/Pages/Content/TD-Account.aspx

Another alternative is a liquid fund or short term debt fund like Reliance Money Manager Fund.

This fund has given about 8.4 to 8.5% returns consistently. Plus you also get an HDFC debit card along with the investment. Effectively, it combines the best practices of a savings account & FD with better returns, along with easy access. Just a suggestion.

National Saving Certificate gives you now 8% with full safety....

 

[timepass]

1Lac limit until the A/C is not fully KYC compliant and verified, below 1Lac its 5% interest. This is what I could make out from FAQ section.

Vivek

The Zero Balance Account and 6% saving accounts may be 2 different things like in SBI there is Zero Balance Jan Dhan Accounts where no Charges apply no Min Bal etc .... then there is other Fully Loaded Saving accounts where Min Bal and other charges apply ....

Kotak may not be giving anything other than that ..... Zero Balance account where usual limit of total 1 Lakh amount of txn allowed ... no txn beyond that limit ......

Then the other fully loaded Saving account where all the narmal banking chares may apply and you will also get 6% if you maintain more than 1 lakh min balance .... and 5% for 10 K to 1 Lakh.

Zero balance and 6% are advertised together, so one gets the impression that both are a part of the 811 account. Full KYC will make it a regular savings account with the minimum balance requirement etc, right ?

Also, what if the balance goes below 1 lakh for, say, a quarter or so ?

More questions with this scheme than answers. Also, the physical debit card is charged.