I have opened three bank accounts. One for salary account which is savings bank account. Other with trading, demat a/c from which I operate my SIP. And one joint account through which I am servicing my HBA.
Thinking on the similar lines of the author I have prepared the following schemes. Pl comment if the same are good proposals
I am servicing a HBA EMI of Rs.16.5K. I have deposited the surplus money in tranches of Rs.49.5K into FDR of 3 months, 6 months, 9 months or 12 months after keeping 49.5K 10K(Minimum amount as required by the bank) in the account. As we need to keep approx 3 months EMI in account so as to tide over any emergencies. The FDR’s mature every 3 months and I needn’t keep the surplus money stagnating @3.5% SB interest. The rest of the money earns interest varying from 6 to 7.5% in FDR. This keeps me free worrying about missing any EMI due to non availability of sufficient balance. (Presently I am not able to prepay the part HBA as per loan conditions)
This I have done to ensure that I meet all my debt obligations and save on EMI whenever I can.
I am thinking for similar strategy for my monthly SIP of Rs.14K
Re: re: EMI STRATEGY
by Rajkumar Walavalkar on Dec 11, 2010 07:17 PM
That is 200k in FD's. Why don't you look at Mutual Funds with a SWP aligned to the EMI dates.
I have opened three bank accounts. One for salary account which is savings bank account. Other with trading, demat a/c from which I operate my SIP. And one joint account through which I am servicing my HBA.
Thinking on the similar lines of the author I have prepared the following schemes. Pl comment if the same are good proposals
I am servicing a HBA EMI of Rs.16.5K. I have deposited the surplus money in tranches of Rs.49.5K into FDR of 3 months, 6 months, 9 months or 12 months after keeping 49.5K 10K(Minimum amount as required by the bank) in the account. As we need to keep approx 3 months EMI in account so as to tide over any emergencies. The FDR’s mature every 3 months and I needn’t keep the surplus money stagnating @3.5% SB interest. The rest of the money earns interest varying from 6 to 7.5% in FDR. This keeps me free worrying about missing any EMI due to non availability of sufficient balance. (Presently I am not able to prepay the part HBA as per loan conditions)
This I have done to ensure that I meet all my debt obligations and save on EMI whenever I can.
I am thinking for similar strategy for my monthly SIP of Rs.14K
