My name is Udaykiran. I am from Hyderabad. I am working as an Associate in Accenture solutions. As a common man, every day I struggle for savings and thinking about returns. We have so many options to save money like SIP, MF’s, Bonds, RD & FD, etc., But how many are interested to savings in this kind of saving structures? Now a days banking sector goes in 2 ways : pathetic and competitive and as well as risky. If you go to bank to deposit some amount, you have to wait in line to deposit in CD machines. Notes should be neat and sometimes it shows you hell. teller will not accept the money and for some reasons you will get out from bank by murmuring waste fellows they are only for salaries not for customer service. I have 0 knowledge in MF’s. TV ads shows it is relates to market risks and if you want more money then you should wait for long term. We maintain very secrecy in terms of savings right, so we will not reveal any info about our savings. If in case of decease, who will get benefit? I have a friend who past away long back and he has savings in his account nearly 10lakhs. No one knows about savings and after he died banks will never come to his home and hand over the money.
So as per current market situation what is the best savings option and how it helps our families in case of above situation. I vote for Chits and what do you say guys. This is purely my experience and i am not hurting anyone’s feelings.