Thursday, 15 December 2016

What to do with money deposited in your saving bank account?

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Demonetization is perhaps the most used 14-letter word in the world since 8th November 2016; that’s one advantage at least with India’s population and WhatsApp’s popularity in the country. So let me not use it again for the rest of this article! One of the most obvious and structural impact of this historic change is that almost all the cash in public circulation in India - everything white, and apparently a lot of black too – is being channelized into the banking system. 

That puts forth an interesting challenge, which many of us have not thought of seriously in the past – what happens to your money in your savings bank account, and what would you rather do with it? I grew up with my senior generation always advising me that banks were the best place to keep idle money, in fact they were awesome because they kept your money safe and paid you interest too! If you were somewhat financially savvy, then the more evolved way of saving and growing your money was to park it in fixed deposits. 

Anybody wanting to set aside any surplus cash for future, would just ‘go do an FD’. Investing in stocks was only for the super-intellectuals or the punters, and other debt / fixed income securities were not at all understood as investment vehicles.

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