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Hey folks, this guide comes with years of research and intricately understanding the banking system in India.
I always thought of CyberFraud as something that existed far away, but it happened close to home. A dear friend was robbed of his entire life’s savings and it’s shook me to my core.
Today ( 30th Sept’24 ) A headline broke - Oswal of Vardhman Group lost 7Cr. ( link : https://indianexpress.com/article/cities/chandigarh/s-p-oswal-textile-cyber-fraudsters-fake-supreme-court-hearing-skype-digital-surveillance-9595958/ )
So, Here are my notes on Safer Banking and best Practices. I’m starting off my sharing my 2 best practices today and will keep adding new strategies as I develop them.
Here are some strategies to safeguard your wealth.
Keep your “FD” as jointly operated - This disables digital liquidation of the FD. Most banks provide same liquidation of FDs, on forms being submitted. ( pro-tip: You can avail door-step banking, Learn more in full guide )
An alternative to FD is parking liquidity is High-Yield Savings account (HYSA) like IDFC or AU, as jointly operated. This means that 100% of your transactions are cheque based and online banking is view only.
When you have a corpus, that is north of 50L, the yield isn’t very distorted in HYSA. However, it’s crucial to keep checking interest rates from time to time. ( AU notoriously reduced it’s savings rates twice in quick succession in Apr’24 )