how much is the DBS savings ac's per day intere...

how much is the DBS savings ac's per day interest ??

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Deal Subedar
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i think it is 1 % . for the amount we have in bank account at end of the day.
Am i right ?

9 Comments  |  
6 Dimers
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Entertainer
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15012
383

1% per day provide karega to sadak par aa jayega

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Deal Cadet
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960
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Considering interest 7% per Annum
Per day interest is = 0.0191780822%

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Deal Subedar
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What made you to look for ‘per day interest’ OP? Do you take out the money after one day?

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Critic
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upto 1 lakh – 6% p.a.
above 1 lakh 7% p.a.
divide by 365 to get daily rate
interest is calculated on day end balance and credited quarterly.

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Deal Subedar
111
1244
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panchabhut wrote:

upto 1 lakh – 6% p.a.
above 1 lakh 7% p.a.
divide by 365 to get daily rate
interest is calculated on day end balance and credited quarterly.

So for 2 lakhs. Per day is just 38rs and annually only 14k is given ?!

Will FD gives more amount in lesser time ?? (Say 1 or 2 months)
Or
Mutual funds will be profitable ?!

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Critic
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vickyVicky wrote:

So for 2 lakhs. Per day is just 38rs and annually only 14k is given ?!

Will FD gives more amount in lesser time ?? (Say 1 or 2 months)
Or
Mutual funds will be profitable ?!

no bank FD presently offer higher rate for 1 to 2 months
mutual funds are for long term investments and always carry risk of loss

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Deal Subedar
79
1964
33

Even the bank would have to file for bankruptcy if they gave 1% daily.

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Entertainer
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15012
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vickyVicky wrote:

So for 2 lakhs. Per day is just 38rs and annually only 14k is given ?!

Will FD gives more amount in lesser time ?? (Say 1 or 2 months)
Or
Mutual funds will be profitable ?!

Your deposit in bank is money lend to bank. Bank will further use it for giving loan. A short term loan carries less risk of default hence is easily given as loan but rate of interest is less. Similar way a longer term loan can go bad hence bank asks for higher rate of interest. While they ask for low or high rate of interest as a loan depending on duration, they also give same treatment to deposit’s rate of interest. Hence less return in short duration.

You can invest in ultra short term bond funds like Franklin ultra short term bond or reliance ultra short term bond which carries minimal risk (though there is still a risk), for better than FD returns but it will be taxed according to debt fund. You can expect a 8-8.5% return annually in a good ultra short term fund. There may be chance of default by some company and your return could end up in low to no to negative return but that’s the risk involved in chasing returns. Though such default chances are low to none. Also Franklin is financially sound company to invest in. And remember tax aspect as bank savings account deposits are tax free.

You should always look for safety of principal amount in any investment rather than the profits expectations. Higher the margin of safety lower will be returns.

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