GyanBytes

Why Banks asks Us for maintaining higher balance in Savings Account…Be Smart, Park your idle money in Debt Mutual Funds instead… Waiting for Markets to correct or parking money in SB for purchasing Iphone in a future date? Not advisable... Psychologically we feel secured by having a larger amount of money parked in our Savings Accounts. But have you ever worked upon mathematically the cost of parking large amount of money in SB Accounts. Your Bank relationship manager will never tell you this, cause it makes loads of free money for Banks. Here’s a small illustration of just maintaining 1 lac average monthly balance in a Saving account. SB Accounts generally provides us with a miser simple saving interest rate of 2.5-3% and some banks provides interest rate up to 4%. On the contrary, if the same money is parked in any of the Liquid Debt Mutual Funds, it may easily get us 7-8%. Illustration shows a difference of 4% SB Interest versus 7% Liquid Funds yield…Surprise to know that we h...

  Increasing Education Costs, Are Parents prepared??? Financially…??? Still in the age of AI and boom of various innovative jobs/ business prospects, parents have dreams of seeing their wards as Doctors/ Engineers/ Management Grads… This article is not to scare such proud Parents of their brilliant wards, but to make them aware and be prepared of the escalations in education costs for fulfilling their dreams rather than getting destroyed during course of treacherous life of loans and EMIs. I did some googling and found interesting facts about Education Cost Prediction for MBBS, Engineering and MBA courses in India. Predicting education costs for the next 20 years involves considering various factors like inflation, demand for higher education, and institutional expenses. Here's a breakdown of potential costs: MBBS - Current cost:     - Government colleges: ₹10,000 to ₹50,000 per year     - Private colleges: ₹3 lakh to ₹25 lakh per year ...