CD to aux to save Rs 1,400 a month – Bankrate
In a move that will come as a relief to people in need of cash, Bankrate.com, the online financial advisor for the Indian market, has released a discount on its CD to Aux.
The savings rate for the monthly CD from Bankrate is now Rs 1.44 per month.
Auctioning off the savings of a Rs 1 lakh salary or two lakh in a bank account is the most straightforward and efficient way of saving, said Amit Thapar, managing director of Bankrate India Pvt Ltd.
According to Bankrate, a salary of Rs 1 crore is about Rs 3,000 a month.
This is in line with what we expect the Indian population to save.
Bankrate will announce the details of the savings rate at a later date.
This announcement comes just as the Reserve Bank of India (RBI) has announced the roll out of the Aadhaar-based biometric authentication system, known as Aadhaar-X.
The biometric verification system will allow banks to electronically verify the identity of a person without their knowledge.
On January 8, 2017, the government had announced the rollout of Aadhaar- X and it will be a mandatory feature for banks and other financial institutions across the country.
This has also included the roll-out of the Aadhar-linked Aadhaar number, which is mandatory for all Indians.
In the interim, the savings on the monthly savings card is now available for Rs 1 1,800, which equates to about Rs 1 a day.
Bank rates have also come down, from Rs 3.60 per Rs 1 to Rs 2.20 per Rs. 1.
The CD to au has a monthly savings of Rs. 3,400.
While there are still a number of ways to avail savings on a CD, the Bankrate offer of Rs 4 per Rs 2,000 in savings is probably the best option for most people.
For those who are not eligible for a CD or don’t wish to avail of this discount, the CD to Au offers an additional savings of about Rs 50 a month at a minimum, or Rs 1 per day.
To avail of the Bankrates offer, you will need to visit the bank and fill out the required forms.
Bankrate is a member of the Rupa Group and is one of the top 10 financial advisers in India.