Don't Let Money Idle In A Savings Account

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Don't Let Money Idle In A Savings Account

Even if it is lying in your bank account, your money is not safe. Inflation nibbles into its value every day, eroding its purchasing power. The value erosion would be greater if you have cash lying inside a locker but even in a savings bank account it loses value. Here is a perspective of what 10% inflation can do to your savings.

If you have `50,000 in your bank account, it will grow to about `52,000 in one year. But one year from now prices will be higher and `52,000 will buy only goods worth `47,270 today. So, don't let your money idle in a savings bank account. Never mind the attractive 6-7% being offered on the balance by some banks. Your money must grow faster than that to retain its purchasing power. Opt for a sweep-in bank account. These accounts combine the high returns of a fixed deposit with the liquidity of a savings bank account. You can also put your money in a short-term debt fund for higher returns.

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