"Economic Growth without social progress lets the great majority of people remain in poverty, while a privileged few reap the benefits of rising abundance."
John F.Kennedy

make a habit of budgeting

A Budget is a plan for your future income and expenditures that you can use as a guideline for spending and saving. Every household should make a budget of income and expense and follow it strictly. It is ideal to make monthly budgets and stick to the budgeted expenses. The excess of income over expenses is termed surplus. The surplus need to be actively saved or invested for any unforeseen events. (accidents, natural calamities, loss of job) and important events in life (marriage, education of children, travel to places, buying a home, vehicle etc.) Savings also helps us when we no longer have the ability to earn, for example after retirement.

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Importance of savings

Some portion of our income should be saved before we spend. First of all, your saving should be in safe instruments and institutions. For example, if you put your hard earned money in institutions or instruments that are very risky/non-regulated, you may loose all your money. So it is important to save money in safe instruments/institutions. Second, savings is for meeting both planned and unplanned expenditure in the future. Hence it is better to save in those instruments and institutions that enable you to withdraw the money at the needed time. Third, there should be some return on your money so that you are protected from inflation.

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borrowing

One should borrow to invest in assets that create value and not borrow to fund daily expenses. Examples of good borrowing are mortgage loans to buy house, education loan for funding children’s higher education etc.

A Bank / Nidhi Company which are fulfilling all their regulated norms are always better than a money lender. They do not overcharge like money lenders.

 

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Our loan products and deposit schemes

Saving Accounts

Having a savings account makes the money easily available to you. Thus, your savings account also serves as an emergency fund. ... Having a substantial emergency fund can also help you stay out of debt.

Recurring/Daily Deposits

If you do not have a lump sum amount to meet shot-term goals depositing a small shares of income to the RD account every month. RD schemes come with guaranteed returns and the rate of interest for RD is locked in which will protect the investor from interest rate swings

Fixed Deposits

Don't just leave your money in savings accounts. They don't fetch you good returns. When you get money in lump sum, invest in fixed deposit.

Gold Loan

Gold Loans are the handy loan for your short-term needs. Faster processing, Lower interest rates, Simpler repayment procedure, Credit history not an issue makes it first choice among the borrowers.

Loan against deposit

Loan against fixed deposits are available at a lower interest rate as compared to other unsecured loans, such as personal loans. There is no processing fee charged. You are not required to break FDs and opt for premature withdrawal. This, in turn, saves you from incurring the loss of interest on FD..

Loan against Property/Insurance/Government Bonds etc.

The life insurance policy is pledged as security for repayment of the loan in the event of a default. Hence, you get lower interest rates. Since the loan is secured there is limited scrutiny and the loan can be disbursed quickly.

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