Why You Shouldn’t Put your Money in Bank?

To start with, The Bank is one of the safest place to keep your money but if you have to consider the interest rates that they provide to their customer, it is not the right place. No business man would keep his profits in banks because the interest rates are very less and it is not worth keeping money. There are certain ways wherein you can get more interest but all these ways are not safe. Bank is safe but you will end up getting very less interest. Nowadays, all nationalized banks are getting merged and it is very difficult to avail for loans as the number of defaulters are being increased day by day. If you’re curious about Monthly Interest for 1 lakh in Bank, stay tuned!

Suppose you keep INR 1 Lakh in the bank, you will end up getting INR 333 per month, which is very less. So, we will be giving you certain tips to ensure that you get better returns than this on a monthly basis.

Chit Fund

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Chit Fund is one of the essentials ways to make money for those who are running a business. Well, you will end up taking days to understand how chit fund works. Ensure that the chit fund organization is registered and check the past history as there are lot of defaulters who will take money from you and abscond. The total amount divided by number of months is what you will be paying. For instance, you have taken 1Lakh and the chit is divided for 10 months. You will be paying around INR 10,000 and the chit will be end up in less than 7 months. Henceforth, you will be paying 85,000 and getting 1 lakh as a return, which comes to around INR 15,000 as profit.

Hand Loans

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 I would never ever ask you to lend money for a private finance but if you feel that the person is genuine, you can lend him for 2% interest. The on-going market price is around 2% per lakh and keeps fluctuating from one financier to another. But your money can never be as safe as keeping it in bank but when it comes to private finance but yes, you will get INR 2,000 per month, which is probably more than what bank pays you.

  We hope this answers most of your doubts regarding  monthly interest for 1 lakh in Bank. Just in case you have any further questions, you can always ask us in the comments section. Stay connected to us for more such sections and thanks for reading!

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