Alternative to Saving Bank Account

I want an alternative to my bank savings account

For immediate needs, ease of deposit and safety, people normally park their money in a bank’s savings account. However, have you ever calculated the interest that you earn on such Bank savings account?

Its worthy to note that the interest earned on your money is quite low. There are options offered by Mutual Funds which provide you:

With similar liquidity (which means you can manage your investment just as easily as a Bank savings account) With similar safety (your money is invested in a diversified portfolio of debt (fixed income) & money market securities) Better Returns (since your money is invested actively the returns are generally better than those offered by your bank savings account) Better tax efficiency (Since the returns earned are distributed by a Mutual Fund, no TDS (tax deducted at source) is reduced from the amount earned before it reaches your hands. This is not so in the case of the bank savings account)

The option is

Liquid Mutual Fund Schemes