How I Discovered RD Was My Best Friend (And Not My Boring Savings Account)
A few years ago, I used to think that just keeping my salary in a savings account was enough. You know how it is – you get your money, spend a little, save a little, and the rest just sleeps there in the bank. But one fine evening, sitting at a small chai tapri near Bandra Station, over a cutting chai and some hot samosas, my old friend Rohit said something that changed my view forever. He said, “Bhai, why are you letting your money snore in the savings account when it can run a mini marathon for you every month?” I laughed at first. But then he explained, and my eyes opened wide. My Small Saving, Big Realisation Let’s say, like me, you keep ₹5,000 extra every month in your savings account. Now, most banks in India – like SBI, HDFC, ICICI – give only around 2.5% to 4% interest per year on savings accounts. (And believe me, they don’t even tell you when they quietly cut this rate.) If I had ₹5,000 x 12 months = ₹60,000 in a year lying in my savings account, at 3% annual i...