Go for FDR-OD account to save and consolidate money

Mr. Manmohan Garg, renowned Chartered Accountant, and Chairman and Managing Director of Gurukul Vidyapeeth, while delivering a talk on “How not to lose money everyday” on 18th January said that it is better to open fixed deposit with over draft facility if you really want to save money and consolidate for the future.

The talk was organised by CMA as a part of its monthly lecture series.

Mr. Manmohan said, keeping money in the saving bank account is sheer wastage of money, which otherwise you could have earned in FDR-OD, while maintaining the liquidity. He convinced the audience of CMA members through simple calculations that they keep loosing money every day if they don't plan their savings intelligently.

He also said that investment in the house property other than what you possess (home) already is a wise investment, besides taking educational loans for the study of your children.