One more
important thing which I would like to suggest that during this era of financial
inclusion every one required to keep various financial instruments in his / her
basket, however the ratio of these instruments may vary depending on personal
circumstances but to start with I suggest that every one has to save at least
30% of annual income for future use and keep reserves up to 20% for loan /
Credit card repayment. A Simple way to do this is given below
i) 10% in Recurring Deposit
ii) 10% in Mutual Funds
iii) 10% in equity market through shares or Bonds, alternatively opt for Bank Fixed Deposit
iv) Every earning member of the family also require to insure himself / herself for an amount not less than 100 times of his / her monthly Income and the best way is to take pure Term Insurance plan as this will give maximum risk cover and minimum premium load
i) 10% in Recurring Deposit
ii) 10% in Mutual Funds
iii) 10% in equity market through shares or Bonds, alternatively opt for Bank Fixed Deposit
iv) Every earning member of the family also require to insure himself / herself for an amount not less than 100 times of his / her monthly Income and the best way is to take pure Term Insurance plan as this will give maximum risk cover and minimum premium load
For other details / queries , drop a mail at prashant.singh@sbi.co.in
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