I have saved Rs 6 lakh which I will need in December this year. Where can I keep this safely?
You could consider putting this sum into a liquid or ultra-short-term fund
I have saved Rs 6 lakh which I will need in December this year. Where can I keep this safely?
Arun Nair, Kochi
You have about 8-9 months before you need the money to consider deploying it into equities. You could consider putting this sum into a liquid or ultra-short-term fund. Investment for short durations in such funds are safe and are tax efficient compared to keeping money aside in the bank, where you will earn interest and be taxed on the interest earned accordingly.