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December 06, 2006
'Money In The Bank' Is A Safe Way To Lose Money
Make sure you get the best interest rate when you put your money in the bank.
‘Money in the bank’ is a good, safe way to lose money. A couple of months ago, I renewed some fixed deposits at 7.25 per cent per annum. At today’s income tax rates, almost a third of this will go into the care of Shri Chidambaram, leaving a net interest rate of 4.9 per cent, which is less than the official rate of inflation. So the money I manage is actually losing value.
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Posted on December 6, 2006 09:43 AM by money 649.
Filed in Money in the Bank under money in the bank.
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