TheIndian
Forerunner
Optimally, we would show prudence and go to a nationalized bank, or another bank of standing, but here, Yes they count, and remember we are talking of depositors money, not investors.
Maximum funds one can keep in bank account?
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manucitc
Herald
here you go..
Famous Mahupura Co-Operative bank scandal,...case is still going...
http://indiatoday.intoday.in/story/...uing-loans-to-friends-relatives/1/205980.html
Famous Mahupura Co-Operative bank scandal,...case is still going...
http://indiatoday.intoday.in/story/...uing-loans-to-friends-relatives/1/205980.html
7 lakhs interest.On paper it all looks great
Where did tax went.70000 approximate will be the tax outgo.Plus what about various expense like daily necessity use for money
Plus once you become a lazy bum sitting across.More expense will go .Like thinking why not get a better car much better lifestyle much better entertainment expense.In short money will move out faster than the rate it goes now while you work.Expense will go thrice faster than present scenario.
Plus banks money are secured upto 1 lakh not 2 lakhs.There were talks to 2 lakhs but i guess it never materialize.Plus chances of loss are high in co-operative banks.
Government bank wont die it will be taken over and government will surely fund back even on take over.
Where did tax went.70000 approximate will be the tax outgo.Plus what about various expense like daily necessity use for money
Plus once you become a lazy bum sitting across.More expense will go .Like thinking why not get a better car much better lifestyle much better entertainment expense.In short money will move out faster than the rate it goes now while you work.Expense will go thrice faster than present scenario.
Plus banks money are secured upto 1 lakh not 2 lakhs.There were talks to 2 lakhs but i guess it never materialize.Plus chances of loss are high in co-operative banks.
Government bank wont die it will be taken over and government will surely fund back even on take over.
TheIndian
Forerunner
A 10 year old story, and I remember it, follow it up, all depositors were paid full amount. You say, case is still going on, care to provide a link to it ?
On further research, this case was a watershed, politicians had wanted RBI hands off from Co-ops as they ran them as their fiefdoms and personal financing mechanism. After this rules were tightened, and good bye to politicians controls over co-ops and doling out money to themselves.
I have personally received my full money which was in a mid east bank which went under and they had a branch in India, and that was before this by about 15 years. BCCI - it was handed to SBI to take care of the depositors. There was some delay, but got the entire amount with interest in a year or so.
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blr_p
Oracle
Correct
now this is interesting. See, usually when a shock occurs, it creates a stink that lingers. What was the follow up ? nobody seems to recall, it gets buried in the middle pages of the newspaper and got lost not blaring headlines so they only the big event is remembered.
What i was referring to occured between 75-85. Somebody we knew was affected. Now whether they collected after or not isn't clear. At the very least i hope i will be able to get the name of the bank and you can do the rest. Will take some time. Did not get the chance to raise the topic yet.
70s was an interesting time in India for banks because Indira went out of her way to nationalise them, in effect socialising capital.
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red-devil
Forerunner
btw, where is @avi ? Counting his hypothetical notes? 
On topic : I don't think there is any upper limit to the amount you'd want to deposit in a bank but the interest from that deposit isn't as significant as you'd think.
7lacs a year is not bad if you want to live a middle class life in a small town. In bigger cities, it might be a bit of a struggle, unless you cut down on your expenses and rent.
On topic : I don't think there is any upper limit to the amount you'd want to deposit in a bank but the interest from that deposit isn't as significant as you'd think.
7lacs a year is not bad if you want to live a middle class life in a small town. In bigger cities, it might be a bit of a struggle, unless you cut down on your expenses and rent.
rdst_1
Juggernaut
If you already have a house and a car(if you need one), it shouldn't be much difficult. If not then in today's day and age 50k a month is clearly not enough, because even house rent, electricity, LPG, groceries and other daily amenities will end up costing over 50k easily.
Easily? How so? You can live a pretty good life with 50k even in Bangalore. Are you including the entire family in the equation?
rdst_1
Juggernaut
How big a family? 4? I think even two can make it pretty decently with 50k. With kids though, it's a different matter altogether.
red-devil
Forerunner
Yes, you have to consider the cost of living for a family of 3 or 4. No point in looking at the cost of living for a bachelor who for all he cares, can even share a house with friends or stay in a el cheapo PG
[DOUBLEPOST=1393613019][/DOUBLEPOST]expenses aside, I think the basic things like Rent, EMI+gas (for 1 bike+1car), other utilities - it becomes a bit too much : I would put the number to atleast 30-35kAnd in the real world, where you go shopping+movies+at least 2 week long trips/year : 7 lacs pretty much amounts to not a lot!
rdst_1
Juggernaut
In today's day and age I would find it hard to survive within 50k for even 2 people. A decent 2 bedroom accomodation would easily run between 20-25k a month if I am correct. Add to that electricity bills, internet, water, LPG, etc.
I personally won't survive but I am a big spender so take what I say with a tablespoon full of salt.
Having said that 50k will be just enough for two people and won't leave much wiggle room IMO.
I personally won't survive but I am a big spender so take what I say with a tablespoon full of salt.
Having said that 50k will be just enough for two people and won't leave much wiggle room IMO.
I just saw this thread and I'm like "wtf a crorepati?" lol.
The max which i had in my account was 8 lacs. Now under 10k
Cost of living varies from one place to another. Lets take Delhi case for example. I;m going to talk from a college student's POV. In DU north campus Kamla Nagar, Guptacolony, Vijaynagar etc areas you pay a minimum of 10k for a shared PG (the food sucks btw). Now in south its around 7k for a shared PG. Now lets have a look at rent. The lowest which I've come across was 2000rs for a single-room. Take average electricity charge as 1000rs. Water fee as 500-1000max. You can save over 5k.
Most DU students say 80% of them have a very heavy lifestyle. Whats shocking is some people buy branded stuff for showing off. :| A friend of mine gets 25-30k every month but he says hes always running out of money. I have no idea how he spends all his money. I live in my uncle place so I dont pay rent but my "mess" fee comes to just about 3000-5000rs (rare case). Travelling charge? I have a student bus pass.
I dunno much about these metro-cities lifestyle but I could do with 50 grand a month somewhere else other than Mumbai, Bangalore, Delhi. Lets just say that I have a low-cost of living which is cool.
The max which i had in my account was 8 lacs. Now under 10k
I'm curious, where do you live? What do you eat? The brands of clothes you wear?
Cost of living varies from one place to another. Lets take Delhi case for example. I;m going to talk from a college student's POV. In DU north campus Kamla Nagar, Guptacolony, Vijaynagar etc areas you pay a minimum of 10k for a shared PG (the food sucks btw). Now in south its around 7k for a shared PG. Now lets have a look at rent. The lowest which I've come across was 2000rs for a single-room. Take average electricity charge as 1000rs. Water fee as 500-1000max. You can save over 5k.
Most DU students say 80% of them have a very heavy lifestyle. Whats shocking is some people buy branded stuff for showing off. :| A friend of mine gets 25-30k every month but he says hes always running out of money. I have no idea how he spends all his money. I live in my uncle place so I dont pay rent but my "mess" fee comes to just about 3000-5000rs (rare case). Travelling charge? I have a student bus pass.
I dunno much about these metro-cities lifestyle but I could do with 50 grand a month somewhere else other than Mumbai, Bangalore, Delhi. Lets just say that I have a low-cost of living which is cool.
rdst_1
Juggernaut
I just saw this thread and I'm like "wtf a crorepati?" lol.
The max which i had in my account was 8 lacs. Now under 10k
I'm curious, where do you live? What do you eat? The brands of clothes you wear?
Cost of living varies from one place to another. Lets take Delhi case for example. I;m going to talk from a college student's POV. In DU north campus Kamla Nagar, Guptacolony, Vijaynagar etc areas you pay a minimum of 10k for a shared PG (the food sucks btw). Now in south its around 7k for a shared PG. Now lets have a look at rent. The lowest which I've come across was 2000rs for a single-room. Take average electricity charge as 1000rs. Water fee as 500-1000max. You can save over 5k.
Most DU students say 80% of them have a very heavy lifestyle. Whats shocking is some people buy branded stuff for showing off. :| A friend of mine gets 25-30k every month but he says hes always running out of money. I have no idea how he spends all his money. I live in my uncle place so I dont pay rent but my "mess" fee comes to just about 3000-5000rs (rare case). Travelling charge? I have a student bus pass.
I dunno much about these metro-cities lifestyle but I could do with 50 grand a month somewhere else other than Mumbai, Bangalore, Delhi. Lets just say that I have a low-cost of living which is cool.
When I was a student, I used to survive for 2k a month when I was living in a hostel.
I am talking about 50k for 2 people. Obviously if you are married you will want to live in at least a comfortable 2 bedroom house which will cost you around 25k easily, both in Delhi or Chandigarh (where I live). Fuel expenses are already around 6k a month for me and I am not even married yet. I spend a lot on junk food daily and also when I go on a shopping spree. Let's just say that if I do well for a month I like to do some spending because in my mind that is what money is for. Earlier when I was only making 25-30k a month I wasn't able to save anything because of my eating habits. Nowadays I do save a lot, more than 50% of what I make. But my idea of saving is by putting the money back into my business and that is what works for me as the returns are far greater than what I would get out of a FD.
TheIndian
Forerunner
You could live off 5k a month or or 50k or 500k or even 5000k, it all depends what you call living. Its a very "relative" word.
Its all a matter of how you look at it, surviving or living, .. which brings us to another relative word.
But for all practical purposes, 50k a month is simply not enough for 2 persons. Not by a long shot.[DOUBLEPOST=1393748325][/DOUBLEPOST]
I guess you could live off nature and moved to the jungle. That would cost you nothing. Perhaps you could call it surviving.
Its all a matter of how you look at it, surviving or living, .. which brings us to another relative word.
But for all practical purposes, 50k a month is simply not enough for 2 persons. Not by a long shot.[DOUBLEPOST=1393748325][/DOUBLEPOST]
If you're a bachelor (and plan on staying one), it's more than enough
I guess you could live off nature and moved to the jungle. That would cost you nothing. Perhaps you could call it surviving.
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