Are you worried about the news of bank account theft and are you looking for an alternative way to keep your money in a bank account? Here are 4 ways you can deposit your money with low or no risk.
1. Money Market Funds
Money Market Fund (MMF) is a low-risk or even zero-risk investment that allows investors to earn a slightly higher return on investment than time deposits.
Money market funds are available from various domestic fund houses and investors can simply transfer their money into a money market fund and receive interest. Interest will be calculated on a daily basis, so if an investor deposits for 1 day, they will receive 1 day’s interest, and if they deposit for 10 days, they will receive 10 days’ interest.
People can take money out of the money market fund early at any time to use it and the receiving bank account must be in their own name.
2. SSPN
The SSPN is a fund launched by the Higher Education Trust (PTPTN) to encourage people to save for their children’s or their own education early. In previous years, the SSPN has paid out at least 3% interest. Once an account is opened, people can deposit and withdraw money at any time. The bank account used to receive the money must be in your own name.
3. Stock Trading Account
A Trading Account also offers interest on deposits at a rate of 1.20% to 1.30%. As long as you deposit your money in the Trading Account, you will receive interest on your deposit at the end of each month. Users can also withdraw and deposit from their stock trading account at any time. The bank account from which the money is received must be in your own name.
4. Time Deposit via Over-the-Counter
You may also choose to deposit time deposits over the counter as time deposits placed in this manner can only be withdrawn over the counter and must also be withdrawn through the same branch. If you are depositing with branch A of the bank, then you must withdraw through branch A and you cannot withdraw through branch B.
