Best place and strategy to keep your emergency cash reserve

POSTED BY JayaprakashReddy ON February 23, 2011 3:18 pm COMMENTS (2)

We need to keep cash reserve of at least 3-6months of expenses. What is the best place to keep this cash reserve and make this money also generate money even if it is small?

I planned to keep this money in couple of savings accounts and use Money Multiplier (ICICI bank) or AceMoney (Kotak bank)? In these facilities they offer 8% interest instead of 3.5% of savings account.

Can experts and other users through some light on it? Are there any better ways to keep this reserve?

2 replies on this article “Best place and strategy to keep your emergency cash reserve”

  1. Ajay says:
    February 23, 2011 at 4:04 pm

    Jayaprakash –
    There are some discussions on this forum regarding this. I suggest you go through them

    Here are a couple

    http://localhost/jagoforum2/recently-read-a-article-about-emergency-funds-which-said-first-have-an-emergency-fund-then-invest-now-the-as-the-author-suggest-should-one-stop-all-investments-like-sip-and-all-first-make-an-em/1156/

    http://localhost/jagoforum2/emergency-fund-and-its-management/1028/

    Reply
    1. JayaprakashReddy says:
      February 23, 2011 at 4:13 pm

      Thanks ajay that was really helpful. Sorry for not searching for these before posting it.

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.