Latest news with #Bagaria
India Today
17-06-2025
- Business
- India Today
Savings account interest rates see sharp drop. Do you really need one?
Many still keep a large portion of their money in savings accounts. But with the sharp drop in interest rates recently, that may not be the best idea the Reserve Bank of India's 100 basis points cut in key policy rates this year, leading banks have slashed their savings account interest State Bank of India (SBI), for example, now offers just 2.5% per year on savings accounts. This is one of the lowest in recent years and makes savings accounts less attractive for people who want to grow their money banks like HDFC Bank, ICICI Bank, and Axis Bank are also offering similar interest rates of 2.75% per year, while only a few small banks like IDFC First Bank are offering higher rates, up to 7%, but that too, only on very large most cases, people are earning less than 3% on their Rate on SavingsSBI2.50% Bank2.75% Bank2.75% Bank2.75% p.a. (< 2,000Cr)IDFC First Bank3% (5L) to 7% (5L–10Cr)Deutsche Bank India2.75% THIS MEANS FOR SAVERSIt means that money lying idle in a savings account is losing value, especially when the inflation rate is higher than the interest you earn. In simple terms, the money in your savings account may not be able to buy the same goods and services a year from now."Following RBI's aggressive 100 basis points rate cut in 2025, SBI has reduced savings account pre-tax returns to around 2.70%, making it unattractive to park large amounts in savings accounts when other debt instruments are offering comparatively better returns with similar liquidity," said Abhishek Kumar, Sebi-registered investment adviser and founder of explained that while savings accounts are important, they should only be used for day-to-day financial needs. "One should continue to use savings account for operational use such as paying bills and managing monthly expenses," he added that the key is to keep a balance. "Keep around 1 to 2 months of expenses in savings account and based on one's risk appetite invest the rest in other debt instruments such as debt mutual funds, FDs, etc."ALTERNATIVES THAT MAKE MONEY WORKAccording to him, other instruments are better suited for those who want to grow their money. 'These alternative debt instruments are better suited for short-term or long-term duration as they offer better returns with similar level of liquidity,' he also pointed out that though both FDs and debt mutual funds are taxed at the same rate, there is an advantage with mutual funds.'Although returns from debt mutual funds get taxed at the same level as FDs, one is required to pay tax only at redemption. Hence, debt mutual funds are a comparatively better option if one has the risk appetite for them,' he Bagaria, Director at Sapient Finserv, also said that savings accounts still play a key role in daily money matters. 'Yes, but only for convenience, not growth. A savings account remains essential for 1. Salary credit, 2. UPI transactions, 3. Bill payments and EMIs, 4. Auto-debits, 5. Maintaining financial records.'But he warned that people must not treat savings accounts as a place for long-term parking of money. 'The current interest rates as low as 2.5%–3.5%, savings accounts now yield below inflation. In simple terms, your money is losing value over time if it just sits there,' he said.'Think of your savings account as a wallet — a place to hold money you need for daily expenses, short-term needs, and emergencies. But don't confuse it with a locker to park your long-term savings. For that, you need smarter options.'WHERE SHOULD YOU PARK YOUR EXTRA MONEY?Bagaria suggested a few options depending on one's investment goals.'The answer depends on your investment horizon and your risk appetite as well as on your financial goal,' he short-term goals (less than 1 year), he recommended 'Liquid Plus and Arbitrage Funds – better returns than savings, with reasonable liquidity and low risk.'For medium-term goals (1 to 3 years), he said 'Corporate FDs, Short Duration Debt Funds, or Hybrid Fund – balance of returns and safety.'And for long-term goals (more than 3 years), he said 'Equity or Equity-Oriented Products/ Hybrid Products – potential for wealth generation.''Every rupee that sits in a low-yield account is a rupee not working for you. And in a world of rising expenses and evolving markets, that's not a luxury most can afford,' Bagaria said. 'Understand your goals, define your liquidity threshold, and channel everything beyond that into more efficient instruments that can help you protect and grow your wealth over time.'While savings accounts are still important for regular financial tasks, experts believe they are not suitable for long-term saving or growing wealth. For that, you need to plan better, understand your needs, and choose better options to make your money work for youadvertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Tune InMust Watch
Fashion Network
21-05-2025
- Business
- Fashion Network
Ananya Goenka Bagaria launches as womenswear label
Former investment banker and University of Michigan graduate Ananya Goenka Bagaria has entered the fashion space with the launch of her eponymous womenswear label, Ananya Goenka Bagaria (AGB). The label has made its retail debut at Bombaim, an experiential luxury fashion store in Kolkata. 'I didn't come from fashion- I walked into it with intention," said Bagaria about her label's launch in a press release. "From boardrooms to boulevards, my journey has been shaped by quiet confidence and purposeful choices. AGB is not about dressing up, it's about dressing true. Because confidence isn't stitched into a garment- it lives in you. This isn't fashion meant to transform you, but to walk with you- wherever you're headed." The brand's first collection, 'Reign Your Narrative', presents tailored silhouettes softened by movement and detail. Cloud-hued satins, structured crepes, and sheer organzas form the fabric base, complemented by hand-finished touches and tonal embroidery. Garments in the collection include shirt jackets, waistcoats, and statement jackets with architectural collars, sculptural drapes, and cascading panels. AGB positions itself as a slow fashion brand for modern Indian women. Drawing from her global education and personal evolution, Bagaria's transition from finance to fashion has been shaped by a desire to create clothing that empowers through thoughtful craftsmanship, according to the designer.
Daily Record
07-05-2025
- Health
- Daily Record
West Lothian doctor responsible for creating successful group of nursing homes dies during family visit to India
Dr Nawal Kishore Bagaria reopened the former Elsie Inglis Memorial Maternity Hospital in Edinburgh An unassuming West Lothian GP who created a successful group of nursing homes built on an ethos of care for all, has died aged 82. Dr Nawal Kishore Bagaria was born in Pachamba, Bihar (now part of Jarkhand), in rural north India on February 5, 1943 he passed away on March 30 this year in Kolkata, India. He lived and worked in Livingston, and remained in West Lothian until just a few weeks before his death. He went on to completely remodel and reopen the former Elsie Inglis Memorial Maternity Hospital in Abbeyhill, Edinburgh as a private nursing home, which operated until 2011. The hospital opened a century ago in July 1925 but closed its doors as a maternity facility in 1988. Elsie Inglis had also been born in India. Dr Bagaria also pioneered and led the set-up of the Edinburgh Hindu Temple, which celebrated 10 years in April 2025. Nawal Kishore Bagaria was born to Shyam Sundar and Radha Devi Bagaria, who began trading Mica following its discovery in the open air coal mines in Bihar. He chose medicine as his path early on, and after concluding his schooling and college he became one of only the second intake of Raanchi Medical School students. On graduating he completed his internship at the prestigious Velore Christian Medical School, the only one of the 250 Raanchi graduates accepted. Whilst there he was involved in research that contributed to the design of the modern day cannula. In 1968 his application to work in the United Kingdom was accepted and with almost no funds he initially based himself, following an initial stay in the Indian YMCA, in a guesthouse in Hampstead Heath in London. Choosing hospital appointments with associated lodging he worked throughout the UK in London's Dulwich Hospital, Tredegar, Brighton, Birmingham and Newcastle. Although life was difficult at first as an Indian qualified Doctor he soon became appreciated and respected, and not only because he offered to work over Christmas and Easter breaks. Wishing to work within the community he became a GP in West Lothian, a position he held for 15 years and during which he became interested in elderly care. At his initial interview with the West Lothian council, he was asked what guarantee there was that he would stay in Livingston. He responded, by committing to raising his family there and to provide for the local community for the rest of his life. He worked there till three weeks before his passing. Dr Bagaria's interest led him to also working in the elderly care units at Bangour and St John's Hospital in Livingston where he saw for himself the need for residential accommodation for those unable to go home, as hospital beds were 'blocked' by those with nowhere to go. In 1988, Nawal and his wife, Dr Sheela, approached the Livingston Development Corporation (LDC) for a site with the intention of providing quality care and accommodation for older people unable to live at home, no matter their background or income level. This started a commitment to providing care to all, something which never left him. Peacock Nursing Home was the result of the LDC support, originally 40, then 80 beds, followed by Woodlands Nursing Home, which also had 80 beds, amongst the very first purpose-built accommodation in the Lothians. The Bagarias were able to add the former Elsie Inglis Memorial Hospital to the group in the early 2000s, chosen in part because it was the first post as a Doctor that Sheela took up after their marriage in 1973 and subsequent move to Scotland. After Sheela's death it was a comfort to Nawal that he and his daughter Ambika were able to completely re-purpose and refurbish Elsie Inglis in time for its centenary this July. Throughout his career Nawal became well known in West Lothian and beyond for his provision of care to all, also providing employment for thousands over the years and supporting the community. READ MORE: West Lothian schoolboy sums up how it feels after win at international maths competition Following Sheela's request, Nawal provided the leadership vision for the setting up of the Edinburgh Hindu Temple and only stepped back as President in February this year. The couple saw the temple, not just as a religious entity but as a way to provide community, and welcome and support first generation Indians to Edinburgh and the surrounding area. Nawal continued to work full time within the care homes, ably supported by his daughters and remained a major presence within the organisation until his recent death. He was involved with plans to provide further local authority funded places when he became ill after attending a family wedding in India and died in Kolkata. He was the first member of the family to reach his eighties. Sheela predeceased him and he is survived by his daughters, Dr Jayshree MBE who has worked for the UK Department for International Development (now Foreign, Commonwealth and Development Office) and the World Health Organisation, most notably in South Sudan and in Sierra Leone during the Ebola epidemic and Ambika, a Qualified Chartered Accountant who is the managing director of the care homes company. Nawal also has two grandsons, Taran and Khailen who loved spending time with their Nanu.
