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Ans: Since your requirement is for using the money in six months and you are looking for zero-risk options, your money must be kept in safe, liquid, and interest-earning instruments. You are currently keeping the amount in IDFC First Bank’s savings account, which is already better than regular savings accounts. But there are even better options for this short-term goal.

Your Situation and Goal

You have Rs. 10 lakh now.
You will add Rs. 1 lakh every month for 6 months.
You want to use this for interior work.
You want full safety for your money.
You want better returns than a regular savings account.
You do not want to take any market risk.

What You Must Avoid

Do not invest in mutual funds.
Even liquid funds are not 100% safe.
They are market-linked.
Their returns are not fixed.
They also have tax on gains.
Avoid shares, ULIPs, real estate, or corporate bonds.
Avoid any product with lock-in or price fluctuation.

Best Options for You

1. Auto Sweep Fixed Deposit

Your IDFC First Bank offers auto sweep FD.
Extra money in savings goes to FD automatically.
This earns better interest than savings account.
If you need money, it auto-breaks the FD.
This gives both safety and liquidity.
Keep Rs. 2 lakh in savings account.
Put Rs. 8 lakh in auto sweep FD.

2. Recurring Deposit for Monthly Additions

You plan to add Rs. 1 lakh every month.
Start a new 6-month RD every month.
This earns fixed interest and is fully safe.
Each RD will mature when your payments begin.
This matches your need for funds gradually.
Interest rate can be 6.5% to 7% per annum.

3. Fixed Deposits for 180 Days

If auto sweep is not available, use short-term FDs.
Place Rs. 8 lakh in three or four small FDs.
Each FD can be for Rs. 2 lakh.
Tenure can be 180 days.
If you need money, break one FD only.
Keep Rs. 2 lakh in savings for emergency.

What Not to Use

Don’t use mutual funds.
Even liquid or arbitrage funds can fluctuate.
They also have new tax rules.
Short-term gains are taxed at slab rate.
Also, there is no guarantee of returns.
Don’t use T-bills or government bonds.
They are not flexible for 6-month use.

Step-by-Step Execution

Step 1: Keep Rs. 2 lakh in IDFC savings account.
This gives quick access for small payments.

Step 2: Put Rs. 8 lakh in 180-day FD or auto sweep FD.
Check which gives higher interest.

Step 3: Start one RD every month with Rs. 1 lakh.
Total six RDs, each for 6 months.

After 6 months, your total money will be Rs. 16 lakh.
Your RDs will start maturing one by one.
Use the money for each phase of interior work.

Expected Earnings

FD of Rs. 10 lakh at 7% for 6 months gives about Rs. 35,000.
Six RDs of Rs. 1 lakh each may give Rs. 11,000 in total interest.
So, total interest you can expect is around Rs. 46,000.
This is better than a savings account and is risk-free.

Tax Points to Remember

Interest on FD and RD is taxable.
It is added to your income.
You must pay tax as per your slab.
Bank will deduct TDS if total interest is above Rs. 40,000.
Still, you must show all interest in your ITR.
If your spouse is in lower tax slab, invest in their name.
This reduces overall tax on interest earned.

Extra Safety Tips

Keep all deposits below Rs. 5 lakh per person per bank.
This keeps your money insured under DICGC.
Use your spouse’s name if you need more FD space.
Use scheduled banks only.
Avoid small NBFCs or unknown finance companies.
Always choose capital safety first.

Final Insights

You are on the right track.
Your decision to avoid risky products is wise.
Stick to FDs, RDs, and auto sweep for short-term goals.
This gives you guaranteed returns and easy access.
Do not be tempted by higher returns from market products.
Stay focused on safety and capital protection.
By following this plan, you will have Rs. 16 lakh ready in 6 months.
You will also earn around Rs. 46,000 extra without any risk.
This is the best balance between safety, liquidity, and returns for now.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment