Expense Account, Mint
One of the lasting images out of the rubble of the 2008 financial holocaust is that of US citizens declaring their patriotism by shopping. “I put money in the economy when I bought my 30th handbag or fifth car,” was the mantra. As a card-holding patriotic Indian, ever wondered what our patriotic duty is? It is to move cash out of that savings deposit into more productive assets. A savings deposit of Rs100 allows just Rs70 to get lent forward due to the various prudent banking (no quibble with those) requirements. Moving this cash to a longer-term product would not only earn us a better return, but will also allow entrepreneurs to borrow more cheaply than they do now. But we hoard cash. At least 50% of household savings is in bank deposits.