The market offers several options for those looking for avenues to invest their hard-earned money and to get high yields on it. Investors in Coimbatore seem to be going in for those that are both secure and yields high returns.
Some banks in the city have seen deposits growing by nearly 200 per cent since the commencement of this financial year and some others are seeing buoyant enquiries and off-take of home loans.
With economic slowdown, investors want to go in for safe investments. High interest rates are attracting many to deposits, says a banker here. Another banker adds that banks have different types of deposit schemes. Coimbatore is basically a centre for credit off-take. Though interest rates have gone up there are many who still prefer to invest in real estate. They prefer to have their savings in cash only for emergency and day-to-day needs. Banks should come out with products and schemes with attractive returns to increase rural savings.
Another option for investment here is postal savings.
According to a Postal Department source, Coimbatore had 5.9 lakh live accounts at the starting of this fiscal and it has increased to 6.13 lakh accounts now. About 25 per cent of the new accounts come from rural areas. The number of accounts is expected to go up when the interest rate revision is implemented.
Though 63,000 new accounts were opened here during the last seven months, nearly 42,000 were closed. Investors verify the options that are available, the source says.
