Investment tips for women: You must have heard a lot about becoming a millionaire by investing money in the stock market. This must have been tempting but still when it comes to investing their hard-earned money, women think more than men. For some time now, the interest rates on fixed deposits have also increased compared to the previous few years. FD has many benefits and some disadvantages as well such as the returns in it are not high compared to equities but it is less risky i.e. its returns are guaranteed. This is why it is an option that remains a special choice of people.
If you have already made an FD or are planning to deposit money in the near future, then this time pay attention to some important points so that whichever bank’s FD you choose, whichever tenure you choose, you remain in profit-
Which bank is giving high return- Compare the interest rates offered by different banks. Public sector banks, private banks and small finance banks are found to offer different rates. In such a situation, if you are targeting a higher interest rate, then compare them first. Many banks including SBI, Axis, Bank of Baroda have increased their FD rates by offering better returns to attract more customers. Small finance banks or other financial institutions may be offering better interest rates but it would be better to choose a reputed bank. Working Women Special: Are you planning to become a mother? 6 things you need to do
FD Laddering- You also have the option of choosing FDs like ladders. Didn’t you understand? Actually, in FD laddering, you can take many FDs maturing in different time periods. Divide the amount you want to deposit into four-five parts and invest. If you deposit different amounts for different time periods, then the benefit of this will be that the FDs will become like a ladder, when needed, you will break only one or two and keep the rest invested – you can have this option.
A penalty will be imposed if- Yes, if you break the FD before the stipulated time, then you will have to pay a certain percentage penalty. Check the conditions of premature withdrawal. On the other hand, if you make multiple FDs simultaneously under FD laddering, then you can break only the FDs as per your need and keep the rest of the amount invested and in such a case, penalty will be levied on a relatively lesser amount. Women staying at home can start earning money in these 10 low cost jobs
There are many benefits on FD- Yes, FD is not just about keeping the money and forgetting about it. Some banks offer sweep-in facility while some banks also offer loan against FD which can be very useful for you in times of need. Whenever you choose the time and bank for FD, fix it only after discussing these types of issues.
Have you heard about Corporate FD? You may have heard about them. These are non-banking financial companies (NBFCs) that deposit your money in fixed deposits and give better interest rates than banks. But remember that there is risk in them. Do a thorough investigation of the company in which you are going to invest. Note that the amount deposited in company FDs is not insured.
Disclaimer: Before taking any investment decision, discuss your needs and goals with an investment advisor. This article on AnyTV Hindi Digital is written for primary information only. The website or management is not responsible for this.
Tags: Bank FD, Business news, Fixed deposits, Investment tips, Women’s Finance
FIRST PUBLISHED : May 29, 2024, 15:04 IST