What should One Learn about Investment from Republic Day
On 26th January 1950, the Constitution of India came into effect and this gave us the Republic Day. The constitution has facilitated exponential growth that the country has seen over past several decades. One of the major sectors that has developed is investment and trading. Learn about these investment options on Republic day to begin planning your financial constitution.
Tax Saving Fixed Deposits
Fixed deposits are one of the safest steady return investment options. In banks, Deposit Insurance and Credit Guarantee Corporation insures up to Rs. 1 lakh per customer. This means that ideally you should look at splitting investment more than Rs. 1 lakh across different banks. As a result, you would also have the option of getting emergency funds without breaking the entire deposit. A savings account is also an equally beneficial investment option. It provides moderate interest rates at regular intervals and can turn out to be a good source of income while you save for the future.
These types of investments generally work when there are stocks to buy and hold. These stocks are carried into stock markets by individuals and firms and the income is churned from dividends and capital gains. Investment banking ensures that you have investment options available across various options such as mutual funds, government bonds and gold bonds. While this is a risky investment technique since it is dependent on market fluctuations, the returns are also high.
Sukanya Samriddhi Yojana
If you are looking for small deposit schemes for your daughter, Sukanya Samriddhi Yojana is the best suited as it is exclusively developed for girl child. A legal guardian can open this account in the name of the girl. The funds can be used for future education of the child. The Yojana caters to two purposes: educating the girl child and investing for long-term returns.
Senior Citizen Savings Scheme
Senior Citizen Saving Scheme is developed for individuals aged above 60. Individuals after retirement can also access this savings scheme. Under the scheme, a yearly interest rate of 8.3% can be availed. Moreover, the investor can also get tax benefits up to INR 1.5 lakh under Section 80C. The tenure of the scheme is five years, but this could be extended for three more years as per the customer’s preference. This scheme is highly beneficial for senior citizens as it can provide guaranteed returns during the investment tenure.
With so many investment options available through banks and other financial institutions, choose the one best suited to your needs and start saving today.
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much moreRead More