When it comes to FDs, the greatest approach to get good returns is to keep your money in one for a long time. Compounding interest means that the longer you stay invested, the better your returns will be. Please keep in mind that the interest rates on your fixed deposit may vary depending on the tenor. Choose the longest tenor feasible to get the finest results.
When the tenor is at least three years or longer, several banks or NBFCs provide high FD interest rates. Here’s an illustration of how it works and what you may anticipate in return. The table below illustrates the potential returns on an Rs. 2 lakh Bajaj investment. Another investing strategy you may use to make money with your savings is laddering. It’s a good strategy since it helps you to coordinate your investments with your other financial objectives. Instead of investing in a single FD, you invest in numerous FDs in a staggered fashion. For example, if you have three goals spaced out across three years, it’s a good idea to invest in each one separately. Also Read: How to Grow your Savings with High FD Interest Rates from Bajaj Finance
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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