Ever wondered how your parents managed to successfully get your needs sorted – be it school fees or surprise gifts for your birthday, no matter what the financial situation of the family was then?
When you were a child, do you remember saving up the leftover change from whenever your mother sent you out for grocery shopping? Or safely putting together the money received during festive occasions from your grandparents or relatives? Wouldn’t this always go into your tiny piggy bank or savings box?
And this comes with the way we are nurtured from childhood, being taught about not only saving money, but also the benefits of saving early.
So what happens when we follow this traditional way of saving, and keep the money at home? There’s always an impulse to take it out and spend it on something unnecessary. But what if there was another way to keep the money safe, make it grow and also serve the purpose of being there for you in need, or emergency?
Choose to invest your money in Fixed Deposits (FD) or Recurring Deposits (RD) to help save before spending.
Why FD/RD? And which one will work best for me?
FD and RD help provide you a safe platform for investing money with guaranteed returns over a specified period of time.
Fixed Deposits finance you on a long term with higher interest rates than a savings account. If you have a large sum of money and prefer to invest it at one go, then FD will be the right choice.
Recurring Deposit helps inculcate a regular habit of money saving. If you are unable to deposit a large sum at once, you can choose to regularly and systematically invest a set amount every month.
It’s always better to be prepared for a rainy day. So choose to start saving early, and invest wisely by exploring the option most suitable for you. To open a fixed deposit/recurring deposit today, click here.