Investing can be understood as the act of committing money, time, or other resources to a particular venture or financial product, with the expectation of generating a profitable return. The objective of investing is to make your money work harder for you by putting it into opportunities that can potentially generate higher returns than traditional savings accounts.
Investing is important for several reasons, some of which are mentioned below:
- Building wealth: One of the most significant reasons why investing is important is that it can help you build wealth over time. By investing your money in assets such as stocks, bonds, real estate, or mutual funds, you can potentially earn higher returns than you would with cash in a savings account. The longer your money is invested, the more time it has to accumulate returns, which can increase your wealth significantly.
- Achieving financial goals: Investing can help you achieve your long-term financial goals such as saving for retirement, buying a house, or starting a business. By investing systematically and consistently, you can work towards achieving these goals and avoid financial stress later in life.
- Diversification: Another reason why investing is important is that it allows you to diversify your portfolio and spread your risk. By investing in various assets that behave differently, you can reduce the impact of market volatility on your overall portfolio.
- Beating inflation: Investing is also essential to ensure that your savings keep up with inflation, which is the rate at which the general level of prices for goods and services is rising. Inflation erodes the purchasing power of your money over time. By investing in assets that generate higher returns than inflation, you can protect your money against the effects of inflation.
Fixed deposits are one of the safest and most reliable investment options for people looking to make safe returns on their savings. In a time where financial insecurity is prevalent across the globe, fixed deposits provide a stable and secure place for your money to grow.
A fixed deposit is essentially a savings account. The difference is that with a fixed deposit, you agree to keep your money in the account for a fixed period of time, normally ranging from a few months to several years, in exchange for a guaranteed interest rate. The interest rate is fixed at the time of opening the account and is not influenced by market fluctuations.
However, new-age technologies have now ushered in an era of digital fixed deposits. These investments allow individuals to park their money in a fixed deposit account by simply using a mobile app or an online platform, from the comfort of their homes. One such option is offered by Bajaj Finserv, called Bajaj Finance FD.
Bajaj Finance FDs offer a flexible and hassle-free investment option, allowing users to make deposits online, without having to visit a bank or fill out lengthy paperwork. With the new year, Bajaj Finance has come out with a new interest rate of 8.85% per annum for online bookings, making it one of the most attractive investment plans in the market. Customers will get an ROI of 8.85% if they book an FD for 42 months if they book through an app or web only.
The Bajaj Finserv app enables customers to book their account in under 5 minutes, with no additional documents or hassles. The app’s interface is user-friendly and enables individuals to choose their preferred tenor and interest pay-out frequency.
The interest rate being offered by Bajaj Finance FDs is significantly higher than what most banks offer for fixed deposits, making it one of the most competitive options available in the market today. Moreover, the company has an impressive credit rating from agencies such as CRISIL and ICRA, which further boosts investors’ confidence in the scheme.
Bajaj Finance FDs symbolize the new age of digital investments, bridging the gap between traditional investment options and modern financial technology. The platform offers safe, secure, and hassle-free investments, with attractive interest rates, flexible tenures, and seamless customer service. By providing access to an efficient and effective digital fixed deposit option like Bajaj Finance FD, people can easily make their money work harder for them and achieve their financial goals.
Apart from Bajaj Finance, there are numerous other applications and platforms that offer digital fixed deposit options. For example, the Post Office offers secure and reliable fixed deposits, that help users earn an interest rate of up to 6.7%. Similarly, ICICI Bank, HDFC Bank, Axis Bank, and others also provide a range of different fixed deposit schemes for their customers.
Some of these options are mentioned below:
- Paytm Money: Paytm Money recently forayed into the digital fixed deposit space and has tied up with IndusInd Bank to offer fixed deposits to its users. The platform offers up to 6.5% interest rates for a tenure of 36 months and allows users to create and manage FDs seamlessly on the mobile app.
- HDFC Bank: HDFC Bank is one of the leading banks in India, and it offers several fixed deposit options to its customers. The bank has a network of over 5000 branches and also provides a digital platform for customers to book their FDs online. HDFC Bank’s fixed deposits offer competitive interest rates, and customers can choose from various tenures ranging from 7 days to 10 years.
- SBI: State Bank of India is one of the largest banks in India and a popular option for fixed deposits. The bank offers FDs with varying tenures, ranging from 7 days to 10 years. The interest rates offered by SBI are subject to change from time to time.
- ICICI Bank: ICICI Bank is another leading bank in the country that provides online fixed deposits to its customers. The bank has a user-friendly platform that enables customers to create and manage their FDs with ease. The bank offers various tenures and interest rates, ranging from 7 days to 10 years.
In addition to these options, many mutual fund companies such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, and SBI Mutual Fund also offer fixed deposit schemes to their investors with competitive interest rates.
Fixed deposits continue to retain their status as one of the safest and most reliable investment options. With digital investments becoming increasingly popular, fixed deposits have become even more accessible, with easy-to-use apps and hassle-free online platforms. The emergence of digital fixed deposits has truly symbolized the new age of investments, blending convenience with reliability, and security with innovation.
In conclusion, for individuals who are looking to invest in fixed deposits, Bajaj Finance is a great choice, with its online booking facilities and attractive interest rate of 8.85% per annum. Nevertheless, there are many other options available, so it is crucial to consider your own investment goals and risk appetite before venturing into any scheme. Make sure to do your research and choose a fixed deposit plan that best fits your needs, providing the financial stability you desire, and that can help you achieve your investment goals while providing adequate returns on your savings.