All investors desire to gain the maximum financial returns without the risk of losing money when investing. Nowadays, it is imperative to invest in an appropriate investment plan to gain maximum money to fulfil people’s financial needs. Making money grow is an important part of life. Keeping your money in a bank account is a waste of resources. A person needs funds for different stages of their lives. Therefore,
The financial corpus one has to build is extremely important – whether it is for their children’s marriage, education, or retirement. It is common for people to focus on looking for the best and several types of investment plans that offer greater returns on their investments when attempting to develop this financial corpus.
Here are five types of investment plans that you can choose from based on which one gives you the best return
Mutual funds are often confusing for new investors when making investment decisions. They are inherently risky because they are market-linked, but it is impossible to ignore their higher returns. Investing in Mutual Funds can give you higher returns than many other investments if you do not have the necessary experience and expertise. Market-related investments include debt, money market funds, equity, stocks, etc., whose returns are based on the performance of the financial instruments.
Public provident fund
A public provident fund (PPF) is backed by the government, allowing its subscribers to invest their funds safely and securely in the long run. To maintain a PPF account, the government revises the interest rate every quarter and pays it to the account owner. If you open your PPF account, you will only be able to take a partial withdrawal of your funds after six years. After that, however, one can withdraw the balance from one’s PPF account to make payments. Since the government regulates this scheme, the principal amount and the interest earned are completely protected, similar to FD schemes with the best FD rates. PPFs also fall under the EEE category, which exempts the principal, interest and maturity amounts.
Bank fixed deposits
Fixed Deposits with the best FD rates are one of the most popular options when investing traditionally. Banks guarantee fixed returns for a fixed period on these deposits. According to bank guidelines and the tenure of the FD with the best FD rates selected by the investor can last anywhere from 7 days to 10 years. There are also tax-saving fixed deposits available for a five to ten-year period. FD rates of fixed deposit vary from bank to bank. In addition, a Fixed Deposit investor has the option of making a cumulative deposit or a non-cumulative deposit.
Senior citizens saving scheme
The scheme allows individuals over 60 to make deposits and receive good interest on their deposits. Currently, the rate of interest for this scheme is 8.6%. In this investment instrument, the tenure of the investment can be extended by three years if necessary. There are other saving schemes available in India that offer the highest interest rate in comparison to SCSS. You can open your account through a Public and Private Sector Bank or the Indian Post Office.
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Post-office monthly income scheme
Post Offices in India offer a monthly saving scheme, one of the most lucrative schemes for generating income every month. Savings schemes like this are funded by the government and allow investors to save a certain amount every month. The scheme matures five years after the opening date of the account. The Post Office MIS accounts are available to all individuals who are residents of the Indian population and who have a minimum amount of Rs. 1,500 in their account. Investors can open either an individual or a joint POMIS account. However, the Post Office Monthly Income Scheme does not offer any tax rebate on investments or maturity amounts for investors looking for a tax-saving scheme.