Fixed deposits have been the most popular kind of investment in India? Most of the middle aged and senior citizens will look for a fixed deposit when it comes to saving funds. But we are here to tell you that salaried individuals aged between 21-30 years too can invest in Fixed deposits and secure their funds.
As we are staying home due to lockdown, most of us are struggling with loss of income and jobs. In such a situation, you must start saving funds as much as possible so you can secure your future. For any salaried employee, increasing their wealth is of prime importance.
Hence in order to help you understand, we will explain 4 important reasons why anyone else should opt for a fixed deposit investment to increase their wealth.
When you compare Fixed deposits with stocks or any market linked instruments, a Fixed deposit is the safest investment in the market. You can invest and be rest assured that your money will be safe. In time it will keep growing too.
You can also assess the safety of your funds through its ratings. There are many rating companies like CRISIL that provide ratings to fixed deposits. “FAAA” is considered to be the highest rating for financial instruments. So when you are looking for the best FD, look for a deposit that gives high interest rates and also is rated “FAAA”.
Returns are perhaps the biggest concern for every customer in India. If you can find a fixed deposit that gives high interest rates, it’s a good choice. Banks provide different interest rates for general and senior citizens. The rates for senior citizens are higher than general rates.
Power of compounding:
With the power of compounding, anyone can increase their wealth. For example, if you invested 10,000 rupees in your FD for one year and earned 600 rupees (6% interest) at the end of the year 1, then for year 2 you will earn interest on 10,600 rupees. Yes, this power of compounding will increase your wealth a lot in the long run.
Since COVID-19 has affected our earning potential and savings, with the help of the best fixed deposits by ICICI, secure your family’s future and increase your wealth. If you wish to check the best schemes on ICICI Fixed deposits, CLICK HERE