Saving Deposits

Saving money gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life. Putting aside a sum of money in a systematic manner can help you steer out of many hurdles and obstacles in life. Saving provides a financial “backstop” for life's uncertainties and increases feelings of security and peace of mind. Once an adequate emergency fund is established, savings can also provide the “seed money” for higher-yielding investments such as stocks, bonds, and mutual funds.

 

Fix Deposits

The interest rates offered on FDs are higher than those for savings accounts, allowing you to gain better returns. Since there is no market involvement in FDs, the risk factor is extremely low - making them a popular investment option among first-time investors Fixed deposits generate higher returns as compared to a savings account. Unlike the 4–5% annual interest that you earn on a savings account, fixed deposits fetch you more than 8 % annually. Also, credit society usually offer a higher rate of interest as compared to bank FDs.

 

Recurring Deposit

Investing in a Recurring Deposit is completely risk free and gives guaranteed returns. Investing in Mutual Funds and Stocks might not be a safe option if you have short term investment goals. Because of this nature of RD, investors contemplating on short term goals in a time span of 1 to 3 years choose to involve in Recurring Deposit. Consider the situations given below, Recurring Deposit might just be the right financial product if you are planning to tackle short term situations that require financial assistance.

 

Term Deposit

Term deposits are a low-risk way to invest your money and earn a fixed rate of interest. They lock away your money for the time that you choose (the term), usually between one month and five years. If you need your money before the term ends, you have to pay a penalty fee.

 

Daily Deposit

A unique savings scheme wherein, the daily income earners can park their surplus funds. An authorized agent of the society collects the daily deposits from the customer's doorstep.

 

Damduppat Deposit

In this scheme, you get double the amount after 87 months of the invested amount. For example, if you deposit an amount of RS. 100000, then you will get two times that amount, Rs. 200000 after 87 months. This scheme is profitable, and it is liked by those people who want to deposit a lump sum amount only in one go, and after some time, they get double that amount. A beneficial aspect of this scheme is that even if there are some fluctuations in the market, it does not affect this scheme.