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Short-term savings plans can help meet your immediate and near-term goals. It could mean buying a car or funding a luxurious holiday overseas. If you have extra cash, it would be wise to invest it in short-term plans as they have the potential to grow your money. Lasting anywhere from three to five years, here are some popular short-term plans you can invest in.
Debt mutual funds are one of the best short-term savings plans. They offer low risk and provide consistent returns. Liquid assets, low duration funds, extreme short-term funds, money market funds, and other debt mutual funds are examples of the same. Because the returns in these funds are unaffected by market volatility, they are deemed low-risk investment alternatives. The base securities in such debt funds have maturity of less than 12 months, which means they can all be used to deposit funds for the short term. Debt fund yields are currently at a maximum of 5-6%.
While fixed deposits require a single lump sum payment, recurring deposits (RD) permit you to make regular payments. This allows you to deposit money regularly with ease. A recurring deposit can be set up at your local bank, post office, and you can also open your RD savings account online. RDs often have a 6-month to 10-year contract. RDs usually have the same rate of return as fixed deposits, which is roughly 6%, making them among the best short-term savings plans. The interest produced on the invested funds is taxed according to your tax bracket.
The NSC is a tax-advantaged short-term savings plan you can create at any post office outlet. Because the plan is a Government of India effort, it is considered a safe short-term plan. These certificates pay a fixed yearly interest rate of roughly 6.8% (updated quarterly by the Government), ensuring a consistent income for the investor. There are two kinds of certifications in the scheme: five-year and ten-year certificates. Tax incentives are also available under Section 80C of the Income Tax (IT) Act, adding it to the list of the best savings account today. Interest income, however, is taxable.
While FDs are not a high interest savings account, they are the safe and, hence, the preferred choice for many investors. FDs can generate yields of 5-5.5%. Interest earned is taxable as per the income bracket.”
Fixed deposits (FDs) are another short-term investing plan, wherein you deposit a lump sum amount with the bank for a set length of time. It is best suited for investors with a low-risk appetite. That said, FDs provide better returns than a traditional savings account. The investment period can vary from 7 days to 10 years.
Bonds issued by prominent firms to fund their initiatives are known as corporate bonds. They are usually safe and generate interest regularly, such as quarterly or twice a year. Bond funds are aggregates of corporate bonds from a variety of corporations, typically from many industries and sizes. Because of the diversity, a poor-performing bond does not have a significant impact on the overall return. Interest is paid routinely by the bond fund.
If you have some excess cash at your disposal and are prepared to invest it somewhere, look no further than IDFC FIRST Bank. IDFC FIRST Bank offers you a high interest savings account, among many other savings benefits to look out for. The best thing is that it allows for online savings account opening, allowing you to invest your savings without stepping out of your home. IDFC FIRST Bank has some of the best short-term savings plans you can choose.
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The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.