Adulting can be a unique experience, which enriches your life with new milestones and responsibilities. As you step into this new phase of life, it becomes more important to be financially secure and independent. The excitement of starting to earn can be overwhelming, and you may be tempted to enjoy your newfound independence, but it is important to be smart with your money.
One of the best ways to embrace financial independence is to put your money to work, and grow it with smart investments. With age on your side, early investments can pave the way for a secure future.
The pain of taxes can be too overwhelming, especially when you’ve just started working. A good way to evade this issue is to invest in Equity Linked Savings Schemes (ELSS), which are tax-saving mutual funds. These investment options help you claim deductions from your taxable income under Section 80C of Income Tax Act.
With a fixed lock-in period of 3 years, you may not be able to access your funds for 3 years, unless you opt for a dividend scheme where you can get regular income from your funds. However, your funds are subject to market risk.
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India, where you can enjoy safety along with high rates of interest, with tax exemptions too. You can start investing with just Rs. 500 to a maximum of Rs. 1,50,000 in a financial year.
If you’re looking to simply park your funds for a while, savings accounts can ensure safety of your funds. However, it doesn’t enable higher returns, because of a lower interest rate. It is a good step to start setting aside some funds for future safety.
However, if you’re seeking higher returns with safety, Bajaj Finance Fixed Deposits enable you to enjoy higher returns and stability. You can benefit from a higher interest rate, which comes with high security, assured returns and flexible tenor. You can start investing with just Rs. 25,000 and leverage the high returns.
Want to know about Fixed Deposit in Detail? Read What is Fixed Deposit
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