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How do I make the most of my savings, where should I put my money?

Curious about personal savings

How do I make the most of my savings, where should I put my money?

There are several ways to make the most of your savings, depending on your financial goals and risk tolerance. Here are some options:

1. Savings account: A savings account is a safe and easily accessible place to keep your money. Although savings accounts offer relatively low interest rates, they are ideal for shortterm savings goals, emergency funds, or for keeping cash reserves.

2. Fixed deposits: Fixed deposits (FDs) are lowrisk investment options that offer higher interest rates than savings accounts. FDs provide a fixed rate of interest for a specific time period, ranging from a few months to several years. They are ideal for mediumterm savings goals, such as down payment for a house or car, or for retirement planning.

3. Mutual funds: Mutual funds are professionally managed investment vehicles that pool money from many investors to invest in a diversified portfolio of stocks, bonds, and other securities. Mutual funds offer a range of investment options, from conservative to aggressive, and are ideal for longterm investment goals, such as retirement planning, education planning, and wealth creation.

4. Public Provident Fund (PPF): PPF is a longterm investment option that offers guaranteed returns and tax benefits. PPF accounts have a lockin period of 15 years, and investors can make deposits of up to Rs. 1.5 lakh per year. PPF accounts are ideal for longterm savings goals, such as retirement planning or building a corpus for your child's education.

5. National Pension System (NPS): NPS is a governmentsponsored pension scheme that offers tax benefits and a range of investment options. NPS accounts have a lockin period until retirement age, and investors can choose from different investment options, ranging from conservative to aggressive. NPS is ideal for retirement planning and building a corpus for your postretirement years.

Before investing your savings, it is important to do your research, understand your investment goals and risk tolerance, and consult a financial advisor if needed.

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