In times of increasing prices, a well-thought-out financial resolution can make you richer in the longer run. Your 2020 financial resolution will not just help you now; but also, in the years to come.
Without further ado, here are our suggestions for your mandatory 2020 financial resolutions.
1. Fixed Deposits
Instead of putting your money in a savings account, in which the interest rates are low, you can invest in a fixed deposit or FD. They are safe with guaranteed returns as they are not market regulated. AU Bank provides FDs with higher interest rates
, ensuring higher returns. It is a wealth-saving as well as a wealth-creation instrument.
Fixed deposits are an efficient way of saving money. It inculcates a habit of putting money to good use. Instead of keeping your money idle in a bank, you can make more money with the help of FDs.
2. Recurring Deposits
Another type of investment that you can add in your portfolio is a recurring deposit or RD
. Flexibility and higher returns are what AU Bank delivers with RDs. Be it tenure or investment amount, you can choose these as per your own comfort.
At AU Bank, we guarantee competitive interest rates. On maturity, you will receive the principal amount with interest. Just like fixed deposits, you can grow your wealth over time. Investing in recurring deposits is better than waiting to accumulate a sizeable amount for investments. With RDs, you don’t have to invest a big amount, instead you can invest a set amount every month.
3. Mutual Funds
Mutual funds are better equipped to achieve higher returns compared to other forms of investments. Money from multiple investors is pooled together to invest in assets. With AU Bank, you can invest in mutual funds and get benefits such as professional service from experienced fund managers who constantly analyse the market, keep up with market trends, assess the ongoing and developing risks, and then decide on investing the money of the investors.
You can also diversify your portfolio. Diversification helps in reducing risk. Depending on your financial goals, you can choose where you want to invest. Mutual funds
can be easily liquidated as well. They are flexible too. Whether you want to gain higher returns over a short time or want to see stable growth over a longer time, the choice is yours.
You can choose your form of investment based on your risk appetite. However, don’t miss out on adding three investment options to your portfolio this year. As you go through the year, do ensure that you are committed to your financial resolutions, as they ensure your security in the many years to come.