Best Financial Products For Year-long Savings


We all look forward to having year-long savings so that we could lead a prosperous and happy life. For that, we often rely upon a number of financial products that provide us with good returns. However, we also tend to receive bad returns on time sometimes. Regardless, the best financial product for you will depend on your investment goals, risk tolerance, and several other factors.

When it comes to year-long savings in India, there are many financial products to choose from. Here, we would discuss some of the best financial products for year-long savings, including Fixed Deposits, Mutual Funds, etc. You can also apply Airtel Axis Bank Credit Card to sign up for great savings every year.

Fixed Deposits

Fixed deposits are one of the most popular investment options in India for those looking for low-risk stable returns. They are offered by most banks and financial institutions in India and work like a savings account where the account holder deposits a lump sum of money for a fixed period of time.

One of the primary benefits of FD is that they offer a guaranteed return on investment, which makes them an excellent option for risk-averse investors. The interest rate on fixed deposits varies depending on the amount deposited, the tenure of the deposit, and the bank offering the deposit. Some banks also offer special interest rates for senior citizens.

Mutual Funds

Mutual funds make for another popular investment option in India. A mutual fund managed by a professional fund manager is a pool of money collected from investors to invest in a variety of securities, such as stocks, bonds, and money market instruments.

There are many different types of mutual funds available in India, such as equity funds, debt funds, and hybrid funds. The type of fund that is best for you will depend on your investment goals, risk tolerance, and duration of investment. Diversification, professional management, and liquidity are some of the significant benefits you can avail yourself of from mutual funds.

SIP (Systematic Investment Plan)

A SIP is a type of mutual fund investment where investors invest a fixed amount at regular intervals, usually monthly. This investment option is beneficial for investors who want to invest regularly and do not have a lump sum to invest.

SIPs have several benefits, such as reducing the impact of market volatility, building a disciplined savings habit, and providing the potential for long-term wealth creation. Also, they are flexible and can be started with a minimum amount as low as ₹500. Isn’t that great?

Airtel Axis Bank Credit Card

Another excellent financial product that offers year-long savings to its customers! Airtel Axis Bank credit card offers cashback on a wide range of purchases, including groceries, fuel, and dining. Customers can earn up to 5% cashback on their purchases, which can add up to significant savings over the course of a year.

The card also offers other benefits, such as airport lounge access, travel insurance, and reward points. Applying for an Airtel Axis Bank Credit Card is easy and can be done online. Customers can also manage their cards online, change credit card pins and make payments.

PPF (Public Provident Fund)

Another long-term savings scheme, PPF is a safe investment option and offers tax benefits and is offered by the Government of India. PPF accounts have a lock-in period of 15 years wherein the interest rate is revised every quarter. The interest earned on PPF is tax-free and the account can be extended in blocks of 5 years after the maturity period. If this is what you would love to enroll in, then get a PPF account right away.

Other than the above-mentioned products, you can also resort to products like bonds, stocks, equity funds, real estate, etc. for year-long savings and have a great future ahead.

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