Embracing parenthood is the greatest joy of life. You experience immense happiness and love when you hold your little one in your hands for the first time. Your little girl grows into a beautiful woman in the blink of an eye. You think of the day when she will get married. You would like your daughter to have the wedding of her dreams. You should make suitable investments so that finances are not a worry during wedding planning.
A Fixed Deposit is among the most sought-after investment options in India. You make a significant one-time investment at a competitive interest rate for your tenure choice. You earn decent interest returns that you can receive periodically or at maturity.
Following is a detailed elaboration of how an FD investment is handy during wedding planning:
Security
You do not want to take any risk when it comes to planning your daughter’s big day. An FD is a secure investment option as it is not linked to market volatility. An FD investment assures capital protection and a decent return earning potential. Furthermore, it is secured by an Insurance cover of up to Rs. 5 lakh.
Moderate Guaranteed Returns
An FD investment works on an interest rate. Every bank and financial institution offers different interest rates. Explore, compare, and invest with a bank offering the most competitive FD interest rates.
The Indian Government has instructed all banks and financial institutions to extend a higher FD interest rate to senior citizens. This way, they can obtain substantial gains from their investment. Therefore, if you are an old citizen investor, you enjoy incredible benefits from your investment.
Power of Compounding
You can receive your interest earnings periodically or cumulatively on maturity. If feasible, consider opting for the cumulative FD option. Your interest earnings are added to your principal investment amount, allowing you to benefit from the power of compounding. This way, you can make the most of your FD investment.
Customizable Tenure Options
You can invest in an FD for a flexible tenure ranging from months to years. Choose a suitable tenure so your investment matures right in time for your daughter’s wedding. You can also easily renew your FD investment if your daughter’s wedding date gets postponed.
Loan Facility
You should be mindful of how you utilize your investments, as you never know if an emergency financial requirement pops up. In such a case, you can consider availing a Loan against FD to finance your daughter’s wedding. You must spare a few minutes to apply for a Loan against FD using the Banking app. This way, you can let your daughter live her dream wedding without putting your financial position in a vulnerable spot.
