Have you ever wondered how nice it would be if you could have enough money to buy the thing you always wanted? For example if it’s that new phone you were craving to buy for a long time now or that leather jacket that so you were dying to buy for years now. All this can be possible if you take small steps in the present. Invest in multiple recurring deposit accounts today to reap the fruits of your labour in the future. And if you are still not wholly convinced why, read on to find out.
Here are some reasons why you should invest your money in Multiple Recurring Deposits.
• Completely Risk-Free- Investing in multiple recurring deposit accounts is a risk-free affair and there are assured returns on your invested amount. It is an extremely useful option if you have short-term goals in mind. As opposed to probably a fixed deposit where you would have to deposit a lump sum amount at the time of opening the account and leave it untouched for that stipulated period of time.
• Baby Steps- Some banks give you the benefit of investing in amounts as small as rupees 100. So if you are someone with a low income right now or someone who is at an entry level/fresher you can also invest in a recurring deposit.
• Your Finger In Many Pies- If you have multiple goals in mind such as your child’s school/ college tuition fees, your home loan, buying a new phone or saving up money for your daughter’s/son’s wedding, then multiple recurring deposit accounts would save you the hassle of keeping aside money for such various plans. The minimum duration of investment in majority of banks is one year.
• Enjoy Hassle Free Deposit- Many banks save you the trouble of investing in money manually. If you have a set amount you want to set aside every month for different goals then the concerned bank (giving you this benefit) will subtract this money from your monthly credited amount. So you do not have to stress about it or keep track yourself.
• Seniority Matters- The interest rates for recurring deposit account is determined by different banks based on the amount you decide to invest every month and the tenure of investment. Numerous banks offer senior citizens special benefits and rates. Senior people should opt for banks that have this feature to avail at best rates for their investments.
So, you see, whether you are starting out new in the world of employment or are a retired person or senior citizen the world of recurring deposits offers you numerous benefits to avail and enjoy. So be wise and invest your finances in multiple deposits today.
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