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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Saving money is a habit that you should develop right from your childhood. Rather than saving, the right word to use here is 'investing'. When you invest your money, you not only save for your future but also give your wealth a chance to grow.
However, investing during your college life is not easy, owing to your limited earnings. So, we recommend you stay away from risky investment options such as the stock markets during this time and instead invest your money in safer investment plans that offer secured savings with assured returns.
Confused about how to invest your money as a student? Read on to know about the best investment plans for students and where you can invest your money without worrying about the safety of your capital.
Fixed deposits
Fixed Deposits, or FDs, are one of the best investment avenues where you can park your money as a student. As the name suggests, an FD allows you to invest a certain sum of money for a fixed period at a pre-determined interest rate. The primary advantage of investing in an FD is that it ensures the safety of your wealth with guaranteed returns. Moreover, you can choose your FD tenure as per your liquidity requirements.
FD interest rates
FD interest rates are usually higher than savings account interest rates and can vary from bank to bank. With an IDFC FIRST Bank Fixed Deposit, you can earn up to 6.5% interest on your idle funds. So, instead of keeping all your money in a savings bank account, it is a better idea to park them in an FD.
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Mutual funds
Many believe only investors with a high-risk appetite choose to invest in mutual funds. But if you want to ensure the safety of your capital, you can invest in debt mutual funds. Although these funds are not completely risk-free, they carry minimal risk compared to equity-linked instruments. By investing in debt mutual funds, you can earn high returns and ensure your wealth's safety. However, before investing in any mutual fund, you should research thoroughly.
NSC and PPF
National Saving Certificate (NSC) and Public Provident Fund (PPF) are other investment plans where you can invest your money as a student. However, these plans offer low liquidity and are meant for long-term investments. But they give you assured returns. Since both PPF and NSC are government-backed savings schemes, the government decides their rate of return.
Conclusion
You can choose from the above-mentioned investment plans to save money during your student life. These plans offer the dual benefits of high returns and capital safety. For best results, create a diversified portfolio by investing in different instruments. IDFC FIRST Bank offers several saving tools to save and grow your money.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
