Independence Day: These 5 options will work in financial freedom, big money will be made from small start

Independence Day 2020: Today, the country is celebrating its 74th Independence Day. But freedom is not just about the freedom to speak, live, roam etc. It is also a big aspect of human life. Financial independence means such steps related to investment and savings, which give you freedom from the tension of finance in an emergency situation or if there is no income. Steps that can be taken to secure future for you and those dependent on you. A small start is enough for this and these 5 options can help you in this…

Bank deposit schemes

Putting money in savings schemes of banks is considered to be the simplest way of depositing money. Savings account, savings options like FD, RD, PPF are available in every bank. If you are a woman, some banks offer separate savings accounts for women with some additional features, such as ICICI Bank’s Advantage Woman and Advantage Woman Aura Savings Account, Kotak Mahindra Bank’s Silk Woman Savings Account. There are also separate savings accounts for senior citizens. At the same time some banks also offer some special schemes, for example, SBI’s Multi Option Deposit (MOD) scheme.

SIP

Systematic Investment Plan (SIP) has emerged as a simple, good and popular mode for investing in mutual funds. With the help of SIP, a fixed amount can be added to a mutual fund every month and can be invested in a mutual fund every year. Through SIP, you can choose equity or debt mutual funds based on their convenience and risk appetite. But keep in mind that before investing in mutual funds, be fully aware of it. If you want, you can take the advice of a financial advisor.

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Even though the equity market is full of ups and downs, the fund can be raised by choosing the right stock, patience and keeping an eye on the changing circumstances. However, it is very important to assess your risk appetite while investing in the stock market. Experts consider investing in the stock market not for short term, but for long term bets. For the investment in the equity market, the help of an expert can be taken.

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Post Office Savings Schemes

For safe and good returns, post office or post office savings schemes are considered better. The entire money invested in post office schemes is guaranteed to be 100 percent safe. Savings Account, Time Deposit (TD) Account, RD, SCSS, PPF, KVP, NSC, MIS and Sukanya Samriddhi Account (SSY) offer these 9 savings schemes. The current interest rate in these savings schemes is up to 7.6 per cent per annum.

Medical and Life Insurance

In the current era, health insurance and life insurance are emerging as an important requirement. Health insurance saves you from financial burden by handling the huge expenses incurred in the disease. With its help, you can get good treatment without worrying about money. In the Corona period, its importance has increased. On the other hand, life insurance gives financial relief to the people dependent on it to some extent. Some life insurance policies offer life cover as well as the option of getting returns through savings and investments. That is, it also works for the insurer himself. However, keep in mind that the right life insurance and health insurance policy should be chosen according to the financial condition and need, only then it proves beneficial.