Women must be able to acquire a sense of financial equality and independence in today’s environment. Along with seeking high-powered occupations and being an indispensable member of a workforce, one must consider long-term financial security. And, with the correct funding, this idea may be realized.
There are various investment alternatives and schemes available in India that provide long-term rewards to female investors like gold, PPF, FD for women. One must, however, understand how and where to invest their hard-earned cash.
Several investment choices may be utilized to generate monthly income by earning interest on the principal. Aside from that, investment in fixed or immovable assets provides long-term financial security.
Women’s Financial Planning Is Important
It’s not only about saving money when it comes to financial planning. It involves a total change in your attitude about money, and it entails investing your money for a specific goal.
Don’t let your fear of financial planning prevent you from being financially independent.
The first step is to make a list of financial objectives that you want to accomplish. These can be short-term objectives such as buying a car in the next six months, medium-term objectives such as planning a trip to Hawaii with your friends in the next 18 months, or long-term objectives such as starting your own business in the next five years.
Even when you retire, financial preparation helps you to maintain your independence. When you contribute a percentage of your salary to a retirement fund, you can cover your costs during retirement, assist your family, and be prepared for any life shocks.
Top investment options for women
- Fixed Deposit
Women should choose fixed deposits as one of their finest financial alternatives as FD for women in India are the best. HDFC FD interest rates are competitive, and there are additional features such as flexible terms, better yields, loans against HDFC Fixed Deposits, and a reduced minimum deposit amount. The highest HDFC FD interest rate is 5.50 percent, while senior citizens’ interest rates vary from 3 to 6.25 percent. Regular Fixed Deposit, Non-Withdrawal Fixed Deposit, Tax-Saving Fixed Deposit, Overdraft Against Fixed Deposit, and Foreign Currency Non-Resident Fixed Deposit are some of the most popular HDFC Fixed Deposit Schemes.FD for women has the best interest rates as compared to other alternatives.
- Mutual Funds
Due to the choice of experienced investment management, mutual funds are on the increase. This is a terrific alternative to self-trading in which you invest a big quantity of money in a SIP that maximizes profit while minimizing risk. You may choose from a large range of Mutual Funds offered by banks, such as HDFC Mutual Funds, SBI Mutual funds, etc.
- Public Provident Fund
In India, Public Provident Funds are one of the most popular long-term investing options. PPF yearly investment amounts vary from Rs.500 to Rs.1,50,000, with an interest rate of 8% and a 15-year term. Everyone, whether a professional woman or a housewife, may benefit from PPF schemes. Another advantage of PPF is the tax advantage.
PPFs may be found in banks and post offices and can help you save a significant amount of money over time.
For many years, gold has been one of the top investment possibilities. Gold coins in amounts of 5 grams, 10 grams, and 20 grams can be purchased and invested in for magnified returns over time. Although the price of gold isn’t set in stone, it does tend to rise steadily. You can sell the gold as needed to generate money.
With as little as Rs. 500 per month, you may set away a portion of your earnings in the form of a SIP with reliancesmartmoney.com.
You may save a lot of money in the future if you invest regularly through a SIP. It doesn’t matter how much you invest at first as long as you invest consistently through systematic deposit plans.
Investing money at a young age is a terrific approach to progressively improve your wealth over time. It is critical for women to be able to manage their finances and be self-sufficient in today’s environment. To do so, individuals must first choose the type of investment they want to make, whether long or short term, evaluate interest rates and schemes, and make an educated selection.