Having the money in a savings account is a type of investment. But it will yield very low returns.
There are other different types of investments available.
When it comes to investment, always plan for a long term investment instead of a short term investment.
1. Stock Market
If you have knowledge about the stock market and shares you can invest in the same.
2. Mutual Funds – SIP
SIP in Mutual funds are great investments. There are 2 options in SIP with no risk and high risk (with high returns). You can choose which suits you.
3. Public Provident Fund (PPF)
Investing in PPF will yield good returns at the maturity time.
4. Recurring Deposit (RD)
Investing in RD can be done on a short or long term basis. It’s easy to start and you can begin with RD if you start investing.
5. Fixed Deposit (FD)
When you have a lump sum of amount and don’t want to spend it, you can invest it in Fixed deposit.
6. Sukanya samriddhi yojana for Girl Childrens.
Sukanya Samridhi Yojana is a Government scheme for Girl childrens. You will get the maturity amount at the time of their marriage or higher studies.
7. Invest in Gold.
Investing in gold is one of the oldest and still a good option.
8. Term Insurance
Term Insurance helps to secure your family in the future