New year and Financial Resolutions to consider

By Nancy Gulati

It is that time of the year again, when we look into our finances, restructure our investments, audit our savings and think hard about the ways in which we can diversify our portfolio risk.  Nevertheless, the tumultuous events of 2020 has compelled everyone to re-evaluate your savings and give a more serious thought to secure a better future.

While investments are mostly tailored according to our needs, wants, and goals, there are a few financial instruments that are essential for every portfolio. And one such plan has to be a Fixed Deposit (FD). While there is a lot that has been said about this traditional investment, it still stands as one of the smartest choices that needs to be in your investment kitty.

Fixed deposits are one of the most preferred investment instruments opted by Indian populace, especially the risk-averse section due to their assured returns. From bank deposits to NBFC deposits to post office time deposits, investors have a wide range of options to choose from. There are various factors that make a scheme worthy of investing, like, if it offers the best FD rates, if the tenure is flexible enough, and most importantly, whether the scheme is safe enough to park one’s hard-earned money in it.

Investors must diversify their FD investments across different institutions. If you have limited funds, stick to safer options. But if you are looking to invest a significant portion of your corpus in FDs, then you must diversify. When it comes to investing in options that don’t have a sovereign backing, don’t go overboard due to attractive interest rates, and invest for a short tenure.

So, if you’re looking for the best FD offers , here are the current interest rates offered by the 3 biggest players in the country — including SBI, HDFC and Bajaj Finance, among others — as per their total asset size for tenures up to 5 years. Go through the rates and choose the ones that best meet your requirements.

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