The Covid-19 pandemic disrupted global and national economic progress as a result of which individual households too suffered financial setbacks. If not job losses, then salary cuts became the norm in many of the private sector companies across the world. In such a scenario, it becomes imperative to optimise your savings. In the backdrop of volatile stock markets, it's also important to be cautious with your investments. With an array of investment and savings instruments to choose from, ranging from mutual funds to stocks and fixed deposits, which one should you choose to safeguard your hard-earned money while also making it grow, especially in unpredictable times like a pandemic?
The answer might surprise you in its simplicity – the best financial savings product to choose in a pandemic is the good old fixed deposit! Let's look at the reasons why.
As you can see, in times of volatility and uncertainty like the Covid-19 pandemic, traditional financial products like the fixed deposit have a value and appeal that helps to maintain your peace of mind that your money is safe while also ensuring that you continue to earn an attractive rate of interest on it. This is a smart option whether you are below the age of 60 or a senior citizen, whether you are an individual or other eligible entity such as a Hindu Undivided Family (HUF), company, partnership, firm, club, association, etc.
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