A few years back there were not that many options to earn money, not for all. Now there are thousands of applications available by which we can earn a good profit some are short-term investments and some of them are long-term investments. I will not go far I will take the example of my father, he has invested his money mostly in RD (recurring deposit), LIC (life insurance corporation), PF (Provident Fund ), and PPF (Public provident fund). So basically all are risk-free (mostly), sure after that covid many things did change a lot most in the returns per year.
Img Src created by Megan_Rexazin
A few days back one of my office friends share an image of the new interest rate of the post office. The post office seems to be an old and reliable place to spend and keep the money. you can check out the Post Office Schemes latest Interest Rates in India for 2023. This is mostly all the banks are doing right now, slowly they are increasing the interest rates after 2020. At that time the interest rate of all the accounts where decreased mostly saving, RD, and FD, except the loan accounts did keep increasing from time to time. You will get more benefits if you can able to finish the loans as fast as you can.
I do have an RD in the post office but the amount is not that much I did open that account in the year 2021 I think. Now I do think I should have opened that of more money that time. Now I do have spare money monthly but I think at that time I did have that much money to invest there. I am grateful to my friend who forced me to open that. Sure he is an agent there and he is earning a commission from that too. but still, that is for my own benefit.
Why the interest rates are increased Noew:
The covid is almost over, that is what we all think for now (and that is the truth too). The banks should have done that last year but it is good to see at least they have done that now. But in my opinion, there is another reason that seems to be fair and chances are that may be the case.
There are so many applications available online after the lockdown most of us are quite attached to online things and are totally dependent upon that thing. You can create your Demat account a few minutes earlier we do have to wait for days to verify our account. Now everything seems to be easy (maybe not all over the world). you can make/apply for your documents online for a few you do have to wait for days and some did get done instantly.
The days no longer exist when people keep their money in banks and enjoy cheap interest rates. Now everyone seems to be smart and greedy at the same time. No one wants that tiny interest of keeping their money for years there are so many things available by which you can earn a good income. This is making a difference and people are investing their money now but in the past, most of them did that. now the time has changed, and the increasing interest rates are a way to attract more investors and people to their banks.
what do you think?
see you in the next post, till then keep learning and keep exploring...
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