Akshaya Tritiya is an auspicious day on which people think about investing in or purchasing an asset that would signify prosperity. Most people associate prosperity with gold, therefore, one would find jewellery shops flooding with buyers.
However, finance content creator Shreyaa Kapoor says that people can look for other better options than gold. We connected with her to bring you a ‘gold’ piece of advice to make the best of this Akshaya Tritiya that will be celebrated on April 22.
Take a look at other viable options:
Fixed Deposit
A Fixed Deposit (FD) offers guaranteed return and is among the safest forms of investments. Currently, banks in India are offering them at an interest rate between 6% to 8.5%. Kapoor suggested women should opt for a tax-saving FD that can help them claim deduction under the 80C section of the Income Tax Act.
Index Funds
If you want to enter the world of equity market investments via index funds. Kapoor said, “An index fund mimics a market indicator and can be an excellent way to diversify your portfolio even with a small amount.”
You can invest in the top 30 (Sensex) or 50 (Nifty) companies in India. Since all of it is managed passively, the cost of management is also quite low. You can learn about equity investment here and go further as you start making a profit.
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Digital Gold
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Digital gold is like the cousin of physical gold but better than it. You will not hold it as a physical entity but it has several advantages over buying ornaments or solid metal. The first and biggest advantage is that you can start investing in digital gold with any small amount you want. It exists in the purest form (24k) and is certified by the government of India. With digital gold, you can also stay worry-free of the hassle of keeping it safe.
Treasury Bills or T-Bills
Treasury Bills are short-term debt instruments with a repayment guarantee. They are backed by the government of India. These are extremely liquid options among different types of investments.
The maximum tenure of these bills is below one year. The amount of minimum investment is ₹25,000, and further the number increases in the multiples of ₹25,000 only.
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Mutual Funds
If you are looking for something better than gold investment, Kapoor suggested mutual funds. “A mutual fund is an actively managed pool of funds and the holdings can differ according to the objectives of the investors,” she added. One can pick from various options, including midcap, large-cap, small-cap, quant and hybrid.
The idea of investing during Akshaya Tritiya is to ensure that you prosper through the year. While physical gold seems like a good option, other choices must not go unnoticed if you are planning for a financially secure future. The aforementioned investment options will help you grow your money by leaps and bounds if you maintain consistency and make better choices when it comes to money.
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