What is inflation? Basically, it is a phase wherein the economy of the country is either falling or trying to cope up with the international market. During this phase, the government of the country tries to balance the economy of the country in many ways; there are certain ways through which a country adopts to survive the effects of inflation which includes: increasing the price of the goods and commodities and reforming their economic policies.
The rise in the price of goods and commodities is one of the common phenomenon in India during inflation. Despite the best efforts made by the government to control it (inflation), it is yet among the major problems of the country. The effects of inflation can have a major impact on your monthly expenditures too. Therefore you need to keep yourself well-funded to make sure that you don’t suffer during the time of inflation.
What can you do to survive inflation?
In order to survive inflation, you need to be well funded with a constant flow of money that makes sure that you are able to handle the expenditure. The best thing that you can do to survive inflation is ‘investment’. To survive inflation, secured investments can be the best resort that you can take.
Your investments can be your saviour during inflation that will keep you financially sound. Investing is just like savings, but it has better results than savings. However, with savings what you accumulate is what you get but with lower returns. On the other hand, with an investment such as fixed deposit, you get a higher rate of interest along with the accumulation; especially, the investment products offered by the Non-Banking Financial Companies are the best ones when you are looking for a higher return.
Fixed Deposits are one of the common forms of investment in India; they are mostly preferred due to low risks and better returns. To make the best out of your FD investments, you can choose to invest in FDs that are provided by the NBFCs.
How to invest in FDs?
There are two ways that you can use to invest in a company FDs, i.e. manual and online:
- Manual: In the manual process, you have to visit the lender’s office to fill the form for the investment application and submit it with the necessary documents. After the submission of the form and documents, you have to deposit the money in the form of cash or cheque (any method you prefer). This process can take one or two days.
- Online: The online method is much more effortless and less time-consuming. All you have to do is, go to the website of the service provider and fill the online application form there with the necessary details. Once you have submitted your application form, you will get a call from your service provider for the verification, and after the verification process, the service provider will send a representative to your house to collect the payment.
To save yourself from the growing inflation, you need to take the right decision now. If you are still confused on how to choose the right service provider for Fixed Deposits, you can take the help of FD calculator that compares the returns offered by the service providers based on their interest rates.