A new year is an ideal time to set financial goals and making a plan for how you plan to reach the money milestones you want in 2023 can help you get started. Check our recommendation of apps and services that promise savings, security, and wealth accretion!
The unpredictability and turbulence we have seen recently has upped the need for secure, flexible, and low-risk forms of investments. First, the pandemic brought home the fact that livelihoods can be snatched in the blink of an eye and that it is up to us to safeguard our financial interests. Then, just as the world began recovering from the after-effects of covid, came the war in Europe, driving inflation through the roof.
As a new year approaches, you may be preoccupied with end of year plans, trips, and shopping, but setting yourself up to thrive requires a little pre-planning. Establishing your short-term and long-term financial goals early will help you come up with a solid plan for your income, debts, savings, and ensure you remain on track. Here we bring you five investment apps and services that are perfect for small to medium-income earners and will help them feel more secure in this economically insecure world!
This futuristic and flexible investment product has been especially tailored for young, tech-savvy investors at the start of their career. With a zero lock-in period, interest credited daily at 12% per annum, and a minimum deposit of just INR 1000; Xtra is a fresh take on investments designed to suit the needs of millennials and gen Z. Available on the user-friendly MobiKwik mobile app, it enables users to invest and earn for short bursts or extended time periods according to their convenience. For instance, if you invest some money at the beginning of the month, that money earns a daily interest till the time it is withdrawn. If the withdrawal is made on the 16th of the month, your deposit has earned an income of 0.5% in those 15 days, thus maximizing your savings. So basically, this product works by not letting your money sit idle without earning an interest for even a few days, a rarity in the finance world!
Siply Gold Savings Scheme
Gold continues to be one of the safest instruments of investment. It is not subject to major price fluctuations and is unlikely to ever fall to nil. Besides, it can be easily converted to cash. However, the critical thing is to invest in 99.9% pure gold coins and bars that bear the BIS Hallmark. Siply recently launched a scheme that makes gold accessible to all. Depending on your individual financial situation, you can choose to buy a gold coin that weighs either 0.5gm or 1 gm. Instalments start at just Rs 450 per month for a 1gm gold coin and Rs 250 for a 0.5 gold coin. These instalments need to be paid over a period of 10 months, but the monthly amount can be broken up into smaller parts to suit your convenience. This lucrative rate makes Siply a platform where you can buy top-quality gold at the lowest price.
Sukanya Samriddhi Yojana (SSY)
In order to encourage parents to safeguard their daughters’ futures, the Sukanya Samriddhi Yojana Scheme was launched. As part of the ‘Beti Bachao, Beti Padhao’ campaign, it was launched by Prime Minister Narendra Modi in 2015. This scheme is designed to benefit minor girl children. Any girl under the age of 10 can open a SSY account in her name from her birth. This scheme allows you to invest as little as INR 1,000 and as much as INR 1.5 lakh per year. From the date of opening, Sukanya Samriddhi is operative for 21 years.
National Savings Certificate
The government-backed National Savings Certificate has stood the test of time as a reliable and secure means of savings and investment. It can easily be bought at a public bank or your nearest post office. You can begin with a minimum investment of Rs 1,000 with no maximum limit. The current compound interest rate is 6.8% but it is revised every quarter by the Ministry of Finance. The NSC comes with a five-year lock-in period – the capital and interest are paid out at maturity!
Paytail’s 0% EMI
Paytail is revolutionizing offline commerce by enabling instant paperless no-cost EMIs to consumers and transforming merchants’ selling experience through scalable technology solutions. Paytail enables merchants to offer 0% EMI led directly by OEMs & other sellers, leading to better sales. The Made by Bharat, Made for Bharat startup is disrupting the $1 trillion offline commerce market by bringing affordability, speed and convenience to customers.
Availing Paytail’s 0% EMI can help you save more, keep your budget intact and manage your finances better. The completely paperless EMI credit from Paytail offers you an instant credit limit with flexible no-cost EMI repayment tenures of up to 18 months.