Building money does not necessarily need years of patience; with the correct short-term investments and savings schemes, you may meet your financial objectives. Are you wondering how to expand your money in a few years while minimising your financial risks?
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There are several choices available to suit your short-term cash requirements. From liquid funds to fixed deposits, these products not only protect your money but also generate steady profits. Let’s explore the best savings plan to maximise your savings and grow your wealth in a short span of time.
15 Ways to Build Wealth with Short-Term Investments and Savings Plans
1. Invest in Fixed Deposits (FDs)
Fixed deposits are an excellent choice for risk-averse investors for short term investment purposes. An FD is basically a deposit of a lump sum amount in a bank where the interest rate is fixed for a pre-selected time period. The tenure can be anything from 7 days to 10 years.
FDs are guaranteed returns as they are not bothered by the fluctuations of the market. Competitive rates are often offered by banks and financial institutions — compare their offers to get the most out of yours. Senior citizens also get higher interest rates.
2. Utilise Recurring Deposits (RDs)
Just like a savings plan with guaranteed returns, the recurring deposits work. Here, you commit to deposit a fixed amount every month for a fixed tenure from 6 months to 10 years.
If you are a salaried person, this is ideal for you if you want to grow your wealth without too much financial burden. All the money is accumulated at the end of tenure, and you are paid the accumulated amount with interest, which is normally at par with FD rates.
3. Explore Liquid Mutual Funds
Short-term high-quality debt instruments such as Treasury Bills and Commercial Papers are invested in by liquid mutual funds. Savings accounts pay out 4-7% per annum, but they don’t return the best of results.
With their high liquidity, you can withdraw your money anytime, without penalties, which makes them a good option for short-term goals or emergency funds.
4. Opt for Treasury Bills (T-Bills)
Treasury bills are issued by the Government of India and are considered one of the safest investments.
These come in tenures of 91, 182, and 364 days and are sold at a discount. For example, you might buy a T-Bill for ₹98 and receive ₹100 at maturity, earning a fixed return. T-Bills are risk-free and highly liquid, making them ideal for conservative investors.
5. Use Sweep-In Accounts
Sweep-in accounts combine the benefits of savings accounts and fixed deposits. The surplus in your savings account is automatically moved to the FD when your savings account balance is above a pre-defined limit.
Liquidity is provided with funds that can be withdrawn anytime. It’s a simple thing to do and you can get more from your idle cash with little to no extra effort.
6. Invest in Short-Term Debt Funds
Short-term debt funds are mutual funds that invest in bonds and other fixed-income securities with a maturity period of 1-3 years.
Equity funds are less volatile than these and generally give a better return than savings accounts and FDs. Investors with moderate risk tolerance can use these funds.
7. Go for Corporate Fixed Deposits
Corporate FDs are offered by companies and generally provide higher interest rates than bank FDs. But they’re a little riskier, so check the company’s credit rating first.
Choose FDs issued by highly rated companies such as AAA to be safe. A short tenure of 1-3 years is good.
8. Leverage Post Office Savings Schemes
Term deposit and recurring deposit schemes in Post offices are government-backed and are safe. They have good interest rates and are perfect for forrisk-aversee individuals. You can opt for tenures starting from 1 year.
That bonus is a government guarantee.
9. Consider Gold ETFs
Gold Exchange Traded Funds enable you to own gold without actually owning any gold. They are traded on stock exchanges in return for gold prices.
One thing that is proving to be particularly attractive for gold investors, however, is the fact that gold ETFs are liquid, inflation-proof, and free of the storage and purity problems that come with physical gold.
10. Invest in ULIPs (Unit Linked Insurance Plans)
A ULIP combines investment and insurance. Some ULIPs are considered to be long-term traditional products but some offer flexibility for short-term requirements. First, you invest a part of your premium in equity or debt funds and a part is used for life insurance.
But unlike other savings plans like ULIPs, they also come with lock-in periods and offer tax benefits under Section 80C.
11. Save in High-Interest Savings Accounts
Many Indian banks now offer savings accounts with interest rates of 6-7%, which is higher than traditional accounts.
These accounts keep your money liquid and are a good place to keep emergency funds or money that you’re going to need for the short term.
12. Use Short-Term Bonds
Government or company short-term bonds through which steady income is arranged over 1 to 3 years. Government bonds are safer, but corporate bonds have slightly higher returns. Make sure you check the bond ratings (AAA is the best).
13. Utilise Tax-Free Bonds
Government-backed bodies such as NHAI and PFC issue tax-free bonds. The Income Tax Act exempts the interest earned from tax; hence, they are very ideal for those in higher tax brackets. Although these bonds usually have longer tenures, they can sometimes be sold in the secondary market for short-term gains.
14. Invest in Equity through SIPs
Equity mutual funds come with Systematic Investment Plans (SIPs) wherein you can invest small amounts regularly. SIPs ensure that you deal with the risks of equity investments by averaging costs over time.
Inlarge-capp funds, SIPs can generate good returns over 1-3 years, if the markets are doing well.
15. Explore Peer-to-Peer Lending Platforms
P2P lending platforms allow you to lend money directly to borrowers for a fixed interest rate. Returns are usually higher than FDs, but there’s a risk of borrower default.
Choose platforms that verify borrowers thoroughly and diversify your investments to reduce risk.
Ending note
Building money through short-term investments and savings strategies requires balancing safety, liquidity, and rewards. Whether you prefer classic choices like fixed deposits and post office plans or new alternatives like mutual funds and peer-to-peer lending, there’s something for you.
Before making an investment selection, consider your financial goals, risk tolerance, and timeframe. By diversifying your portfolio and remaining persistent, you may increase your wealth in a matter of years. Remember, short-term investments are steppingstones to long-term financial success—start now and see your money grow!