2018 is coming to closure, and it is the right time to make investment plans while preparing for the New Year. Investing money can be both beneficial as well as detrimental. If you have experienced the latter in the past year, you would need to do wise financial planning for the coming year.

Taking smart steps for financial planning demands for a thoughtful strategy, in-depth knowledge, and dedicated efforts. From altering your spending habits to saving more from your monthly income, you can plan your investment patterns accordingly for fruitful results.

5 Smart Money Investment Plans to Adopt this 2019

National Pension Scheme
The National Pension Scheme (NPS) is a government-backed savings scheme that helps in accruing funds for the retirement years. It is a secure investment plan that promises an assured pension amount to the contributor irrespective of the contribution done. You can avail many tax benefits under the Indian Income Tax Act based on your eligibility for the same. Investing in NPS will not only secure your retirement years but also help you keep your investment intact.

Public Provident Fund
If you are seeking for a long-term investment plan, Public Provident Fund (PPF) would be the right choice. In this type of investment, you need to contribute a predetermined sum to your PPF account regularly with a lock-in period of 15 years. However, you can make partial withdrawals after the 6th policy year. You can also avail tax deductions under the Indian Income Tax Act with this type of investment plan.

Senior Citizen Savings Scheme
If you are crossing 60 years in 2019 or your parents are equal to or above 60 years old, you can consider investing in Senior Citizen Savings Scheme (SCSS). The interest rates for the SCSS is determined by the government of India which is now 8.3%. However, no tax benefits are covered under this investment plan.

Recurring Deposit
If you are in search of secure investment plans, Recurring Deposit (RD) is one such plan. You need to deposit a predetermined sum every month to your RD account. The tenor of RD ranges from 6 months to 10 years. You can also give standing instructions to your bank to deduct the deposits to be paid for the RD account every month.

Fixed Deposits
Fixed Deposit is preferred as one of India’s most secure and reliable investment plans in India. In this type of investment, you need to deposit a lump sum amount for fixed interest rates and varying tenor ranging from 12 months to 60 months. Leading Non-Banking Financial Companies (NBFCs) like Bajaj Finance helps you in a quick application of FD without any hassles. You just got to fill an application form and submit a few necessary documents.

How to Choose the Right Financial Provider for your Investment?
It is a known fact that NBFCs offer higher interest rates compared to banks in case of FDs. However, you need to verify the credibility of the company. Financial providers like Bajaj Finance are accredited with FAAA from CRISIL and MAAA from ICRA which is the highest rating given to financial companies. While doing your financial planning for this 2019, you can consider FD for child, FD for women as well as FD for senior citizen with Bajaj Finance.

The company offers the highest FD interest rates in the investment market, i.e., 8.75% to 9.10%. With a minimum deposit of Rs 25,000, you can choose the type of FD, interest payout frequency, principal amount, and the tenor of your FD. Moreover, you can calculate the FD interest rates and the maturity returns using the online FD calculator.