Everyone has financial goals. Some have plans to travel abroad in the next five years while some want to buy a car in the next two years while some want to get their children admitted to a foreign university in the next 10 years. Since these goals have a lot of time to achieve, you have enough time to plan in advance. However, if your expense is quite huge and coming soon, then what you will do for such a thing?
Due to the coronavirus pandemic and the economic downturn, interest rates in banks and financial companies are going down and there are hardly any rewards for investors. Since the interest rates are going to be low for the next year at least considering the economy will recover slowly only, we can look out for realistic returns from short-term investments.
If your amount of paying tax is low then you can surely go for traditional investment options like fixed deposits from good banks that come at 4-5% interest rates. You need to realize that your investment plans should be on the same lines as your financial objectives and make the decision accordingly.