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Inflation has continued to be a persistent problem for Nigerian overall economy for quite a while. Inflation is not a new timber in the world economy rather than out rightly bad, however the case of Nigeria is severe and i t will destabilize the entire economic frame work if it is not properly checked. This problem has brought about reduction of purchasing power discouragement of real investment balance of payment disequilibrium and unemployment.
This will not only make sure that you don’t go broke if you face a reduction within an investment, but it’ll offer you a higher rate of earnings also. This is also done when you wish to earn high returns. You can merely split your amount and deposit into different FD accounts as this can give you high returns over your lump sum amount.
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Withdrawing your money from a set deposit is difficult as FD restricts you from drawback. In the case of withdrawing your funds, you will need to break your FD which can cost you a penalty to the bank and can also make your interest rates low. However in a case of financial crisis, you may use the overdraft facility as this allows one to withdraw up to 90% of the quantity of your account.
You can simply write a cheque and withdraw the amount. But, day of your overdraft here you need to pay the eye on the amount you withdrew on the last. Also, you must know that fixed deposits offer a fixed interest rate which remains continuous irrespective of the market conditions. The eye doesn’t change, unlike the shared funds which get affected by market conditions. Also if you have committed to tax-saving fixed deposits that can come under the Section 80C, you will be permitted claim taxes benefits.
The interest can help you save a major sum of tax. If you are a senior citizen you will be benefiting with higher interest rates on FD than others. Also, you might earn higher returns if you go for reinvestments. Thus, purchasing a set deposit can be a beneficial and safe option for investing your funds.
How Should you Start Investing? InvestingSavings and investments must start right at the onset of one’s career. Whether you work for an organization or have your own business, you will need to smartly start planning to build your wealth. Trading and building prosperity is not meant simply for the elite class certainly. If you earn, you must invest. InvestingWe all want a much better life for ourselves and our family members. However, we are constrained by our finances.