Saving options, Making money is a great feeling. This is the main path to adulthood. Unsurprisingly, most of us are obsessed with finding ways to make money. After this obstacle, the next task is to maintain income and increase it. For the latest news, follow the Daily Star news channel on Google. Hopefully, by the end of this article, you will have an idea of how to save and grow your hard-earned new money.
Saving options, DPS.
The Deposit Pension Scheme or DPS Bank Account is a simple, automated savings option for anyone making money. Here you can deposit a fixed portion of your salary every month, ranging from 500 BDT up to 20,000 BDT or more. The total amount of money that you save at the end of the term is called the maximum repayment amount. You can choose the maximum repayment amount.
The number of years of the savings period (usually 3 years). You can even opt for the DPS option, which will save you a million taka at the end of the term. Different interest rates will be charged depending on the number of years. Although the average interest rate is around 5%, some banks charge higher interest rates. For example, Trust Bank charges 8.24%. an interest rate.
Saving options, FDR.
Getting a Fixed Deposit Receipt (FDR) (also known as a Time Deposit in Western countries) can be a good option if you are risk-averse, have a good amount of money to save, and get high returns after paying consistently. period. Interest rates for FDRs are usually higher than for regular savings accounts. In fact, the longer the FDR time frame, the higher the interest rates.
An FDR is essentially a receipt that a bank gives you, confirming that you have a fixed deposit with that bank for a specific period of time. The size of a term deposit is usually higher than a savings deposit. In addition, you do not withdraw any amount from your fixed deposit until the maturity date. If you do, you may have to pay a high commission to the bank and even miss out on the opportunity to earn interest.
While the cost of early retirement is the downside, the advantage is that it is a fallback option during severe cash flow crises. Also, there is no need to break the FDR during such crises. You can simply take out a loan against your FDR at 80-90%. This is also at a lower interest rate, as the FDR is much safer collateral for your loan.
Saving options, Market share
If you are passionate about stocks and love analyzing them, you may be interested in investing your money in the stock market. However, there are some things to keep in mind.
Now, to invest in the Bangladesh stock market, you need to have a Beneficiary Account (BO). This is an account through which you can buy/sell shares and make a profit. To open a BO, you will need a bank account and general documentation such as an ID/passport and passport-size photographs of you and the candidate. You can open your BO online or with a reputable brokerage house.
The brokerage house will assist you in analyzing stocks and keep you updated on market trends. It is important to choose the right brokerage house that you can trust, as this will greatly affect how you manage your money. Investing hard-earned money in the stock market can be scary. So you need to be careful, study hard, and do your own research. You can get huge rewards by investing in the stock market.
Investment fund
As a promising new option in Bangladesh, mutual funds are basically mutual funds created by pooling money from various investors looking to buy securities (stocks, bonds, stocks, etc.). The funds are managed by professionals whose goal is to distribute funds in such a way that investors can get the maximum return or return on the portfolio. So if you don’t have time to analyze stocks, you can be sure that your investment will be handled by multiple advocates.
