Ambani’s wedding was witnessed by every citizen of India, creating a trend to have a wedding ceremony like that. A wedding is a big affair in our country, a perfect time to show how capable you are. A rare event where two soulmates tied their knots and vowed to be together for the rest of their life. Interesting, isn’t it?
A study found that a middle-class family spends a whooping average of 35 lakh rupees on a wedding and a rich family spends an average of 51 lakh on a destination wedding. This amount is ten times more than they earn. This generation is more skeptical about their wedding, wanting to have a picture-perfect wedding.
Spending this much amount on weddings is fair?
I guess answering this can be difficult when you have already witnessed the weddings of Ambani and many celebrities but you know what is not difficult?
Suggesting you the financial instruments for proper investing for your dream wedding.
Planning for weddings in our families starts from the time when we are young.
People often start saving money or buying gold so that in the future when the time comes they can use their savings for weddings. These are what our parents do but there are several investment opportunities that can be used for saving. One of them is Fixed Deposits.
Fixed Deposits:
A type of investment where you deposit a lump-sum amount of money in the bank for a certain tenure. Often you get interest on those invested amounts, These amounts can be according to your investment planning and risk tolerance.
Benefits Of Fixed Deposits:
Fixed Interest Rate: The fixed deposits are often done in banks. The interest that we get on it is fixed. It means that the interest rate will remain the same no matter what. Whether it is a recession, war, or economic downturn your investment is safe and interests are fixed.
Fixed Tenure: Fixed deposit tenure is fixed, it means that you can plan your investment according to the wedding. There are options for breaking your fixed deposit before the time but you cannot increase your time limit.
Guaranteed Returns: The best part of a fixed deposit is that it provides you the guaranteed return, if your bank provides you FD at a 7% interest rate, at the time of maturity your returns will be the same as you have calculated. It is not affected by any economic uncertainty or inflation.
Tax-Benefits: Who doesn’t want to pay less tax? Taxes are something that we have to pay out of our pockets, securing an FD will give you tax benefits. You will get a tax benefit on your maturity amount giving you a chance to save a heft tax payment.
Why Fixed Deposits are good options for marriage savings:
Stability: A single aspect that every investor wants for their investment is stability. Fixed deposit is backed by banks providing you the utmost stability. It offers you a safe and secure way to grow your investment.
Predictability: The fixed deposit options provide you with fixed interest and guaranteed return. This can help you in predicting the total amount that you will be getting upon maturity. It can help you to plan your marriage accordingly.
Accessibility: The best part of a fixed deposit is that it is within reach. Whosoever wants to open a fixed deposit can approach their concerned bank and open a fixed deposit. The opening of a fixed deposit is also easy and needs less documentation as banks already have your information.
Goal-Oriented Savings: When we open a fixed deposit account for future marriage, then at that moment our goals are aligned and we can focus on other things or investments without much worrying about it.
Convinced:
A person is the happiest when his wedding is planned according to his/her dream but to achieve those dreams you have to start early. Proper planning and investment can lead you to the best moments of your life.
If you are still in doubt about the process or ways to open a Fixed deposit account or are confused about other investments, feel free to consult Divadhvik. You own financial partner.
