August 2023


Harnessing Mutual Funds for Long-Term Goals

Mutual funds are a form of investment that pools the money of many investors and invests it in different stocks. This allows investors to spread their risks and potentially achieve higher returns than they could achieve by investing alone. The mutual funds can be a powerful tool for investors looking to achieve their long-term financial goals. Here are some ways mutual funds can help you achieve your long-term goals:

Diversification: Mutual funds allow you to diversify your risk by investing in different stocks. This can help reduce volatility in investment returns.For example, if you invest in a mutual fund that invests in stocks, bonds, and money market instruments, you are less likely to lose money when an asset class underperforms. Check more on how to open demat account.

Professionally Managed: Mutual funds are managed by professional investment managers who have the experience of selecting the appropriate stocks for the fund. It can save you time and effort and also help you get bigger profits. For example, a mutual fund manager can identify undervalued stocks or bonds that have the potential to outperform the broader market.

Liquidity: Mutual funds are extremely liquid, making it easy to buy and sell your stocks.This makes it a good option for investors who need quick access to their money. For example, if you want to pay a down payment on a house, you can sell your mutual fund shares and use the money for a down payment. Check more on how to open demat account.

Tax Efficiency: Mutual funds can be tax efficient, which can help you save tax dollars. For example, some mutual funds are structured to minimize capital gains tax.

If you’re looking to achieve your long-term financial goals, mutual funds can be a good place to start.However, before investing in any mutual fund, it is important to do your research and understand the risks involved. Check more on how to open demat account.

Set clear goals: Before you start investing, it is important to set clear goals. What are you saving for? When do you need money? Once you know your goals, you can start choosing the mutual funds that are right for you.

Consider Your Risk Tolerance: Mutual funds have different levels of risk.Some mutual funds are more volatile than others, which means their prices can rise and fall more quickly. Before investing in a mutual fund, you should consider your risk appetite. Check more on how to open demat account.

Long-Term Investing: Mutual funds are a long-term investment. That means you can’t expect to get rich quick from investing in mutual funds. Instead, you should focus on long-term investments and grow your money over time.

Balance your portfolio regularly: As your financial situation changes, you may need to rebalance your portfolio to ensure it continues to meet your needs. That means selling some of the assets that have performed well and buying other assets that have performed poorly. Check more on how to open demat account.

Get Professional Help: If you’re not comfortable investing on your own, you can get professional help from a financial advisor. A financial advisor can help you create an investment plan that is tailored to your unique needs and goals.

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6 Tips to choose the best bank for personal banking in 2023

Choosing the best mobile banking app is crucial when opening a bank account in India. With the rapid technological advancements in the country, banks are focusing on developing robust and user-friendly mobile banking apps to meet customer expectations. We take the example of IDFC FIRST Bank’s mobile banking app to take you through some attractive personal banking features in India today. Let us explore six tips to help you choose the best mobile banking app in 2023.

  1. Choose a bank that helps you save more

You must always choose a savings account that helps you save more. While researching online, shortlist banks that offer innovative features to promote savings. For instance, IDFC FIRST Bank provides the ‘Zero Fee Banking’ feature, which eliminates 28 transaction charges, allowing you to save money while conducting routine banking activities.

  1. Opt for a bank that offers increased access to banking services

When selecting a bank, you should assess the accessibility of all its services. IDFC FIRST Bank offers convenient access to all banking services including savings accounts, fixed deposits, personal loans, insurance, and more. Accessing diverse financial solutions through the same platform constitutes a superior banking experience.

  1. Choose a technically resilient digital banking app

In the age of UPI (Unified Payments Interface) transfers, customers need a technically resilient mobile banking app that does not pose technical issues. Choose a bank that offers a secure and user-friendly app with advanced features. IDFC FIRST Bank’s mobile banking app is known for its robustness, ensuring safe and seamless transactions, and facilitating easy bill payments via Auto Pay and One Swipe Pay.

  1. Select a savings account that offers monthly interest credits

A savings account that provides regular interest credits can significantly boost your savings. IDFC FIRST Bank’s Savings Account offers competitive interest rates with monthly interest credits. This means that your savings will continue to grow, allowing you to maximise your earnings and achieve your financial goals faster.

  1. Prioritise excellent customer service

Customers must also prioritise the quality of the bank’s customer service. Your bank must focus on customer satisfaction and offer prompt assistance through multiple media like phone, email, and chat support. IDFC FIRST Bank adopts a customer-centric approach to address your queries in a timely and efficient manner through the IDFC FIRST mobile banking app.

  1. Evaluate additional benefits and rewards

Lastly, consider the additional benefits and rewards your bank offers through its credit cards. IDFC FIRST Bank’s lifetime-free credit cards offer some of the best rewards and benefits cutting across spending categories.

Choosing the best bank for personal banking in 2023 requires careful consideration of various factors. Selecting the right mobile banking app can significantly enhance your banking experience. Choose a bank that helps you save more, offers increased access to services, and provides a technically resilient digital banking app. The best banks for personal banking also provide monthly interest credits, have an efficient customer support team, and provide additional benefits and rewards.

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