Millennials are the people who were born between the early 1980s and mid-1990s, and they represent a large portion of India's population. As they are growing older, they are realising the significance of financial planning and securing their future. Managing finances can be difficult due to lack of information and experience. In this article, we will discuss the top 10 essential financial products for millennials in India that can help them to make financial planning easier and ensure long-term financial stability.
1. Savings Bank Account : First and foremost, a savings bank account is the best place to save money and earn interest that every millennial in India should have. It's the safest and most reliable way to keep your hard-earned money, earn interest, and easily access it when required.
2. Fixed deposit: Creating a fixed deposit is also popular among Indian millennials. It's a low-risk investment option that offers higher returns than a savings account. In 2023, you should consider a secured credit card, which allows you to use your FD money and earn a 7% return on it. There are several lifetime-free credit cards that also offer great cashback on all transactions, making them a highly beneficial way to manage your finances and maximize your returns.
3. Credit Cards: Credit cards are also a must-have financial product for millennials in India as they provide a convenient and secure way to make purchases, build credit history, and earn best rewards points that can be redeemed for various benefits. It is easy to get credit cards in India if you have a good credit score.
4. Health Insurance: For Indian millennials, having health insurance is crucial because it offers financial security against unforeseen medical costs and ensures access to quality healthcare. It's an essential financial product that provides peace of mind knowing that you are financially protected and can receive the necessary medical treatment when needed.
5. Life Insurance: For Indian millennials who have dependents, life insurance is an important financial product to consider. It offers financial security to their loved ones in case something unexpected happens to them. Having life insurance ensures that their family will be taken care of financially in the event of their untimely passing.
6. Mutual Funds: Mutual funds can be a smart investment choice for millennials. With the prevalence of smartphones, there are many apps available that provide comprehensive details about various funds, including projected returns and performance history. If you're looking for a long-term investment option, mutual funds can be a good choice.
7. Public Provident Fund (PPF): PPF is a long-term investment option that provides tax benefits to Indian millennials. It's a secure investment option that offers higher returns than fixed deposits.
8. National Pension System (NPS) : NPS is a government-backed retirement savings scheme that Indian millennials can opt for. It provides tax benefits and assists them in saving for retirement.
9. Gold: Gold is a well-liked investment option among Indian millennials. It's a secure investment option that can help them diversify their portfolio.
10. Real Estate: Real estate is a long-term investment option that Indian millennials can consider. It provides the potential for long-term capital appreciation and rental income.
Indian millennials need to invest in these 10 financial products to ensure they are financially secure and can achieve their goals. However, they should understand their financial needs and goals before investing in any of these products.
To find the most suitable financial products, such as credit cards, savings accounts, and more, millennials can install the ZET App and easily discover them. The ZET App can also be used as a passive income source, allowing millennials to earn extra income by referring financial products to their colleagues, family, or friends
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