Deposits are still one of the investment instruments that people are interested in. That's because these investments are low risk and offer higher interest rates than savings.
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In addition, you do not have to bother managing deposits. The bank will manage it. Although fairly safe, you should not rashly choose bank deposit products.
Here are tips on choosing the right bank deposit to maximize investment profits :
1. Know the minimum deposit amount
Currently, the minimum deposit amount that must be deposited to the bank is increasingly affordable. With rp 1 million, you can already open deposits and enjoy the benefits.
However, this provision does not apply to all banks because each bank has a different policy. If you intend to open a deposit, then find out first how much the initial amount should be deposited.
Choose the amount that does not burden your finances to avoid withdrawals before the due date arrives. Information about this minimum amount can be seen in brochures, official websites, social media accounts, or applications from the bank concerned.
2. Adjust the deposit period
The period of deposits is generally 1, 3, 6, 12, and 24 months. You can determine for yourself the period of time the deposit as desired.
If indeed the money does not want to be used in the near future, then choose a long period of time so that the profit is maximum. The longer money is deposited, the greater the percentage of interest rates.
Even more so if the amount of money is quite large. As a customer, you are allowed to renew automatically or not automatically when the deposit is due.
If it is automatically renewed, then the deposited amount is the principal amount plus the interest on the deposit. As a result, the profits obtained are different each period.
3. Choosing a trusted bank
Next is to choose a trusted bank. It sounds trivial, but the key is here if you don't want to lose the money that has been put into deposits.
Because, not a few people who offer deposit products with minimal capital and high profit rates. You should be aware of the lure of high interest because in fact the limit regarding deposit rates has been determined.
It is better to find out information about a particular bank or financial institution before buying an offered financial product, such as deposits. Choose a bank that is a participant of the Deposit Guarantee Agency (LPS).
In this way, deposit investment will be guaranteed lps if at any time the bank goes bankrupt or liquidated. The guaranteed deposit value is not more than Rp 2 billion.
4. Calculate the amount of profit
Each bank offers a different deposit rate. There are 5.25% per month, 5.50%, 6%, to 7%. Choose a bank that offers the highest interest rates because this greatly affects the amount of profit earned when deposits are due.
The calculations don't stop there. It is also necessary to calculate the profit for each period of time offered by the bank.
If the deposit period of 12 months is greater than 6 months, it is better to choose a 12-month one. Of course, with a note, if the money will not be used in the next 1 year.
5. Consider other costs
In choosing banking deposits, it is also important to consider miscellaneous costs. Call it a tax fee, stamp duty, or penalty in case of withdrawal of deposits before maturity.
Take for example the cost of taxes. For the amount of deposits above Rp 7.5 million is usually taxed at 20% which will be deducted from the interest on the deposit profit at maturity. While under Rp 7.5 million is not subject to any taxes.
Banks have their own policies regarding the amount of fees charged to customers. So, find out so that you do not feel aggrieved when making decisions about the money deposited.
6. Ease of deposit feature
The features offered by each bank are different. There are banks that offer Automatic Roll Over (ARO) or automatic renewal features and the interest rates can be withdrawn or transferred to other accounts. But, there are also banks that only offer ARO features only.
This difference is what should be observed carefully. Complete features will certainly make you more profitable when opening deposits even though they are not material.
7. Manage cash flow well
Before opening a deposit, it is advisable to review the financial condition of each. Do not force yourself to open large deposits if later you do not have other deposits, such as emergency funds.
On the other hand, learning also overrides the costs associated with a consumptive lifestyle. For example, shopping, hanging out, or snacking. Instead of money running out for a moment's pleasure, it's better to collect, then put in deposits for long-term pleasure.
Start Investing Early
Investing is closely related to risk, including deposits. However, risk is not an obstacle factor to starting an investment.
Especially behind these risks, there are a number of benefits that can be enjoyed, both for today and in the future.
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