I have ₹3 lakh in hand. Should I buy gold & silver or save it in a fixed deposit?

You are not alone if you have ₹3 lakh and are unsure about whether to invest it in a fixed deposit or in gold and silver. Your financial objectives, risk tolerance, and potential time of need will all influence your choice.

"Money can be parked in debt funds or fixed deposits for the time being," advised Mathpal.

Major banks including SBI, HDFC, ICICI, and PNB currently provide fixed deposit interest rates that range from 5% to 6.8%, with older persons paying slightly higher rates. To help you make an informed decision, let's look at the advantages and disadvantages of each

Compared to standard FDs, debt funds are an excellent way to safely deposit your money while seeking for higher growth.

Depending on the fund type and the state of the market, debt mutual funds usually provide returns between 6% and 9% annually.

Why consider waiting for a market correction?

When an asset's price drops by 10% or more from its most recent peak, a market correction takes place. For investors, it frequently signifies purchasing opportunity.

Waiting for a downturn could enable you to purchase at a lower price, maximising your long-term gains, given the current spike in the price of gold and silver.