Ans:While keeping your money in a regular bank account feels safe, it usually earns very little interest. If you want your money to grow, consider lumpsum investment options like:
- Instant access savings accounts – earn some interest and still access your money
- Best lump sum savings accounts – higher interest with some restrictions.
- Mutual funds – professionally managed with monthly income options
- Retirement lump sum investment plans – ideal for tax-efficient, long-term growth
- Capital-protected bonds or structured deposits – for cautious investors seeking security.
Choosing the best interest rates for lump sum investments depends on your time horizon, risk tolerance, and whether you’ll need regular income or long-term growth.