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Which is the Best Fixed Deposit Scheme in India?

Investors should be aware of the benefits one gets from Fixed Deposits

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Fixed Deposit Scheme, India
The banks that you choose must deliver the highest interest on the amount you give to them.

Fixed Deposits are one of the more common and preferable investment schemes in India. Investors should be aware of the benefits one gets from Fixed Deposits before he or she decides to put money into it. Bank FD rates are risk-free and bring guaranteed high returns to the investor. The advantages of Fixed Deposit depends on the amount deposited, deposit tenure, and type of depositor.

There are certain things that should be noted while finding the best banks for Fixed Deposits:

FD rates

The FD rates are the main focus of any investor, and high FD rates can result in high returns. It depends on the interest paid on the deposited amount that will remain constant until the period of FD decided by the investor.

Fixed Deposit Scheme, India
The earlier people start investing money in Fixed Deposits, the more they can leverage the benefits of saving money and multiplying it with time. Pixabay

Deposit Tenure

The interest rate varies with the tenure of the amount deposited in FDs. Generally, the longer the tenure, the higher will be interest on the fixed deposited amount. The tenure can vary from a few days to years.

Credibility of the Bank

The trust that brings the investors to the banks that might vary for different banks. The customers must make sure that the banks are certified by ICRA or CRISIL. Some banks may not provide services as expected by the investors and deny the task at a crucial time.

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Payout

The customer reaching out the bank must be aware of all the policies related to the Fixed Deposits and interest they will get based on their tenure and deposited amount. The banks that you choose must deliver the highest interest on the amount you give to them.

Withdrawal

The penalty charge in case the depositor unlocks the FD before its tenure. In some cases, the bank can provide services where there are no lock-in period or less penalty for the customer. These types of banks believe in making a bond with their customers and providing good facilities to them.  

Lock-In Period

Most of the banks have a lock-in period where investors are not allowed to withdraw the money deposited in FD. Some banks restrict load from premature FD in case of emergency too.

Transferable Account

Certified banks provide a facility wherein an investor can transfer his or her account to different branches of the same bank.

Tax Deducted at Source

The tax bracket of the investor must be sorted and levied on the interests that are provided on the Fixed Deposits. TDS is applicable even on the Fixed Deposits investments.

Additional Benefits

Some banks provide additional benefits for senior citizens opting for Fixed Deposit. They also provide some beneficial profits in loans for investors with FDs of higher amounts. Some banks and financial companies even allow you to check the status of your Fixed Deposits online.  

Fixed Deposit Scheme, India
Fixed Deposits are one of the more common and preferable investment schemes in India. Pixabay

Figuring out the best banks for FD investments where money multiplies with time and provides interest rates that are lucrative. The safest way of investments which helps in growing the amount of savings and also provides flexibility with high stability. People can choose the period of deposit varying from 12 months to 60 months.

The investments made in FD at a young age is the best part of savings. These savings don’t get affected by any curriculum introduced in the banks. While your returns remain stable, you also stand to get a stable income at the end of the tenure without affecting your savings too much. For some cases you can look into some of the FD rates of Bajaj Finance:

Bajaj Finance FD rates
Tenure FD rates Senior Citizen FD rates
12 months to 23 months 8.00% 8.35%
24 months to 35 months 8.15% 8.50%
36 months to 60 months 8.60% 8.95%

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The variable period of investments is what matters to many people, where Fixed Deposits help the investor to decide the lock-in period and the amount. It makes sure that the customer receives all the services as expected from the bank. The young generation can invest in such schemes for their elders and support them in crisis, as there is no fluctuation in the return money due to market, which changes very often. Some Fixed Deposits cannot be easily molded as per the customer’s requirement, they may stick to the rules and laws made by the higher authorities. For checking some of the benefits and features you might want to visit here. The earlier people start investing money in Fixed Deposits, the more they can leverage the benefits of saving money and multiplying it with time.   

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LAVA Launches New Budget Smartphone Z62 in India

Connectivity options on the device include Wi-Fi and GPS. Sensors on the phone include accelerometer and fingerprint sensor

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The 2GB RAM variant of the phone would be launched in August, the company said in a statement.
Lava unveils new feature phone. IANS

Domestic smartphone manufacturer Lava on Friday launched its new budget smartphone Lava Z62 for Rs 6,060 in India.

The phone comes with a 6-inch touchscreen display and is powered by a 3,380 mAh battery.

“The device also comes with a dedicated Google Assistant key, thus, allowing users to use a variety of apps and features at the click of a button using their voice command,” the company said in a statement.

new phone, lava
The mobile phone supports English, Hindi, Tamil, Bengali, Gujarati and Punjabi. Wikimedia Commons

As far as the cameras are concerned, the device on the rear packs an 8MP camera and a 5MP camera on the front.

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Connectivity options on the device include Wi-Fi and GPS. Sensors on the phone include accelerometer and fingerprint sensor. (IANS)