Saturday, August 15, 2020
Home Business Which is the Best Fixed Deposit Scheme in India?

Which is the Best Fixed Deposit Scheme in India?

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

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.

Also Read- WHO Chief Emphasize the Importance of Universal Health Coverage

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%

Also Read- Teens with ADHD More Likely to Face High Road Accident Risk, Says Study

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.   

STAY CONNECTED

18,952FansLike
362FollowersFollow
1,780FollowersFollow

Most Popular

Here’s How an Online Training Helped me Land my Dream Job

About the Author: Apurva Bhalerao is a postgraduate in Mechatronics. She joined Internshala Trainings for Internet of Things training. She shares how an online...

Internships for Students With Good People Skills

College students, especially the first and second year ones, often hesitate to apply to internships for the reason that they don’t have any job-specific...

73% Females in Rajasthan Facing Issues in Procuring Sanitary Napkins During Lockdown

Seven of every 10 adolescent females, nearly 73 per cent, in Rajasthan say they have had a problem procuring sanitary pads during lockdown in...

I Believe Dance is like Talking Without Speaking: Govinda

Actor Govinda sees dancing more like talking, sans words. "I believe that dance is more like talking without having to actually speak or use words....

Google Search to Provide you With Necessary Information About Floods in India

Google is already sending public alerts to people hit by flooding in India and users in India can now use Search to simply enter...

Yoga Improves Symptoms of Generalised Anxiety Disorder: Researchers

Researchers have suggested that yoga improves symptoms of generalised anxiety disorder, a condition with chronic nervousness and worry, suggesting the popular practice may be...

Young Women More Stressed Than Men During Lockdown: Survey

A recent survey on the impact of the Covid-19 pandemic on people between 10 and 24 years in UP, Bihar and Rajasthan has revealed...

Doctors Estimated 3 Folds Rise in Deaths of Patients During Lockdown Due to “Waitlist Mortality”

By Ashish Srivastava The nationwide lockdown imposed from March 24 has affected services across sectors, and key areas of medical care were also not left...

Recent Comments