Fixed Deposit is a term of investment where you can park your amount fixed time duration and predefined interest rate which you collect at the end of the tenure. Fixed deposit offer you to collect your interest rate monthly or yearly based it depends on your scheme selected at the time of opening the fd account.
Getting your interest rate every month is quite popular in the market because most of the people prefer this than a normal fixed deposit.
Benefits of Monthly income FD:
Overcomes the problem with regular fixed deposit
A generally fixed deposit the interest you earned on your fixed amount you can get at the end of the maturity, but the interest rate you earn in the monthly fixed deposit you can withdraw at the end of the month.
Online crediting of earned interest:
If you chose this fd scheme, the due amount at the end of every month directly transfer in the same bank account this fd scheme is more comfortable for the deposits.
No investment of time or effort :
There is no investment or less effort in these processes. Depositor simply open normal open monthly income fixed deposit account. And make an investment on leave for the month.
Best for the senior citizen:
This scheme is good for the senior citizen they can take advantage of this scheme with high fd rate than other monthly income fixed deposit account. You have to invest your money and get interest rates monthly.
Final word
All the benefits of the monthly fixed deposit account discous in this blog read it carefully before investing in this scheme.
Read More: Why Should Senior Citizens Invest Their Money In Fixed Deposit
