A Fixed deposit is a type of investment, provided by various Banks, housing finance companies and NBFCs. It provides a higher rate of interest than a regular savings account. The interest rates depend on the financial organizations. Fixed Deposit is a great way to grow your savings. It is also known as Term Deposit and Time Deposit.
It provides a higher rate of interest than your RD savings account. The FD Interest rates depend on the amount and your FD tenure as well. For senior citizens, interest rates offered by financial organizations are greater than others. Senior citizens can get the most interest rates on FD.
Here are a few tips that you keep in mind while choosing the best-fixed deposit plan for yourself:
- Rate of Interest
- Credibility
- Tenure
- Premature Exit
- Interest Payout Frequency
- Penalty
Most people prefer FD instead of other savings. There are many benefits like- Loan Options, Guaranteed Returns, best saving option, Premature Withdrawal. So, we can say that FD is a good idea to invest your money for the future. The most important thing is to do the proper research, check the interest rates, tenure, money safety, and premature withdrawal policy.
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