Fixed Deposit

Fixed Deposit

Fixed Deposit is a low-risk financial instrument that helps investors to grow savings at a fixed rate of interest, which is higher than the interest rates offered by savings accounts. The convenience of investing along with the safety of your deposit can help you plan your short-term and long-term goals easily.

In a Fixed Deposit, the sum of money is blocked for the period of the deposit. Banks allow depositors the flexibility to invest their funds from periods as low as 7 days to 10 years. The interest rate on the deposit depends on the period for which the funds are placed with the bank.

Fixed Deposit
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Fixed Deposit

Features of Fixed Deposit Account

Flexibility of Duration

The tenure can be lowest to its highest. As the lowest tenure of fixed deposit can be of 7 days and the maximum tenure can be of 10 years. The choice of your tenure helps you in your investment goals and you may invest with your needs.

Versatile Interest

You can collect the interest gained on your principal amount in two ways - cumulative and non-cumulative. If you choose the cumulative option, the interest is compounded and deposited in your account at the end of your fixed deposit tenure.

Higher Rate of Interest

Investing your money will yield high rate of interest. A higher rate of interest on your investment can help you stay ahead of the inflation curve. However, confirm the interest rates with the bank as interest rates are subject to change.

Auto-renewal Policy

In case you miss out on mentioning if the fixed deposit should be renewed or withdrawn at the end of its tenure, it by default provides auto-renewal option for your fixed deposit. The entire sum at the end of the tenure is reinvested for the same period.

Overdraft Facility

We provides you with an overdraft facility against your fixed deposit. In your hour of need, you can borrow up to 90% of the total fixed deposit amount. This does not impact your savings in any way but it helps you in your hour of need without any impact on your Fixed Deposit.

Tax Saver Deposit

Under Tax Saver Deposit you will get a special benefit termed as Tax saver deposit where you will be allowed to enjoy the same rate of interest as a regular deposit while helping you reduce the tax liability where the plan is in a locked-in period of five years.

Benefits of Fixed Deposit

Guaranteed Returns

Fixed deposit (FD) accounts provide assured returns on your investment as the banks are governed by RBI. Hence, these investments are relatively risk-free when compared to other forms of investments; moreover, investors receive a fixed rate of interest.

Higher Interest Rates

The interest rates associated with FD are comparatively higher rate of interest than other forms of traditional investments such as savings accounts and recurring deposit account. As it offers a higher rate of interest hence it is most preferred.

Tax Benefit

Investors can opt for tax saver fixed deposits to avail tax benefits up to Rs. 1.5 lakh, as prescribed under Section 80C of the Income Tax Act 1961. However, most FDs providing tax saver benefits have a lock-in period between 3 to 5 years.

Easily Accessible

Depositors can open an FD account online within a few minutes. If you are a customer of the bank you want to open your account with, you can just log in with your net banking or mobile banking and apply for the preferred FD.

Why should one Apply for Fixed Deposit?

Fast assistance

We offer 24*7 services for all its customers. You can contact us at anytime of the day and we will try our best to get back to you as soon as possible. Moreover, the process for Fixed Deposit approval is fast and quick in nature.

Customer needs

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking the Fixed Deposit offers based on customer profile, we try to give you the most personalised experience.

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