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Fixed deposit is a safe option, and investors will receive steady returns. There are different fixed deposit schemes, so you must choose the suitable one. It’s good to consult with a financial advisor who gives you the right suggestions; thus, you will find it easy to invest.
First, you must learn the scheme’s terms and conditions, ensuring that you can avoid controversies in the future. Thus, meeting your financial goals becomes easy, and you will get familiar with the beneficial solutions. Once you invest, you will start generating profits, giving you a clear idea of why a fixed deposit is a safer option. It’s also important to learn the fixed deposit interest rates; thus, you can invest in the right scheme.
Types of Fixed Deposits
Here you will get a clear idea of various types of fixed deposits:
Standard Fixed Deposits
Standard FDs are a good option for people who are looking to invest in a tenure of 7-10 years. The interest rate is higher than a savings account, and also you will find it easy to apply for a loan against your FD account. Thus, you will learn how a standard FD brings benefits in real time.
Cumulative FD helps you invest money over a predetermined tenure. However, this scheme won’t allow you to receive monthly payouts; you will receive the entire amount at maturity. So, cumulative FD can be a better option if you plan for long-term investment.
Non-Cumulative Fixed Deposits
This scheme is suitable for investors who want to receive monthly interest. Also, you may receive quarterly, half-yearly, and yearly interest that helps you meet your financial goals. You will enjoy good returns on the invested amount, and thus you will see how a non-cumulative FD brings positive solutions.
Senior Citizen Fixed Deposit
This scheme is suitable for investors above 60 years. Senior citizens will receive a 0.50% increase in the interest rate and thus can lead a better life post-retirement. Thus senior citizens will explore life in a new way, and you will comprehend why it’s good to choose the scheme.
Tax-Saving Fixed Deposit
The tax-saving fixed deposit helps you enjoy tax exemption benefits; thus, it helps you avoid huge financial burdens. Moreover, this scheme has a tenure of 5 years and won’t get an option of premature withdrawal. And you will receive a good amount at maturity, and it’s easy to invest.
This FD scheme offers maximum flexibility, and it brings notable benefits. You will receive higher interest rates, giving you the confidence to invest. First, you need to learn the features of Flexi FDs, and it’s time to learn how to invest. You also need to know the TDS on FD, which helps you choose the ideal scheme.
Overall, you get an idea of different types of fixed deposit schemes, and it’s good to seek the help of a financial advisor.
Things to Consider While Choosing a Fixed Deposit Scheme
Before you choose an FD scheme, it’s important to choose a few things, which are:
- Fixed deposit interest rates help you find the right scheme, and thus you will feel confident to invest. Now, finding an online interest rate calculator is easy, and it helps you handle the calculations efficiently.
- Make sure that the NBFC offers a loan facility against your FD account. Investors will find the option to receive 90% of their deposit as a loan, and it helps you deal with a monetary crisis. It’s good to learn the terms before you apply for a loan that helps you eliminate all the worries.
- Premature withdrawals are important to arrange money if there is an emergency. Sometimes, NBFCs charge a penalty, and you must know how much you have to pay. Thus, you will learn whether it’s good to withdraw money before maturity.
- Consider the risks associated, and thus you can invest free from any worries. Once you choose a good FD scheme, you need to set the amount you want to invest against which you will receive returns.
- Make sure the FD scheme has flexible tenure, and it helps you choose the tenure. Thus it helps you meet the monetary goals, and you will comprehend the importance of investing in fixed deposit schemes.
So, you can now easily find a suitable FD scheme, and it’s time to invest. Thus, you will learn how it generates returns and how fixed deposits help you handle your finances. Bajaj Finserv brings different fixed deposit schemes, making investing easy.