FD is a long term investment this method of investment helpful for the investor to save their money. This is a traditional way to save your money and tax as well. This tool offers the investors get a higher interest rate of their fixed deposit. If you want to fix your money in fd you have to open a fixed deposit account and compare all the bank's fd scheme and select a scheme as per your convenient go through with it and get an interest rate on your maturity.
Feature of Fixed Deposit
Long-term investment:- Fixed Deposit (FD) is a long term investment you have to fix your amount for a year then you get a higher interest rate on your FD. you can fix your money 7 days to 10 years offered by the bank.
One-time deposit: if You have money and you do not need immediate in future then you go through with fixed and fix your money only once at a time and get a good return.
Fixed deposit receipt: When you fix your money in fd then you get a deposit receipt you can also request for the e-copy. You have to keep safe this receipt until your fd is withdrawn.
Interest Payout:- You can withdraw your interest earned by the fixed deposit monthly or quarterly as per your need.
Tax Efficiency:- You can go through with tax-saving fixed deposit you need to fix up to Rs 1 lakhs to save the income tax. The income you earn is taxable as per the Income Tax Act 1961.
Senior Citizen:- Fixed Deposit is more usable than other saving methods because bank offer to the senior citizens gets extra interest rate than normal Fixed Deposit. Read about Why Are Fixed Deposits best investment avenue for senior citizens !!!
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