A fixed deposit is an all-rounder investment platform weather you are young od considered in senior citizen savings are must and fixed deposit is the best idea for that.
Even fixed deposit help in a retirement plan as well. The question arises how can be this possible so let’s discuss in detail:
Guaranteed investment returns: A fixed deposit is considered the safest investment platform because it does not work on market value. The amount fixed at initial will be the same throughout the period till maturity.
High-interest rate: Mostly lender which provide fixed deposit always offer good FD rate of interest. But for that, you need to do some research over it. The benefit for senior citizens is that they will get a 0.5%* more interest rate than general. Most of the lenders provide this offer.
Interest payout options: There is two option available for interest payout one is cumulative and other is non-cumulative.
Tax relief: There will be no tax deduction up to the earning of Rs 5000 per financial year which is a plus point.
Loan facility: You can apply for the loan over your fixed deposit amount. The process will be hassle-free and the loan will be at a low rate of interest.
Read More: Which Do You Suggest for Long-Term Benefits: a FD or SIP?
Guaranteed investment returns: A fixed deposit is considered the safest investment platform because it does not work on market value. The amount fixed at initial will be the same throughout the period till maturity.
High-interest rate: Mostly lender which provide fixed deposit always offer good FD rate of interest. But for that, you need to do some research over it. The benefit for senior citizens is that they will get a 0.5%* more interest rate than general. Most of the lenders provide this offer.
Interest payout options: There is two option available for interest payout one is cumulative and other is non-cumulative.
Tax relief: There will be no tax deduction up to the earning of Rs 5000 per financial year which is a plus point.
Loan facility: You can apply for the loan over your fixed deposit amount. The process will be hassle-free and the loan will be at a low rate of interest.
Read More: Which Do You Suggest for Long-Term Benefits: a FD or SIP?
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