FD and Saving account is the best way to save your money for future expenses. People are confused about where he will get a good return. let's have a look.
Higher interest rate:
FD offers the highest interest rate than saving account if you invest in FD you can get a 7% - 8% interest rate this depends depend on the tenure and FD that you have chosen.
No exposure to marker fluctuations
FDs offer a guaranty return, this is not affected by the market risk. The predictability of your return allows you to plan your future.
Higher Interest Rate for Senior Citizen:
Most banks and NBFC offer higher interest rates fo the senior citizen PNB Housing Finance offers a 0.25% extra interest rate. This feature of FD attracts to the senior citizen.
Periodic payout of interest earned available:
FD offer to you to avail your interest rate monthly, quarterly, or yearly it is up to you which one you opt for. but is saving account you will earn only once in a year.
Loan Facility:
Fixed Deposit offer loan facility you can avail up to 75% loan amount of your principal amount. Saving account is not offer this facility so FD is the best option.
Withdraw Option:
Some times you need funds on an urgent basis but you have not any option to get rid of but if you have FD then you can withdraw or you can avail loan on FD.
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