For investors who are averse to risk and looking for a safe investment option, a fixed deposit can help you get good interest on your amount.
A type of term deposit, fixed deposits allows individuals to deposit an amount for a certain preset tenure and get their back their money along with interest back on maturity.
Based on the tenure of fixed deposit they can be of different types, you can choose the best fd plan as per your requirement.
Types of fixed deposit
1. Standard Fixed Deposits: The features of this include:
- The money is deposited for a fixed tenure ranging between 7 days to 10 years.
- The rate of interest is higher than a savings account and is pre-determined by the bank
2. Tax Saving Fixed Deposits: The name speaks for itself, this is a tax-saving instrument, with the following features:
- The lock-in period is of 5 years, and premature withdrawal is not allowed.
- Tax exemption of up to Rs 1.5 Lakh can be availed in a year.
- One time deposit is not recurring.
3. Special Fixed Deposits: Similar to stand Fixed deposit, it allows investment for specific periods.
The difference between the two is that in a special fixed deposit if the money is withdrawn after the completion of tenure, you can earn higher interest than standard FD.
4. Regular Income Fixed Deposits: If you are someone with a limited income, then this fixed deposit will help you earn interest payout every month or quarter.
5. Senior Citizen Fixed deposit: For individuals over the age of 60 years, this is the best fd plan which can help them earn high interest.
6. Flexi Fixed Deposits: This is a special fixed deposit, where the fixed deposit is linked to your savings account, and the money shuffles between FD and savings account.
Conclusion
The above is the Best Fixed Deposit Scheme or plans for Indian residents which can help them start their investment journey.
Comments
Post a Comment