Fixed deposits is a good term investment option. It is a fixed income debt security issued by banks and some insurance companies. We can say, you provide a loan to the bank on which the bank or the institutions pay you interest. It is one of the safest investment options. Both salaried and self-employed individual can opt for this investment.
How much interest would you get in a fixed deposit? It depends on the maturity period; you get higher interest if the period is long. However, some banks offer special interest in some schemes. To keep update about a special offer you must have a regular view on a website like us. Your interest rate is guaranteed as you deposit your money for a fixed period.
A question may arise. Is fixed deposit is good investment option? If you do not want take any tension investing in any risk profile business then this could be the right option for you. No need to worry at any time. Open a fixed deposit scheme according to your income, get the returns on time.
Generally the term of fixed deposits varies from 15 days to 10 years. The interest provisions are quarterly, half-yearly or annual. The minimum deposit limit is 1000 and there is no limit for maximum. Some banks offer loans and overdraft facilities against any existing fixed deposits. The most flexible feature is that one can close a fixed deposit account at any time of emergency. The holder has to lose interest if he/she closes it prematurely.
Each bank has own interest rates, so do a research on the interest rates of each providers for the tenure. Don’t forget to check the financial status of the bank. We suggest you to keep a few small deposits than that of keeping a long amount deposit. If you want to close prematurely then you do not loss too much interest while in a big amount deposit you may suffer loss if you break it earlier. Check the deposit receipts carefully to ensure its correct fill up. Don’t forget to fill up the renewal column as if it is unfilled the deposit amount would go back into an FD.
As the fixed deposits are governed by the rules of Reserve Bank, it is the nationalized and safest moods of investment. Against an FD receipts you can avail a loan up to 75-90% of the deposit amount. There are so many other queries for this investment. To get all of your answers consult with an expert at mantra4money.com.