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Fixed Deposit

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  • Fixed Deposit
  • A fixed deposit (FD) is a financial instrument provided by banks or non-bank financial institutions.
  • It provides investors a higher rate of interest than a regular savings account, until the given maturity date.
  • It may or may not require the creation of a separate account.

Benefits:

  • Assured Rate of Return: The major reason why people prefer investing their funds in a fixed deposit is the assured rate of return.
  • Once you invest your funds in a fixed deposit account, you can be guaranteed of receiving the stated rate of return.

 Time period of FD:

  • The investment tenure of FDs ranges from seven days up to ten years, and it varies across banks.
  • The return on investment is compounded periodically; it may be monthly, quarterly, or annually. Senior citizens are provided with 0.5% higher returns as compared to regular customers.
Period Rate of Interest
7 to 30 Days 3.50%(25 Lakh or more than 25 Lakh)
31 to 90 Days 4.00%
91 to 180 Days 4.50%
181 to 364 Days 5.50%
12 Month to 36 Month 6%
37 Month to 120 Month 6.25%
Senior Citizen 0.50% More

 

Documents Required:

  • Operated Saving Account With us or
  • Adhar Card
  • Pan Card
  • Two Photos