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Know Why You Should Prefer Investing in Fixed Deposits

by Saykat
January 2, 2023
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Know Why You Should Prefer Investing in Fixed Deposits
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In order to feel financially secure at all times, it is essential to start investing at the right age. Around a year and a half ago, when I started my first job, I was intrigued by the Fixed Deposit Interest Rate, after which I decided to invest in the same.

Moreover, it is one of our country’s most popular investment instruments. For many years now, it has been considered a safe investment as it provides assured returns over a period of time and is also flexible in its duration.

What is a Fixed Deposit?

Also known as Term deposits, it is a scheme where you invest a lump sum amount in the bank for a fixed tenure at an agreed interest rate. When the tenure ends, you get the amount invested plus the compound interest in return.

What are the two types of Fixed Deposits?

Before investing your hard-earned money, ensure you go for the right fixed deposit investment and also calculate FD interest rate beforehand using certain tools.

● Cumulative fixed deposit

It offers compounding benefits to the investors because it gives both the interest and principal on maturity.

● Non-cumulative fixed deposit

It is a regular income investment scheme that allows investors to choose their period of interest payout. So, in this type, instead of reinvesting, the lender transfers the amount back to the investor.

What are the pros of investing in a Fixed Deposit?

 

For years, FDs have been one of the most desirable investment schemes for Indians due to the assured returns. With time, it has evolved into a highly versatile and flexible financial scheme offering many benefits.

● Assured Returns

FD investment ensures guaranteed returns. The Interest Rate remains constant throughout the tenure, and you know exactly what you’ll be getting in return after it ends.

● Flexible Tenure

Starting from a month to up to a whopping ten years, calculate FD interest and invest accordingly as per your suitability. For example, suppose you have planned an important life event in the coming ten years; then, you can invest to meet your financial requirements.

● Easy withdraw

A Fixed Deposit can be withdrawn at any time, but it comes with a price. So, a minor penalty is involved if you plan to withdraw money before the tenure ends.

It is a well-known fact that the lucrative fd interest rate has pulled many Indians towards this investment scheme. Furthermore, as this investment is not affected by what happens in the market, like the stocks, the returns are guaranteed.

Which is the best platform to invest in an FD?

 

There are several platforms on the internet where one can invest in FD that have a lucrative Fixed Deposit Interest Rate. Personally speaking, I’ve been using the Bajaj Finserv application for over a year now, and I make all my investments on this app only. Here is a step-by-step guide on how you can invest in Fixed Deposit on this app –

  1. Download the official Bajaj Finserv app on your iPhone/Android.
  2. Sign up with your details
  3. On the home page, tap on three bars on the top right.
  4. Choose the ‘Try our Calculators’ option.
  5. Go to ‘Deposits Calculators’
  6. Choose ‘Fixed Deposit Interest Calculator’.
  7. Enter the details and know what suits you the best.
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