Fixed deposits, as we all know, has been the safest and most secure options mankind has ever had. With soaring interest rates and shaky stock markets it is may be the correct time for Banks and NBFCs to promote FDs. FD is considered a safe investment option because you invest your amount in one go and earn fixed interest up on it over a fixed tenure. With the times gone by there have been a lot of misconceptions about FDs. Here are some of them:
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FD is common investment option for growing money. When the FD matures and no withdrawal or renewal takes place for a period of 10 years after maturity then the FD is categorized as an unclaimed FD. Unclaimed FDs do provide returns but not at the rate of the FD. They provide it at the rate of savings account. There is more than Rs. 60000 Crore lying idle with banks, post offices, Employees Provident Fund organization or EPFO, insurance companies of India as unclaimed money. You can assess the magnitude of it yourself. The RBI has taken up the issue and handed over the job of determining the account holders of these unclaimed deposits and locating them on high priority to banks. Recently the RBI has issued this notification. Find out your unclaimed Bank Deposit
RBI guidelines directs banks to disclose the names and addresses of the account holders of these unclaimed FDs on their web site. It is mandatory that no information regarding the account numbers and bank branch will be displayed on the websites by the banks. If you want to check about any such unclaimed account of yours then you may simply check the website of the banks you have your accounts with. Claim your Unclaimed Deposit An online application form for claiming it from the bank’s website is available which you can download. There are more documents that will be required by the banks for claiming the accounts. You will find the details of which on the website itself. Bottom Line: This post describe the how to claim unclaimed FD, So before investing in FD you have must know all the rules of this. You will opt for FD (Fixed Deposit) with the intention of savings or investing it. If you invest the money, you will be able to enjoy other benefits that are dependent on your investment option. By investing in a fixed deposit, you will earn higher returns as compared to your savings account. Fixed deposits offer a fixed rate of interest throughout the investment tenor as fixed deposit interest rates do not tend to fluctuate. How can you Withdraw Funds without Breaking FD Account? But, you can enjoy these benefits once the fixed deposit gets matured. In case, you need a lump sum amount of money in an emergency situation, what will you do? If you break the FD before maturity, the lender might charge you with a penalty. How about opting for Overdraft facility? When you opt for an overdraft facility, you can take a loan against the amount that you have invested in the FD. By using an overdraft facility, you don’t have to break your FD or pay a penalty on it. An overdraft facility is a kind of loan that you take over your fixed deposit account. You will be surprised to know that you can withdraw up to 90% of the amount in your fixed deposit account. So before investing you have must know about the everything about bank deposit, which help you to manage your investment in the time of emergency. You have a lot of time ahead of you and can plan out your surplus fund investments in a structured manner in order to reap the maximum benefits. Investing depends on several aspects like your appetite for risks, your current financial scenario and also the financial goals that you have set for the future. There are several options available to you like SIPs (Small Investment Plans) or even equity based mutual funds where you will have fund managers allocating your investments with a view towards helping you earn good returns. You can consider stocks and shares though this requires expertise at a different level or even real estate as an investment and asset for the future. However, investing in a Fixed Deposit (FD) is also a very good option since this gives you safe and assured returns without any exposure to market fluctuations and other risks. You can also read the Quora's question and know how 22 years boy get the investment option. |
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About Author:Aman is working in the domain of Investment management in one of the top universities. He has published research papers and case studies in Investment and Fixed Deposit marketplace. He is an avid blogger in the domain of Investment management. you can also find him on social networking platforms. Archives
August 2022
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