There is no one-size-fits-all approach to saving money for everyone. Savings instruments may differ based on a person's ability to save, time horizon, savings goal, and other factors.
As a result, fixed deposit accounts have become a popular option for storing money since they are not affected by market fluctuations and provide the highest FD rates in India at the time of maturity. Unclaimed, matured FD accounts will now be subject to a new regulation imposed by the RBI. Thus, money in an unclaimed, matured FD account earns interest at the savings account's rate or the matured FD's contractual rate, depending on the lowest of the two. Banks provide fixed deposit accounts as a kind of investment. Over time, investors would make regular deposits into this account. They would get a set interest rate for the duration of the investment. If you're looking for a better rate of return, you might consider a fixed deposit (FD). Investors may withdraw their money after the deposit's term. Then again, individuals might choose to keep their money invested for a new period.
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Central Know Your Customer (CKYC) is a centralized repository for KYC papers of persons seeking financial services from many financial institutions. This has reduced the need to go through the KYC process with each institution separately. The CKYC program was presented in the Union Budget 2012-13 and went into force People nowadays expect everything to be accomplished in a matter of minutes. Getting started with a financial organisation used to be a time-consuming procedure that needed you to submit KYC documents. For opening an FD, CYKC is essential, and use a fixed deposit interest rate calculator to calculate the FD maturity amount. To check the status of your CKYC number, visit the website of any financial services company that provides CKYC number check services. Since the introduction of the CKYC Register, the documentation process has been more accessible, quicker, and, most importantly, safer. |
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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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