While looking to place your life’s earnings you will come across several investment schemes. What might work now, may not be suitable for the future. But you can always consider parking the money into an investment option which is both low-risk and a guarantee of assured return. Yes, I am talking about fixed deposit. These are free from market fluctuations. They are rated high on stability and security with ICRA’s MAAA stable rating and CRISIL’s FAAA stable rating so your savings are never at risk. Here are some more reasons to know why your fixed deposit investment is safe. Leading NBFCs let you book a fixed deposit online from their official website. The process can be completed with basic documentation. You can book the deposit either in you name or in the name of your family member. The deposit does not require too much monitoring. You can access your online account from anywhere at anytime. The facility lets you withdraw amount, upgrade deposit and manage your savings as per your convenience. You can earn appreciable interest income with higher interest rate provided by NBFCs. Interest start from 8.40% onwards. You can avail top-up rate of 0.25% upon renewal of the deposit. While senior citizens can avail 0.35% top-up rate over and above the base rate provided to them. This interest income is tax free up to Rs. 25,000. You can submit Form 15G and Form 15H to save on interest income of Rs. 10,000 or more. Interest payouts are available in cumulative (where interest is received at the time of maturity) and non-cumulative (where interest is received at monthly, quarterly, half-yearly and annual basis) terms.
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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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