It is nothing but one of the most common types of deposit scheme provided by all banks as well as many non-banking financial institutions.
In a Fixed deposit, all you need to do is deposit a lumpsum amount for a definite time period at a rate of return which is predefined. On the date of the fixed deposit maturity, you may choose to remain invested or withdraw the maturity amount. There also would be a component of Tax Deducted at Source/TDS . Banks or the financial institution will deduct the TDS on an FD interest amount which is higher than Rs.10,000 per year. The tax deduction rate is 10% on interest income, only on the condition that the details of your PAN are linked with the Fixed Deposit (FD) account. If you fail to offer your PAN details, it will lead to a deduction of 20% on interest income. It is best to compare the rate of interest of different banks in case you wish to deposit a few of your savings in a Fixed deposit.
The FD calculator or the Fixed Deposit interest calculator is a user friendly calculator that is available online that helps you in calculating the interest earned on your FD. Fixed deposit calculator is absolutely free of cost. All you need to do is enter the requested principal as well as the maturity amount as input and then the FD calculator will automatically calculate the interest that will be earned on the deposit
The Fixed Deposit Maturity Calculator is not too different than the Fixed Deposit Interest Calculator. This tool is available online and is absolutely free of cost. A Maturity Deposit Calculator is particularly beneficial in calculating the amount that you will receive on maturity. The maturity amount will be calculated depending on the principal amount, time period as well as the rate of interest.
You can start a fixed deposit account with any bank wherein you already hold a savings account
The returns on Fixed deposit are assured
Facility to avail seamless Cashless hospitalization.
The interest rates on Fixed Deposits differs from one bank to another bank.
Mentioned below are the documents required for opening a Fixed Deposit account:
Yes, investing in a fixed deposit is a best option for risk-averse investors who seek for a short-term investment with a guaranteed rate of return.
Yes, a 10% TDS would be applicable on a fixed deposit in case the interest that you earn from your FDs is above Rs.10,000/- Also, it is safe to invest in a fixed deposit since it offers guaranteed returns.
Yes, you can prematurely withdraw or break your FD in case of an emergency. The bank or the financial institution will charge penalty for the same.
Yes, you may keep multiple FDs in one bank or different banks.
Yes, a bank can offer you up to 90% of your FD value.
You can invest a minimum amount of Rs.1,000 to Rs.10,000 depending on the bank. However, there is no upper limit for the same.
To open a fixed deposit FD account, all you need to be is an Indian, NRI, HUF or a senior citizen.
Besides, you may also open a FD account under guardianship for a minor.
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