One of the most important features of fixed deposits is the guaranteed returns on FD, making it one of the safest and reliable investment options available in the Indian financial market.
Along with other features like flexible tenor, high returns, choice for interest payouts, etc. The high returns are accumulated by incurring the interest offered on these deposits.
Now, unlike loans, interest offered for fixed deposits solely depends on the financial institution and not on the Reserve Bank of India, repo rate, or MCLR rate. Therefore, to accumulate maximum benefits, one must choose a lender that provides a higher rate of interest on FDs.
Usually, financial institutions and non-banking financial companies provide fixed deposit schemes on a 6% - 8% interest rate. However, the interest earned by you depends on the deposited amount, interest rate, tenor, taxation, and interest computation frequency. There is a surge of 0.35% on interest rates applied for senior citizens.
Individuals acquiring high interest rates on FD can also get marginal rate of return due to the inflation scenario in India. You may have funds and want to invest in fixed deposits to acquire high returns, but should keep these points in mind –
Inflation rate is going to affect the actual return on investment, which should be considered while calculating the percentage gain from this term deposit.
It is equally important to select a reputed financial institution or non-banking financial company for your fixed deposits that offers high interest rates on FD.
Subsequently, choose a financial agency accordingly that not only offers a high rate of interest but also place your funds at a reputed and reliable institution. Also, the scheme and term of deposit you select can fetch you better returns, So start investment in Bajaj Finserv Fixed Deposit.