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What You Need To Know Before You Open A Fixed Deposit
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Fixed deposit accounts have always been a popular option for account holders as they provide a safety to capital and a trustworthy surety of returns. The interest rate is one prominent factor that influences the popularity of fixed deposits as an investment option. In this article, we share all the benefits offixed deposit and help you begin with this kind of investments.
The attractive interest rates are the main feature of fixed deposits. Normally you can invest up to a sum of 1 lakh for a beneficial and sufficient interest return that can suit your needs. Normally the interest rate is in between 8 to 10%. If you have a larger amount than 1 lakh, it is ideal to break this amount into smaller amounts preferably. Using the fixed deposit interest calculator, you can calculate the ideal interest rates based on the tenure for the returns that will suit your needs. You can find this fixed deposit calculator on the official website of any banking or financial institute. If you are a senior citizen, you can avail of higher interest rates especially with public banks as compared to private banks.
Plan for an effective return
If you invest sufficient funds in the fixed deposit account and opted for the monthly return, you can be in position to retire if the interest earned is equivalent to the salary earned. So, fixed deposits can be and efficient retirement tool for the people too.
Fixed deposits have very low risks attached to them. Normally the interest rates are predefined when you open a fixed deposit account and can be easily calculated by the fixed deposit interest calculator to know the effective income you would want.Most banks offer this financial product as a low risk low return product and do not vary the rate of interest drastically. So, it is a safe bet for those who do not want to take a chance with products like equities.
Fixed deposits are a popular option for loan against it. A fixed deposit can be used as a security for loan application. Normally 85% of the principal amount can be used as security of the loan. This is ideally one of the safest options for loan if the case arises when there is a need to apply for a loan.
Author Bio :- Neha Sharma is a finance student who loves writing about Fixed Deposits and more. She is delighted to share her knowledge about fixed deposit interest calculator and FD calculator to the public and to those who are interested.
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