Banks and Non-Banking Finance Companies offer different kinds of Fixed Deposits, to suit the investment requirements of different customers. Here’s a list of the different fixed deposit types offered.
Regular FD: Deposit your money for a fixed tenor, ranging from 1 week to 10 years.The rate of interest is predetermined, but higher than the savings account.
Tax-saving FD: The principal amount of the FD gets tax exemption of up to Rs.1.5 lakh in a year.Your investment is locked for a period of five years and funds can’t be withdrawn before the maturity date.
Senior Citizens FD: This FD scheme is for people above the age of 60 years, who can earn an additional interest rate over regular FD.
Article ID: 1393
Created: Tue, Aug 20, 2019
Last Updated: Tue, Aug 20, 2019
Online URL: https://www.knowledgepublisher.com/article/1393/what-are-the-different-types-of-fixed-deposits.html