How to Choose A High-Return Fixed Deposit?
Fixed deposit is a hassle-free and secure investment. It is an assured guarantee of returns and stability, certified by ICRA’s MAAA (stable) rating and CRISIL’s FAAA/ Stable rating. To earn maximum benefit from your fixed deposit you can consider parking your hard-earned money with most leading NBFCs. There is no age restriction to start a fixed deposit. You can even book a deposit for a family member or relative.
As an investor here are few things you must take note of before picking up a suitable NBFC.
Interest Rate – this will determine how much income you will be able to make from your fixed deposit. With NBFCs like Bajaj Finance offering high interest rate on FD of 8.40% up to 8.75% is a good option to consider. The income made from fixed deposit up to Rs. 10,000 falls under the non-taxable bracket. But, you can save tax on income of Rs. 10,000 or more on submission of Form 15G and 15H to your lender. You can earn top-up interest on the base interest on renewal of the deposit and if you are a senior citizen.
Flexible Tenure – you get to choose flexible tenure between 12-60 months as per your financial obligations. This will help you gradually accumulate wealth and grow your corpus. There are tenure-specific fixed deposits such as for 15 months which offer 0.25% more interest than a minimum tenure deposit of 12 months.
Withdrawal Clauses – NBFCs lets you choose between cumulative and non-cumulative deposit schemes.
You can withdraw at maturity if you opt for cumulative or you can withdraw at intervals like monthly, quarterly, half-yearly and annual if you opt for non-cumulative scheme.
As an investor here are few things you must take note of before picking up a suitable NBFC.
Interest Rate – this will determine how much income you will be able to make from your fixed deposit. With NBFCs like Bajaj Finance offering high interest rate on FD of 8.40% up to 8.75% is a good option to consider. The income made from fixed deposit up to Rs. 10,000 falls under the non-taxable bracket. But, you can save tax on income of Rs. 10,000 or more on submission of Form 15G and 15H to your lender. You can earn top-up interest on the base interest on renewal of the deposit and if you are a senior citizen.
Flexible Tenure – you get to choose flexible tenure between 12-60 months as per your financial obligations. This will help you gradually accumulate wealth and grow your corpus. There are tenure-specific fixed deposits such as for 15 months which offer 0.25% more interest than a minimum tenure deposit of 12 months.
Withdrawal Clauses – NBFCs lets you choose between cumulative and non-cumulative deposit schemes.
You can withdraw at maturity if you opt for cumulative or you can withdraw at intervals like monthly, quarterly, half-yearly and annual if you opt for non-cumulative scheme.
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