Friday, January 5, 2018

Is Your Fixed Deposit Making You Wealthier?

Yogesh Shugani, the Jabalpur resident, has invested in a bank’s fixed deposit and was earning 6.95% FD interest rates. He had saved some money, and that’s why to make his money grow, he chose an FD over a bank’s recurring deposit while opting for investment.

However, once six months passed, he analyzed his investment and found that his bank was offering him lower fixed deposit interest rate profits when compared to his friend’s FD account with a private company which was fetching him around 8%.

Thus, he quickly realized his mistake and closed his bank’s FD account and initiated an FD with a non-banking finance company (NBFC) and is a happy man.

If you are the one like Yogesh who is not happy with his/her current fixed deposit scheme, you can open an FD account with a leading non-banking finance company (NBFC) and make the most of it.

Let’s provide you some amazing features of a company fixed deposit scheme that will not only let your investment earn more but even avail other benefits.

Avail a higher fixed deposit interest rate profits

When compared to banks, non-banking finance companies offer a healthy return on FD interest rate of up to 8%. Thus, the immediate benefit is that you get to make your investment grow faster facilitate your goals better. 

You also get the facility to apply for a cumulative as well as non-cumulative FD. Monthly, quarterly, half-yearly and yearly interest profits are given in a non-cumulative FD type while a non-cumulative type lets you earn more as the interest profits are calculated on a compounding basis.

You get an easy access

An online fixed deposit scheme with a leading non-banking finance company lets you have an online assessment of your account. It makes applying for an FD as well as managing and tracking of the fixed deposit accounts dead easy. 

Yes, once you have filled the online form, the lender calls you and schedule a meeting to pick the required documents and the cheque.

Tenor flexibility

Did not liked an FD account that you just opened? You can close it and open a new one instantly. Service providers offer investors with a flexible tenor facility. 

It means that you are free to select a tenor which suits you best. As a result, you get the freedom to apply for an FD account with a tenor ranging between 1 and 5 years. 

The higher the tenor, the higher the interest payout and that’s why you should choose a tenor accordingly if you want a fat FD income to follow.

Senior citizen fixed deposit

Financial institutions offer the highest fixed deposit interest rate to senior citizens. Yes, if you are a senior citizen, you can expect to gain the highest 8.10% FD interest rate gains. 

If you want to renew it or reinvest it after the maturity, you can expect a further 0.10% raise in your income.

FDs are insured

While other high-risk investments such as mutual funds do not offer assurance to the invested money, an FD account with an NBFC does. 

Yes, fixed deposits have insurance worth Rs.1 lakh on your sum of investment. Thus, it means that your invested money is in safe hands.

The Bottom Line

If you are looking to let your fixed deposits return you with a fabulous return, you can open an FD account with one of the leading non-banking finance company and get started. All the best!

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