Benefits of opening a Fixed Deposit account
Fixed deposit account Investing is not easy, especially when there is a risk factor involved. Thus, it is important to invest as per your risk appetite. And for those whose risk appetite is low fixed deposit is one of the best options. There are many reasons for considering a fixed deposit account: 1. Higher Interest than Savings : When you just save your money, and it’s lying idle in your savings bank account, all that money could muster, is the interest of 4% or below. Whereas in the case of fixed deposit your interest can go up to 8%, even 9%. 2. Benefits for Senior citizens : In the case of a fixed deposit, senior citizens get more benefits in terms of the higher rate of interest. Also, for senior citizens interest income is tax-free up to Rs. 50,000. 3. Regular Income : You can even receive interest earned on your fixed deposit regularly if you choose to. 4. Guaranteed returns : It is one of the popular features ...