Personal Blog | Financetopia

Nowadays, we have a plethora of investment options available today, one of the most preferred investment schemes is Fixed Deposit (FD). FD scheme is such by which lets us earn interest on the money we invest in them. You can start investing in this scheme from as low as Rs. 100 to 1,000 depending on your convenience and budget. But make sure you cannot withdraw funds from your account before its maturity period which ranges from 1 year to 10 years. Anyone who is of eligible age of above 18 years can open an FD account. But depositors should be aware of the rate of interest and the special offers provided by the lenders or NBFCs on them so that they may get additional benefits. Senior citizens get additional benefits of up to 0.50% on opening an FD account. Some banks and NBFCs offer low rates on fixed deposits like ICICI Bank, SBI, and HDFC Bank. ICICI Bank offers a 6.70% rate of interest, SBI provides a 6.80% rate of interest, whereas HDFC Bank offers a 7.00% rate of interest....

Your savings are a result of your hard work. However, they can be made more useful by earning additional income through them. This can be done by investing your savings effectively and constructively.  Investment in a fixed deposit could be beneficial, as one can earn extra income through the interest generated by banks on the deposit. Also, a fixed deposit is an ideal way to keep your money safe and sound. Banks and NBFCs provide varying interest on the FD . So, before investing money, it is beneficial to seek the best one can get. However, invest your money for as long as possible, with a minimum period of 12 months. More time means more interest earned. Another way to earn good interest on your investment is to invest your money on mutual funds. An investment here could be both high risk and low risk, called equity mutual funds and debt mutual funds, respectively. The interest rates vary accordingly. Investing in fixed assets like real state could also help ge...

Investment and savings are an essential aspect of financial security. Though many people still believe that there is only one way to save, that is, through a savings account. But, there are multiple options available that ensure financial security along with various benefits. Other than a savings account, Banks provide an option to keep your money safe through a fixed deposit. Money can be withdrawn only after a fixed period and not before that. Further, keeping money with the bank as a fixed deposit provides interest to the customers. Besides, PPF is a Government initiative to encourage long term investments. Investments in PPF can be made with a minimum amount of Rs 5oo, for a tenure of 15 years. Also, since the tenure is high, there is a high rate of interest that can be availed by the customers. Money can also be invested in NSC certificates, that are available at the post office. Investing in NSC could help you to reduce tax. In addition to that, other opti...

Fixed Deposits or FD is one of the most loved avenues of investment among the depositors these days. The reasons are many why people like to invest their hard-earned money in FD  is because of the attractive returns they offer, which is not guaranteed in other forms of deposits like a savings account or current account. The rate of returns on fixed deposits is higher as compared to savings or current account. Unlike mutual funds, you do not face any risk while investing your money. Below are some of the reasons which make FD an attractive investment option: 1) It is flexible, you can invest your money till you want and select the tenure as well based on your requirement. 2) It is risk-free as you don't have to face risks like other deposits, including ETFs or mutual funds where there is no guarantee of your money. 3) You can take a loan against your FD and meet your urgent require...

Investing in any scheme or deposit is not an easy task. You need to take into account their pros and cons as well. You should choose an investment option that offers high returns if you are confused between investment options like Fixed Deposits, Investment bonds, or gold bonds. You can have a look at the benefits they are offering to you and whether your investment will give you high returns or not. Among all the above-listed options choosing a fixed deposit scheme would be beneficial for you. The reason is that it offers you secured and guaranteed returns, unlike other deposit schemes which depend mainly on market fluctuations like mutual funds. The benefits of opening an FD: A fixed deposit is a scheme in which you need to invest for a specific period at a fixed rate of interest, and you earn interest on your invested amount. Senior citizens are offered a high rate of interest as compared to normal citizens. Another ...

TAX Savings on FD | Important keynotes you should be aware of!  This blog has an intention to provide you with the basics of fixed deposit and rules and norms of the financial institution. The RBI has mandated all these guidelines. In the case of Fixed Deposit interest rates , TDS is applicable. However, we can save on the income tax. Please go through the following points and have a glace through.  1)Fd comes up with a locking period. Five years is the minimum locking period. Any withdrawal or loan against FD is not allowed. 2)FD account comes up in such a form that can be opened either as a single account or in the way of the joint mode of holding. Note: In the case of the joint account, the tax is available only to the first holder. 3)In the case of FD, we can also apply for a facility such as a nomination. 4)In case of any investment, an amount of tax will be applicable. A person can avoid TDS on the fixed deposit interest rate earned by submit...