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5. Fixed Deposit
Fixed Deposit Schemes In India
Saving money is a very important part of any Indian household, during challenging and crucial times savings can come to your rescue. The post office proposes distinctive fixed deposit schemes in India - small saving schemes for investments.
Which Are The Fixed Deposit Schemes In India?
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Senior Citizens Savings Scheme (SCSS)
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PPF - Public Provident Fund
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Post Office Savings Account
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Sukanya Samriddhi Yojna
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POTD - Post Office Time Deposit
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5-Year NSC VII Issue
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KVP - Kisan Vikas Patra
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POMIS - Post Office Monthly Income Scheme
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RD - Post Office Recurring Deposits
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Corporate Fixed Deposits
Advantages Of Fixed Deposits (FDs) In India
1. Additional income at a regular interval:
Fixed deposits help you earn a fixed interest at a regular interval. It becomes an additional income for anyone who invests in fixed deposits.
2. Makes saving a habit
Fixed deposit inculcates a habit of long term savings. Your money stays safe and you get a substantial income after the completion of maturity tenure. Fixed deposit becomes a safe home and comes to your rescue in times of crisis.
3. Guaranteed returns & Risk-free investment
The best part about investing in fixed deposit is that it is risk-free unlike investments in stock & securities. There is no question that will you get the money back or not because there are guaranteed returns at maturity.
4. Flexibility in terms of interest payout & tenure of the scheme
Fixed deposit schemes in India give you the benefit of flexibility. You can receive interest in a cumulative or non-cumulative/fixed way, just as you like. There also is flexibility in terms of investment tenure based on your goals; can be short term or long term.
5. Competitive interest rates
In case of a normal savings account, one doesn’t benefit much in terms of interest. For fixed deposit schemes, banks provide competitive interest rates as opposed to normal savings accounts.
6. Benefitting senior citizens
For anyone above 60, investing in fixed deposits is the right option to go for. Senior citizens get upto 0.65% extra interest and it really helps them in their tough times.