Fixed deposit is nothing but an investment made by an individual into a bank or NBFC for long period of time. There are a lot of people who feel that fixed deposit is the safest mode of investment. The risk attached to it is minimal or next to none. Earning in fixed deposit comes through the rate of interest which is given on the invested sum on its maturity.
The fixed deposit depends upon few variables. These variables are to be understood by an individual if he/she is to make a profit in a long run. These variables include the amount that has been deposited with the bank, the tenure for which it has been deposited in the bank and the rate of interest that he is receiving the same.
There are various banks and Non-Banking Financial Companies who are providing these Fixed Deposit services. These banks and non-banking institutions are competing with each other to get as many customers as possible in order to get them deposit the amount in their bank. Thus the competition among them has led to the provision of the most customer-oriented rate of interest so as to tempt them to invest.
Financial Market in India has experienced a lot of change over the years. The yearly budget brings about tremendous change in the plans and policies of the firms. The current rate of interest that is placed on Fixed deposit is somewhere between 3-9% depending on the size of the bank or NBFC. One of the most eye-catching services is being provided by a popular NBFC. It provides several benefits to its customers from senior citizen benefits to employee benefits, from existing loan holder benefits to renewal benefits, they are going all out in helping the people to modernize their living and make the most out of their hard earned money.
If you are glued to this blog till now, you’ll surely be interested to know that how do I open a fixed deposit account? In order to apply for fixed deposit that you are just required to take four basic steps to get it done:
- Online application process for investment in FD: One can simply opt for opening an online account and opt fixed deposit for investment.
- Keeping documents handy: Once you have applied online for the fixed deposit investment. You are required to keep all the documents handy that are essential opt for FD. Documents required include Passport, PAN card, Voter ID card, Senior Citizen ID card (if required), Driving license, Government ID cards, etc.
- Keep interest rate in mind: NBFCs provides good rate of interest on FD of 8.05% to all. Thus anyone who seeks for an investment through fixed deposit can apply and expect the interest return of 8.05% on the maturity of the amount.
- Minimum deposit amount: The minimum deposit amount is of INR 25,000. Thus in order to get started with the FD, all you have to do is to possess the minimum deposit amount. One can simply avoid the long queues and tons of paperwork by simply applying online.
A fixed deposit investment is one of the safest investments and helps to reap benefits in a long run. And the fact that all of this is now available online makes the process much easier. One can complete the Online Application Form and submit it. The idea of acquiring FD service online is a fine symbol of India being digitalized.