Fixed deposits are a type of investment instrument provided by banks and other financial institutions through which the investor/customer can deposit a lump sum of money over a period. In return, the investor will get a fixed interest rate throughout the fixed deposit term. Once the deposit tenure ends or in any case of emergency, investors can withdraw or liquidate their investment. However, they have a choice of reinvesting their money for another term.
Fixed deposits are a popular investment option for many reasons. Here's why you should consider them:
Guaranteed Returns: You know exactly how much interest you'll earn.
Low Risk: Fixed deposits are generally considered very safe investments.
Flexible Terms: Choose a term that suits your needs, from a few months to several years.
Easy to open: Opening a fixed deposit account is simple.
Tax Benefits: Sometimes, you may save on taxes by investing in fixed deposits.
Are Fixed Deposits Right for You?
Fixed deposits are a great option if you're looking for a safe and reliable way to grow your money. Whether you wish to open FD online or physically, they're not as risky as other investments and can provide a steady income stream. However, fixed deposits are less liquid than other investments, so it's essential to consider your financial goals before investing.
Things to keep in mind before finalizing on opening an FD:
Compare the interest rates of different banks that help you earn better interest.
Check the credibility of the banker/lender's credibility by examining the fixed deposit's safety.
Select a bank like BFIL that offers ideal customer service and hassle-free processes.
How to easily open FD through BFIL?
FDs or fixed deposits with BFIL are long-term investments in which you lock your money for a flexible duration. The interest rate in a fixed-rate investment would depend on the time period of the funds. Using this service to deposit large amounts over an extended period of time would result in higher interest rates than with a regular savings account.
BFIL offers:
auto renewal mode
renewal on only the maturity amount
renewal on only maturity amount and interest
