Banks are offering high interest rates on the fixed deposit schemes and people are happily investing their savings under this scheme, which is rather very good because they now have the chance to expect maximum returns on the invested amount but make the most of the situation it is important that a person decides the maturity period very carefully.
As there is a lot of competition among the banks and to lure the customers they are introducing various attractive deposit schemes and as due to this reason people started to make premature withdrawals and started to invest the money with the bank offering higher interest rate.
To cope up the situation, most of the banks have started to levy penalty on premature withdrawals which has shackled an investor and so people has to stay content with what they have opted, despite the fact that there are far better schemes available for them.
To avoid such situation, it is important that a person takes a decision only after he has made sure that this tae best what he can avail at a certain point of time, apart from that while deciding the tenure of investment a person must evaluate his needs and if he does not require money for some time then only he must opt for longer tenure.
1 comment:
Totally agree
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