Savings account facilitates
withdrawal of money any time with no maturity period. Rather, a fixed deposit
does not entertain untimely maturity of money. Thus, whosoever wants to grow
his money and keep it safe should opt for fixed deposits as investment option.
Introducing lucrative and attractive
fixed deposit rates by the banks and other financial and monetary
institutions has proven advantageous for the depositors and investors so far,
thus making them benefit from their investments and deposits. Some of its
benefits are - Amount deposited in fixed deposits remain safe and are secured
for a long time till its maturity; and the investors get to earn a significant
return on these attractive fixed deposit rates.
Summary: Fixed deposits are highly sought-after investment plans
among the depositors and the investors these days. As their attractive fixed deposit rates provide better
returns and safety of funds.
2 comments:
In SBI, Cumulative type FD started with amount of <1 crore(also <15lacs) on Jul 1 2013 at maturity period for 2 years @ 8.75%. Now its Jul 5 2014. I want to Premature close the FD. I know the penalty will be 0.5% below the rate applicable for the period the deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower. But my doubt is whether rate after penalty will be calculated as for "old rates(8.75-0.5= 8.25%) or revised New rates (9.0-0.5= 8.5%) or any other. Is it wise decision to Premature closure or continue at this stage. What all option after Premature closure of existing FD? Please Guide us .
Nice posting, thanks for sharing with us. Your blog is great and helped me feel better knowing about the Fixed Deposits Schemes in India. Can you suggest me is it great to have a Online Mutual Funds..
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