Fixed Deposits (FDs) are a reliable and straightforward investment option. They provide a safe harbour for your hard-earned money, offering guaranteed returns with minimal risk. In this era of financial uncertainty, FDs stand as a beacon of stability.
FDs are financial instruments where you deposit a lump sum with a financial institution for a predetermined tenure. In return, you earn a fixed interest rate, making it an ideal choice for risk-averse investors.
Types of Fixed Deposits:
- Regular Fixed Deposits: These are standard FDs with flexible tenure options.
- Tax-saving Fixed Deposits: These FDs offer tax benefits under Section 80C of the Income Tax Act.
- Senior Citizen Fixed Deposits: Exclusively for senior citizens, these FDs offer higher interest rates.