A Guide to Finding the Best Fixed Deposit Interest Rates in India
Investing money in the right manner and at the right time is very important if you wish to grow your wealth exponentially in the long run. In India, when the word investment comes into mind, the fixed deposit is the first to strike an individual.
This is because it is considered one of the safest investments as it assures guaranteed returns and offers a lucrative fixed deposit interest rate. They are also a good option for those who want to avoid taking risks with their money and want to earn a predictable and steady return.
What is a fixed deposit?
Also known as a term deposit, an FD is a financial instrument offered by banks/financial institutions where an individual can deposit a lump sum amount of money for a fixed period at a predetermined rate of interest.
It is essential to know that during this investment term, the investor cannot withdraw the money or add any additional funds to the account until a penalty is paid. Further, when the investment tenure comes to an end, the investor receives the principal amount as well as the interest earned.
What are its advantages?
When you invest in an FD, you need not worry as it offers assured returns. The rate of interest here is fixed at the time of the investment, and you know exactly how much you’ll earn at the end of the term.
(Tip: You can also use an FD calculator beforehand to know the exact figures.)
These are considered as one of the most low-risk investments in the current time. This is because they offer an assured return on investment. In addition, unlike other forms of investments such as stocks or mutual funds, FDs are not subject to market fluctuations.
FDs have flexible tenure options, which means one can choose the investment duration. It ranges from a few months to several years, depending on financial goals and other preferences.
How to find the best fixed deposit interest rates in India?
To get the best fixed deposit interest rate in our country, there is a lot of research and groundwork. However, a month ago, when I was planning to invest in FD, I did a lot of it and came across the Bajaj Finserv application.
Believe me, I’m not promoting any brand/organisation here, but just trying to make it easy for all of you. Bajaj Finserv offers an amazing interest rate of 7.85% if your investment is for a period of 44 months. One of the best deals I cracked!
Also, they offer an FD calculator online to help potential investors know what they’ll be reaping from their investment. This tool helps a lot and enables you to plan your finances accordingly.
How to invest in FD?
- Download the Bajaj Finserv application.
- Sign up by entering your mobile number.
- Go to the Fixed Deposit option under the Insurance Bazaar on the home page
- Choose accordingly, and you are good to go.