Best time to invest in a Fixed deposit is now, Check Now

Fixed Deposit has been an all-time favorite investment scheme for a very long time now. The safety and simplicity of the process make the investor quite comfortable. It seems like you’re just putting your money away safely and getting interested in that, with no more complicated terms and conditions.

Fixed Deposit

Now, for those who want to avail of this option for their future benefits, this is the best time. The reason being that, banks are offering great interest rates at this current period and if you’re a potential investor, then you should take a look.

Moving on, the general rate of interest for the fixed deposit that’s provided by private and public sector banks is 4.25-5.5 percent per annum. But there are some other private sectors or small-time banks that offer much higher interest rates.

While Jana Small Finance Bank is offering 7.5% p.a. on 2-3 years’ Fixed Deposits, Equitas Small Finance Bank is offering 7.35% p.a. for the same tenures.

The difference is almost double of what the general offer stands at. But first, you would need to do the risk assessment of your investment and if it suits you, then only you need to go for investment in these banks.

Moreover, one can be indulged in the laddering technique to make sure that their investments grow more fruitfully and they attain maximum flexibility.

For those unaware, the laddering technique is when you invest in different types of schemes all at the same time, breaking your total investment sum into parts. Which will here mean, that instead of getting one big fat Fixed Deposit, you need to invest in small amounts distributed into several FD’s.

This will eventually create a loop and the return on investment would be used again and again to start a new one. Also, breaking one FD would not mean that all your interest money goes down the drain, so you’re having much flexibility in that corner as well.

The rates mentioned here are the idealistic rates and the actual rate of interest is calculated by considering various factors such as investor’s age, gender, deposit amount, and investment tenure.

Some of the private banks that you should look for FD investments are RBL Bank, Yes Bank, Indusind Bank, DCB Bank, Laxmi Villas Bank, TNSC Bank, Bandhan Bank, IDFC First Bank, Karur Vyasa Bank, Tamilnad Mercantile Bank.

The interest in these banks goes as low as 5.15 percent to as high as 7.15 percent for Tamilnad Mercantile Bank and RBL Bank respectively.

ALSO READ: Provident Fund To Receive The Promised 8.5% Interest Payout

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