A Fixed Deposit (FD) is a type of savings instrument offered by banks and Non-Banking Financial Companies (NBFCs). It allows you to save a certain amount of money for a predetermined term. This money earns a fixed amount of interest over that period. On maturity, the entire amount - the principal along with interest - is given to you as a lump sum.
There are several advantages of fixed deposit account. But before we look at this aspect in detail, we must familiarise ourselves with the many features of a fixed deposit account.
Given the many useful fixed deposit features and benefits, it makes sense to check out this instrument for financial planning. You can use it to plan for various needs like a home purchase, a child’s wedding expenses, education, and more. Mahindra Finance offers you the option to open a fixed deposit online, making it easier to take a step towards financial security.
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