In order to generate maximum returns out of an investment, it is essential to find the ideal fixed deposit (FD) scheme. There are a number of factors, which need to be considered before applying for an FD. Non-Banking Financial Companies (NBFCs)pay high FD rates as compared to banks. It is important to do some research before you put your money in an FD in India.
Factors to consider while choosing an FD
You need to keep the below-mentioned factors in mind when applying for an FD.
The most important factor to take into consideration is the FD interest rate. Choose a good deal by comparing the interest rates because it will make a huge difference to the returns generated on your investment.
Another factor to consider is the tenure. If you want to earn maximum return from your investment, you need to remain invested until the maturity period. Hence, choose the tenure wisely.
After comparing the FD rates in India, you will have to decide on the payout option. Consider the period when you would like to receive the interest. It could be monthly, quarterly, annually or half yearly.
Before you put your money in an FD, you need to check the penalty rate in case you want to break the deposit prematurely.
How to choose a good FD scheme
In order to select the most suitable company FD scheme, you need to follow certain below-mentioned steps to ensure that you make the correct choice.
FDs are considered as a traditional and secure investment option. They are low risk and generate consistent returns in the form of interest. Before you invest your money in an FD, understand the terms and conditions of the same. Make a wise choice and do not be simply driven by the rate of interest.
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