With the arrival of several investment instruments in the market, women investors have a plethora of choices to secure their finances. A women investor can select an investment plan according to her age, financial goals, investment horizon and risk appetite. Amidst the myriad investment plans available in the market, fixed deposits stand out for being safe and reliable investment plans offering not only assured high returns, but also the safety of the principal amount. If you are a woman seeking risk-free investments, then look no further than a fixed deposit.
A fixed deposit simply means an amount of money which is deposited in an account for a fixed tenure, and earns a specific amount of interest for the investors. As a woman, you can open a fixed deposit in financial institutions like banks and Non-Banking Finance Companies (NBFCs). The rate of interest on fixed deposits is much higher than traditional savings deposits. You can also invest your money in flexible tenures ranging from 1 to 5 years. The tenure varies among different financial institutions. For example, a woman investor can avail of Fixed Deposits on Finserv MARKETS, which provides tenures ranging between 12 and 60 months.
There are two types of fixed deposits: Bank deposits and company deposits. While some bank deposits provide features like deposit insurance of up to Rs 1 lakh on opening fixed deposit accounts, their rates of interest are usually lower than those provided by NBFCs. A woman investor looking for higher returns can select a company fixed deposit. You must, however, ensure that investments are only made in companies with adequate credit worthiness. On Finserv MARKETS, a woman investor can select fixed deposits of Bajaj Finance, which have good ratings from leading analytical companies like CRISIL and ICRA. Fixed Deposits on Finserv MARKETS has the highest stability rating of ‘FAAA’ by CRISIL and ‘MAAA’ by ICRA respectively.
A women investor is usually required to submit KYC documents along with recent photographs and a copy of the bank account together with a cancelled cheque. The proof of identity documents include, Aadhar card, PAN card, driving license, voter ID card or any government issued ID card. As proof of address, you can submit a passport, electricity bill or fixed line telephone bill. If you are an existing customer, you are not required to submit any documents while opening a fixed deposit.
As a woman investor, you can calculate your final maturity amount within seconds using an online fixed deposit calculator. You can easily use this simple and convenient tool by providing the amount to be deposited, the deposit term and the interest rate being offered. On Finserv MARKETS, you can use the Bajaj Finance Fixed Deposit online calculator to evaluate your returns before investing. Many financial organisations also provide the option of providing online calculators, which evaluate the compound interest on investments.
A. There are additional benefits if you want to renew your fixed deposit. On Finserv MARKETS, you get an additional rate of 0.10% over the special category benefit, if any. For example, if Anita aged 62, a senior citizen, wants to renew her fixed deposit for 48 months in the annual cumulative mode, she will receive the interest rate of 8.60% plus the special category benefit of 0.35% along with an additional benefit of 0.10%. Thus, Anita will receive an interest rate of 9.05%.
A. No referrals are required for opening a fixed deposit account. You have to just complete the KYC process, and submit the requisite documents.
A. There are no charges for opening a fixed deposit. Banks and companies levy charges only if you opt for premature closure of the account.