Fixed deposits for women

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.

What are fixed deposits?

 

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.

 

What are the types of fixed deposits?

 

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.

 

What documents should be submitted by a woman investor to open a fixed deposit account?

 

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.

 

What are the benefits of a fixed deposit for a women investor?

 

1. Guaranteed returns and high interest rates: A woman investor is assured of high returns form a fixed deposit. Usually, financial institutions provide interest rates varying from 3% to 9% as per the terms of the deposit. Returns are also higher in the case of cumulative payouts, where the interest amount is provided after maturity. Non-cumulative payouts, where the interest is paid out on an annual, bi-annual, quarterly or monthly basis, often provide a lower interest rate. On Finserv MARKETS, women investors who are also senior citizens, can invest in Fixed Deposits, with the benefit of an interest rate that is 0.35% over and above the existing interest rate. Here you can avail of an interest rate of up to 8.95%.

2. Hassle-free loan facility: As a woman investor, you can avail hassle-free loans through your fixed deposit. Loans against fixed deposit are easy to secure as the fixed deposit itself is used as collateral. The maximum amount of loan is generally a certain percentage of the principal deposit. This varies across financial institutions. For example, on Finserv MARKETS, you can avail of a loan up to 60% of the amount invested in non-cumulative fixed deposits and 75% of the amount invested in cumulative deposits.

3. Flexibility of tenors: A woman investor can select a fixed deposit on the basis of her financial needs. You can avails tenors ranging from one year to five years. There is also the option opening multiple fixed deposits with different tenors to suit your financial goals.

4. Minimum investment: Without waiting to collect a large corpus amount, a woman investor can easily open a fixed deposit account with comparatively lesser funds. While there is no maximum amount for investment, you can start investing with an amount as less as Rs 25,000. On Finserv MARKETS, a woman investor can invest in the Bajaj Fixed Deposit with a minimum amount of Rs 25,000.

5. Tax benefits: As a woman investor, you can claim a tax deduction for investment up to Rs 1.5 lakh in a tax-saving fixed deposit account under Section 80 C of the Income Tax Act.

 

How can a woman investor calculate the maturity amount instantly?

 

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.

 

General FAQs

 

Q. What are the benefits of renewal of fixed deposits?

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%.

 

Q. Do you need to provide a referral for opening a fixed deposit?

A. No referrals are required for opening a fixed deposit account. You have to just complete the KYC process, and submit the requisite documents.

 

Q. Are there any charges for opening a fixed deposit?

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.

 

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