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What is a fixed deposit?

Fixed deposit is an investment instrument offered by banks and non-banking financial companies, where you can deposit money, that too, for a higher rate of interest compared to savings accounts. A fixed deposit can help you maximise your savings and create wealth for your future. 

Fixed deposits are a popular investment choice amongst many Indians. You can deposit a lump sum money in FDs for a fixed period of time. This varies for every financier and once the money is invested with a reliable financier, it starts earning an interest based on the duration of the deposit. Generally, the defining criteria for fixed deposit is that the money cannot be withdrawn before maturity, but you may withdraw them after paying a penalty.

 

How helpful is an FD account?

 

An FD is a safe place to park your money, where market risks cannot touch the investment or the interest. During emergencies, people rely on investments they can liquidate easily, that’s when fixed deposits come handy. However, you can avail secured loans against FDs (up to 90% of the amount) at lower interest. You get the same interest payout throughout your tenure, regardless of the market fluctuations. The interest sum gets credited annually/monthly/quarterly as per your requirements. Almost every bank offers a higher interest rate to senior citizens. This appeals to retirees greatly. You can invest in tax-saving FDs for five years to avail 80C tax deduction. You can request the bank to transfer the amount to a new FD account, where it will reap more dividends.

 

Which interest payout options are available?

 

With Finserv Markets, you get cumulative & non-cumulative interest payment options.

  • In a non-cumulative fixed deposit scheme, the interest is payable on a monthly, quarterly, semiannually and yearly basis. This scheme will be convenient if you require periodical interest payment.
  • In a cumulative term deposit scheme, the interest is payable at the time of maturity along with the principal and is compounded annually. This scheme is suitable for an individual who does not require periodic interest payment and acts as a money multiplier scheme. The interest will be compounded annually and the final payout will be subject to deduction of tax, wherever applicable.

 

Why invest in fixed deposits?

 

  • An FD account is a safe place to park your money, where market risks cannot touch the investment or the interest.

  • During emergencies, people rely on investments they can liquidate easily, that’s when fixed deposits come handy. However, you can avail secured loans against FDs (up to 90% of the amount) at lower interest.

  • You get the same interest payout throughout your tenure, regardless of the market fluctuations. The interest sum gets credited annually/monthly/quarterly as per your requirements.

  • Almost every bank offers a higher interest rate to senior citizens. This appeals to retirees greatly.

  • You can invest in tax-saving FDs for five years to avail 80C tax deduction.

  • You can request the bank to transfer the amount to a new FD account, where it will reap more dividends.

 

Who can invest in fixed deposits?

 

An FD account can be opened with any bank in India if you are a resident individual, HUF, an NRI, in a firm, or a Charitable Trust. Fixed deposits are a good option for people with some extra lump sum amount that they do not need for the time being. In turn it ensures capital protection and a uniform flow of income. On the downside, the returns are not inflation-beating. If you do not want equity exposure and if you are somewhat risk-averse, FDs are for you.

You can also look into debt mutual funds that serve this purpose and give higher returns. However the only drawback is that the returns are subject to market risks.

 

What are the features of fixed deposit?

 

  • Fixed deposits enable investors to earn higher interest on their surplus funds.

  • You can deposit money in a fixed deposit account only once. You need to create another account if you need to deposit more money.

  • Though liquidity in fixed deposit is lesser, you can look for higher rates of interests, which are higher in case of company fixed deposit. Fixed deposit can be easily renewed.

  • Tax is deducted at source from interest on FD as applicable, as per the Income Tax Act, 1961.

 

FD Calculator

 

Using the online FD Calculator is a simple process. Here are the steps to use the FD interest rates calculator:

  1. Choose your customer type from the following options: New Customer/Existing Loan Customer/Senior Citizen

  2. Choose the type of fixed deposit that you want, i.e. cumulative or non-cumulative

  3. Choose your fixed deposit amount

  4. Choose the preferred tenor of the fixed deposit

  5. You will then automatically see the interest amount and total amount earned at maturity

 

Using the FD Calculator can be a great way to determine your returns, before you start investing. This can help you streamline your finances easily and maximise your investment returns.

 

What about the taxability on FDs?

 

The interest earned from fixed deposit is taxable. The tax deducted at source on FD can range from 0% to 30%, depending on income tax bracket of the investor. Financiers deduct 10% TDS if your interest earned is more than Rs. 10,000 in a year, if your PAN details are available with them. However, in case your PAN details are not provided to your financial institution, 20% TDS will be deducted.

If your total income is below the minimum tax slab of 10%, you can claim a refund of the deducted TDS. You can also avoid the deduction by submitting Form 15G to your financial institution, and submitting Form 15H if you’re a senior citizen. If you fall in the higher tax bracket (20% or 30%), you would have to pay extra tax over and above the TDS deducted by your NBFC or bank.

 

Finserv Markets, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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