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How to Choose Best Fixed Deposit Plan

How to Choose Best Fixed Deposit Plan?

Pick the best Fixed Deposit plan by considering the following:

Interest Rate: Compare interest rates on FD for different types of FDs offered by different institutions.
Credibility: Opt for only 'A' rated deposit schemes, with credible ratings from reputable organisations like ICRA or CRISIL.
Deposit tenor: Longer duration deposits usually offer higher interest rates. Check the lock-in period of the FD scheme.
Interest calculation and payouts: Check frequency of interest payouts, whether it is monthly, quarterly, half-yearly, or annually.

You can reinvest the earned interest to increase your FD corpus.

Penalty: Check the penalties for breaking an FD before maturity, in case of any emergency. Most NBFCs and banks lower the interest rates in case of premature withdrawal.

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