Different types Fixed Deposit Scheme

What are The Different Types of Fixed Deposits?

NBFCs and banks offer different kinds of Fixed Deposits:

Regular FD:
• Deposit your money for a fixed tenor, ranging from 1 week to 10 years.
• The rate of interest is pre-determined, but higher than the savings account.

Tax-saving FD:
• The principal amount of the FD gets tax exemption of up to Rs.1.5 lakh in a year.
• Your investment is locked for a period of five years and funds can’t be withdrawn before the maturity date.

Senior Citizens FD:
• This FD scheme is for people above the age of 60 years, who can earn an additional interest rate of 0.35%. Check Senior Citizen Fixed Deposit Interest rates for more details.