Different types Fixed Deposit Scheme

What are The Different Types of Fixed Deposits?

NBFCs and banks offer different kinds of Fixed Deposits, to suit the investment requirements of different customers. Here’s a lowdown on the different fixed deposit types offered.

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• Your investment is locked for a period of five years and funds can’t be withdrawn before the maturity date.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.