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Different types Fixed Deposit Scheme

What are The Different Types of Fixed Deposits?

There are different kinds of Fixed Deposits (FDs) offered by NBFCs and banks. Each FD scheme has its own unique features and caters to different needs of an investor. Regular FD: In this scheme, you deposit your money with a financial institution for a fixed tenor, ranging from 1 week to 10 years. The rate of interest on FD is pre-determined but is usually higher than the savings account. Tax saving FD: This FD helps you save income tax. The principal amount of the FD gets tax exemption, up to Rs. 1.5 lakh in a year. But, your investment is locked for a period of five years and funds can’t be withdrawn before the maturity date. Tax saving FD: This FD scheme is for people above the age of 60 years. In this scheme, senior citizens can earn an additional interest rate of 0.35% from the regular FDs. Flexi FD: Under this scheme, your fixed deposit is linked to your savings account. It allows the investors to withdraw certain sum of money.

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