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- Your investment is locked for a period of five years and funds can’t be withdrawn before the maturity date.