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Company Fixed Deposit

Fixed Deposit is an instrument for risk-averse investors, fixed deposit accounts let you earn interest on your deposited amount over a fixed period of time. The interest rate usually varies from bank to bank usually varied from 5.75% p.a. to 8% p.a. depending on the tenure, which is usually up to 10 years. Some lenders also offer up to 0.5% additional interest rate for senior citizens.

How Does a Fixed Deposit Account Work?

When you put your money into a fixed deposit, you basically parking the amount for a fixed period of time. You can earn interest on the principal sum throughout the tenure, on a cumulative or a noncumulative basis. The interest earned gets added to the principal amount after every specific interval. In the noncumulative option you get the interest in your bank account depending on the frequency ( Monthly, Quarterly, Half Yearly or Annually) depending on the Bank or the company where you are making your deposit.
Since the tenures are flexible, you have the option to manage multiple FD accounts spread across different tenures. That way, you will be able to earn more on your investments. Senior citizens are eligible for additional rates, usually 0.50% more than the existing rate.
Other than this, even NRIs (Non-resident Indians) can open FD accounts in India in the form of NRE (Non-resident External) and NRO (Non-resident Ordinary) FDs.
You can open a term deposit account with a bank where you already have a savings account. There are banks that let you open an FD account even if you don’t have a savings account with that bank. However, with such banks, you have to go through a KYC process where you have to present relevant documents, including ID proof, address proof, passport size photographs, among others.

Features of a Fixed Deposit Account

• Safer than other investment Options / Vehicles.
• Let's you earn a fixed interest over a fixed period of time.
• Flexible tenures of up to maximum 10 years.
• No capping on the deposit amount.
• Additional rate of interest for senior citizens.

Types of Fixed Deposits

Normal Fixed Deposits

• Deposit money for a fixed period.
• Tenure can range from minimum 7 days to maximum 10 years.
• Interest rates always higher than a normal savings bank account.

Tax-Saving Fixed Deposits

• Tax exemption on the principal deposit amount of up to Rs.1.5 lakh in a Financial Year.
• Amount get Locked for a period of 5 years within which you cannot withdraw the amount.
• Every Year you can make the Tax saving fixed deposit to save tax upto 1.5 Lac

Senior Citizen's Fixed Deposits

• Applicable for individuals who are above 60 years of age.
• Senior citizens are eligible for special rates.

Cumulative Fixed Deposits

• Interest is compounded every quarter or year and paid at the time of maturity.
• Helps substantially grow your savings.

Non-Cumulative Fixed Deposits

• Interest is paid out monthly, quarterly, half-yearly, or annually, as per your choice.
• Better bet for pensioners looking for a regular source of income.

Flexi Fixed Deposits

• Fixed deposit linked to your bank account.
• Money shuttles between your FD and savings account.

Benefits of Fixed Deposits

• Safer bet for risk-averse investors.
• Earn interest on your deposits and see your wealth grow.
• Flexible tenures.
• Tax-saving options available.
• Better rates for senior citizens.