How Many Types of Fixed Deposit are there? Which is the Best?
A fixed deposit (FD) is a preferred investment instrument. It gives the power of control to the investor. FDs are preferred by many individuals with banks to secure their funds and earn fixed returns at the current FD interest ratesduring the entire tenure.
An individual can deposit a lump sum for a specific tenure offered by the bank, which ranges from 7 days to 20 years. The money deposited earns interest and is repaid to the customer at the end of tenure. The minimum amount for FDs can be as low as Rs.100.
A bank can offer different types of FDs to cater to the diverse needs of the depositor. Three of these are explained below:
Regular Fixed Deposits
A regular FD comes with flexible interest options. The depositor can choose to receive interest payout monthly, quarterly, or at the maturity date. You can deposit for 7 days to 20 years
You can invest easily to earn attractive fixed and regular returns.
You can make a regular deposit online through the internet and mobile banking for up to 10 years.
It comes with a nomination facility.
It allows you to withdraw partially/pre-maturely.
You can avail overdraft facility against a term deposit.
You need to pay tax at source (TDS) as per the prevalent income tax regulations.
This FD is best for individuals dependent on a regular income from their fixed-income investments.
Flexi-Sure Fixed Deposits
A Flexi fixed deposit offers you the power of liquidity. The FD account is linked to your savings/current account with the bank.
If there is any shortfall or deficit in the linked savings account, it will be balanced by your FD account.
The deposit will be partially broken to cover the deficit. The remaining balance in the FD account will continue to earn interest at the same fixed rate stated at the time of making the deposit.
Multiple deposits are possible be linked
The FD tenure is flexible.
Tax Saving Fixed Deposits
A tax-saving fixed deposit offers dual tax exemption benefits under section 80C. There are specific conditions to deposit money in this FD. The partial withdrawal/premature withdrawal is not allowed for these FDs if you want to take tax benefits. You need to submit form 15G or 15H to claim tax exemption.
In a joint deposit account, the tax benefit can be availed only by the first deposit holder
You can save tax on a deposit with an amount between Rs. 100 to Rs. 1.5 lakhs.
The maximum FD tenure is five years.
A nomination facility is available.
TDS will be applicable as per current rates.
It is the choice of depositors looking for tax savings on their investment returns. One should ask the bank about the amount to be deposited to get tax benefits. If you are comfortable with a lock-in period of five years and have spare funds that you will not require soon, you can make a tax-saving deposit.
Current FD interest rates may go as high as 6.65% with reputed banks. Look at your short-term and long-term financial goals to choose the best FD.
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