All the banks in India, which include SBI, PNB, BOB, BOI, Canara Bank, ICICI Bank, Yes Bank etc., all these banks offer Scheme of Fixed Deposit for 7 days to 10 years. This account is also known primarily as Fixed Deposit (FD) Account whereas in some other countries it is also known as Term Deposit or Bond.
Currently, under the Fixed Deposit Scheme, interest is given to 7% -9%, so if you get FD of your Savings now, it takes at least 8-10 years for your money to double, While the interest rate was around 15% a few years ago, in just 4-5 years, the deposit amount in your FD account doubled.
Since the Central Bank of any country reduces the price of its country due to Inflation Adjustment every year and due to inflation, there is a constant decrease in the price of currencies in all countries every year, At the time, Central Bank of every country deducts interest rates on deposits in various types of Bank Accounts.
For this reason, in the year 2000, where interest was paid at 15% per annum compounding rate on FD Account, in the FD account in 2015 only about 7% interest is given at the rate of compounding annually. And the probability is that as India evolves, these interest rates will fall in the coming years, as it has happened in developed countries such as USA and at the present time banks of these banks There is no interest on deposited funds in the Saving Account, but instead of keeping money in the banks, the interest is credited by the banks in deposits saved in Saving Account.
If you want to know that the amount of your Fixed Deposit will be doubled in a few years, then a very simple rule is that whatever interest rate the bank is depositing in your FD Account, Participate in 72. The amount deposited in your FD Account will be doubled in that same year.
For example, if you get an 8% interest on your Fixed Deposit, then your money will double in 72/8 = 9 years, while the interest rate you get is 9%, the same money doubles in 72/9 = 8 years Will be done.
Since our country currently receives double the amount of money deposited in the FD account compared to the deposited money in Saving Bank A / c, so if you think that your Saving Bank Account is the money you have to pay, If not needed, instead of placing that money in Saving Account, put in Fixed Deposit, because almost all the banks allow you to deposit Fixed Deposit for a minimum of 7 days, whose interest is definitely more than the Saving Account. is. Also, to deposit your Saving Account money into FD Account, you do not even need to go to the bank as almost all the banks give you the facility of Internet Banking, through which you can deposit your deposit in Fixed Deposit Can transfer to account.
It is not necessary that you deposit Fixed Deposit in the bank only. If you want, you can also deposit Fixed Deposit in Finance Company, which is also called Financial Institution. Housing Finance Company, FD can also have them, and also facilitate the convenience of many types of Private Companies, Fixed Deposit.
The company's Fixed Deposit was very popular at first, but nowadays it has decreased because there are so many other options available to get more returns on your deposit money. When depositing money in the FD of Bank and Financial Institution, interest is comparatively lower, but there is no risk because all the banks are under the Government of India and the Government of India guarantees the money up to Rs 1 lakh deposited in any bank. is.
While the Housing Finance Company gets a little more interest than the banks and private companies get a little more interest than the Housing Finance companies, the risk also increases in this proportion. That is, the higher the interest that institution provides on your FD compared to the interest rates fixed by the RBI, the higher the Risk on your FD.
Since you usually get the FD of your deposited funds so that you can get some extra return on it and the security of your money will also remain, so if you get the security of your money, 1% or 2% more interest If it is more important than comparison, then give it priority over depositing it in Reserve Bank Listed Banks. But this does not mean that every Corporate Institute drowns, they also have AAA ratings or institutions with AA + Rating, but there is more risk than the banks, so they will give you more interest than the banks Are giving up.
When you deposit fixed deposits for a year and for some reason you can withdraw it in six months, in that case you get less interest than the six-month FD, because the FD before the maturity is canceled Charges some Penalty on that. So if you feel that you may need a money after six months and you have only Rs 100,000, then you get four different deposits of Rs 25,000 / - so that if you have fixed deposits, If you have to break even before maturity, you have to break all of them.
Keep one thing in mind that if you are not sure whether the money you have in your Saving Bank Account will work in the near future, even if you want to get his FD, and if you need you With 1% more interest instead of that FD, you can take loan on your bank by pledging your FD, which will ultimately result in loss of 1%. That is, you will not need to break the bank FD.
According to some new rules, now different banks can fix different rates of Fixed Deposit at their convenience, while before this, all the banks give similar interest rates due to RBI's Rules & Regulations on Fixed Deposit. Were. Therefore, at present, Private Sector and Foreign Bank give interest at higher rates on Fixed Deposit.
Therefore, before getting the FD of your wealth, you should check the interest rate of various banks around you, and if you are paying the highest interest to the bank, even if the difference is 0.25%, because banks We do the Compound Interest Charge, which grows at a very fast pace over a longer period of time.
But the problem is that how do you know that at present, which bank's Fixed Deposit Account is getting more interest on interest rates, because interest rates vary from time to time on various bank accounts in different banks. Remains
This is a very simple solution to your problem. You can find the Interest Rate given by various banks of India on their Fixed Deposit Account with the MoneyControl.com website powered by CNBC Aawaz Business Channel. Also, you can calculate how much amounts you can get Fixed Deposits, how much time you will get the return of interest.
So if there is some free cash in your Saving Account, you do not have any special requirements in the near future, go to the MoneyControl.com website and deposit your Saving Account into Free Cash, close to any nearby bank Get fixed deposits in it, which is giving you comparatively most interest.
Because there is only one way to be rich that your saved money also slowly works for you, earning money for you and deposited in your Saving Account is like a lazy son who earns less returns. Insert it into Fixed Deposit Account and generate more returns.
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