Fixed deposit is considered a reliable saving option by millions as it is low-risk and free from market fluctuations. With time, it helps to gradually accumulate wealth and grow your corpus. Thus, allowing you financial independence to attend to urgent and future financial obligations.

It is, therefore, imperative that you look for the right deposit to match your financial preferences and achieve your goals. Here are some smart tips to guide you in the process.

Security

Look for a fixed deposit which offers unmatched security and stability in the long run. Several NBFCs offer deposit which is rated high on safety and stability with ICRA’s MAAA (stable) rating and CRISIL’s FAAA/ stable rating, so your investments are never at risk.

Interest rate

To make appreciable returns on your investment it is imperative to book a deposit with the lender offering higher interest rate on FD. Leading NBFCs provide rate starting from 8.40% onwards along with top-up rate upon renewal and under senior citizen scheme to help investors maximize their profits.

Maintenance

As an investor you can simply park a lump sum in the deposit and not worry about maintaining it. With time, it will keep accumulating interest income. In this day and age when everyone is short of time opt for digital account. So, you can manage and access your deposit from anywhere at anytime without any hassles and take informed decisions.

Tax Benefit

Several NBFCs offer interest income up to Rs. 10,000 which is tax-free. On submission of Form 15G and Form 15H you can save tax on income of more than this amount. Enquire with your Relationship Manager to learn more.