Fixed Deposits come in a variety of types, each designed to meet different financial needs and preferences. In this video, we’ll dive into the different types of Fixed Deposits, helping you understand how each type works. From Standard Fixed Deposits to specialised options, FDs offer diverse choices based on individual needs.
We’ll start with the Standard FD, which allows you to invest a lump sum for a set tenure at a fixed interest rate. Tax-saving FDs, on the other hand, come with a five-year lock-in period and may allow for deductions under Section 80C under the IT Act. For senior citizens, higher interest rates and TDS benefits may make Senior Citizen FDs a popular choice.
We’ll also cover options for NRIs, including NRE and NRO FDs, which cater to differing tax and currency needs. Recurring FDs could provide a way to save monthly, while Flexi FDs link to savings accounts for liquidity. Corporate and Special FDs might offer higher returns with varying risk levels, while Floating FDs adjust rates with the market.
Gaining insights into how each FD type could support different financial priorities might help you find the right FD for your investment strategy.
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