Fixed Deposits: All You Need To Know
What is a Fixed Deposit?
A Fixed Deposit is a bank savings or investment account which gives you a fixed rate of interest, provided you do not access the funds for a fixed period of time.
How Fixed Deposit Accounts Work
The primary feature of a Fixed Deposit is that the funds cannot be withdrawn for a fixed period of time. This period of time is called the tenure or term. Each tenure or term is allotted a predetermined interest rate.
Fixed Deposit Schemes
- Simple Fixed Deposits are the standard deposits that offer you a range of tenures, from 7 days to 10 years.
- Special Fixed Deposits are special tenure deposits. These Fixed Deposits allow you to invest money for special periods such as 190 days, 290 days, 390 days and so on.
- Tax Saving Fixed Deposits
While interest earned on Fixed Deposits is fully taxable, Tax Saving Fixed Deposits give you benefits under section 80C of the Income Tax Act.
Benefits of Having a Fixed Deposit Account
One of the easiest ways to multiply your money is to invest in a Fixed Deposit Account. Fixed Deposits are a safe investment option and have several benefits.
- Fixed Deposits encourage you to develop a habit of saving money.
- A Fixed Deposit earns you a higher interest rate than a regular Savings Account.
- You get assured returns for your investment.
- You can choose to have the interest paid monthly, annually or at maturity.
- Invest your money for 30 days up to 10 years. It’s your choice.
- You can have more than one fixed deposit account.
Open a Fixed Deposit Account and start saving today!
Life Insurance: All You Need To Know
What is Life Insurance?
A Life Insurance Policy is a contract with an Insurance Company.
How Life Insurance Works
Life Insurance provides a certain sum of money for your family in the event of your death.
Types of Life Insurance
Life Insurance policies are classified into three different types.
- Term Life Insurance gives you financial protection for a specified period of time such as 10 years or 20 years. After this period, policies may provide continued coverage, at a higher premium rate.
- Universal Life Insurance gives you lifetime coverage. This type of Insurance policy is flexible, allowing you to increase or decrease your premium amounts throughout your lifetime. Universal Life Insurance has a tax-deferred savings component, which may help you build long-term wealth.
- Whole Life Insurance also gives you lifetime coverage. This type of Life Insurance has a cash value and tax-deferred savings component.
Benefits of Life Insurance
- Life Insurance is an important financial tool that can benefit you at various stages in your life.
- A Life Insurance can provide benefits for your family in the event of your death.
So, secure the future for your loved ones today. Let us help you choose the right Life Insurance Policy.
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