Fixed Deposits (FDs) are one of the most popular, safe, and versatile investment products, and it is only wise that you look for a bank that gives you high interest on your deposits. The term and interest for the deposit are fixed. No risk is involved; your principal is safe, and your returns are assured with Fixed Deposits.
The interest payout depends on the deposited amount and can be claimed monthly, quarterly, annually, or on maturity. Reliable banks like RBL Bank offer FD accounts with flexible tenures and high rates. They offer a slew of deposit types to suit your needs.
Here are their latest offerings for investors looking for guaranteed returns.
Flexi Sure Fixed Deposit
This is an FD linked to your savings or current account. There is no FD minimum amount. Deposits are created when the balance in your savings account exceeds the threshold limit. The shortfall in savings is taken care of by breaking the linked FDs.
This account is suitable when you want better returns without compromising liquidity. You can earn an interest of 7.25% per annum, amongst the highest available in the market.
Regular Fixed Deposits
Regular Fixed Deposits can range from 7 days to 20 years. You can book your FDs online using RBL’s online service. To use their online FD account opening service, visit their official website and follow a few steps to start investing.
An overdraft facility against deposits is available; you can receive monthly or quarterly interest or keep your money invested till maturity. These deposits are suitable if you are looking at getting a fixed running income or are saving for long-term or short-term goals.
A Fixed Deposit calculator can help you estimate the amount you need to invest. Take advantage of the RBL Bank online service and use this calculator on your smartphone/laptop. Inside the calculator, enter the amount you wish to invest and the period for which you like to invest. This way, you can meet financial goals like saving for a child’s education or buying a gadget.
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Tax Saving Fixed Deposits
These deposits combine tax savings with good returns. You can save tax minimum of Rs.100 and can go up to Rs 150,000. You get an exemption under Section 80C IT Act 1961, and the minimum and maximum tenure are 5 years.
As these are tax-saving FDs, no pre-mature withdrawal is possible; if the deposit is in the joint name, the first holder enjoys tax benefits. Tax deduction on the interest as per the Income Tax Act guidelines, and you get up to 7.55% annually on your investment.
Senior Citizen Fixed Deposits
Depositors between the ages of 60 and 80 can benefit by getting an additional 0.50% per annum on their investment under the Senior Citizen Fixed Deposit category.
Apart from higher interest, you enjoy benefits like overdraft facilities up to 90% of the invested amount with the penalty for pre-mature withdrawal.
Super Senior Citizen Fixed Deposit
Super Senior Citizens in the age group of 80 years and above are eligible for a preferential interest rate of 0.75% p.a. for all tenures. This is amongst the highest FD rates across banks you can get on the investment.
Other features for this category are the same as the Senior Citizen Deposits. For depositors above 80, these FDs are a great choice as they get high returns with a host of other benefits.
Investing in an FD with RBL Bank offers the following benefits:
- Your investment is safe from market risk. FD returns are assured and are insulated from any market fluctuations.
- Your deposits are flexible; you can pick a term ranging from 7 days to 20 years. This gives you the flexibility to choose a tenure per your goals.
- Fixed Deposits also offer you liquidity; if required, you can withdraw funds prematurely except in tax-saving FDs.
- FD helps you meet your various financial goals; hence, they are very versatile. They can help you in building a corpus for the long term, make an emergency fund, save tax and also offer you regular income flow. A Fixed Deposit calculator can help you in financial planning.
- You can also avail a loan against a deposit, which can benefit you during an emergency.
High-rate Fixed Deposits from RBL Bank are a great addition to any investment portfolio. They offer a range of benefits besides high returns, which we have discussed above.
Boilerplate
RBL Bank is a reputed private sector bank serving more than 11.77 million customers through 507 branches, 1204 BC (Business Correspondent) branches, and 413 ATMs. The bank has a presence in 28 Indian states and Union Territories.
RBL Bank provides services under five major business verticals, including commercial banking, corporate & institutional banking, retail assets, branch & business banking, and treasury and financial markets.
Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of Free Press Journal editorial in any manner. You can get in touch with them on [email protected]
