Keep informed of the proceeds of their Fixed Deposit service.
A fixed deposit is created for people who want to deposit some amount of money for a fixed period; say for a minimum period of 15 days to ten years, thereby in return getting a higher rate of interest. Investor gets a sum of money (principal plus interest) at the maturation of the deposit. Bank's fixed deposit strategy is one of the most common savings strategies for an average investor. Fixed deposit also provides a higher rate of interest than a savings bank account. Few of the facilities or efficiencies offered by bank on fixed deposit are overdraft (loan) facility on the amount deposited, premature withdrawal before maturity period (which includes a loss of interest) etc. Bank deposits are perfectly safe because banks are under control of the Reserve Bank of India.
Bank deposits are the safest and the best investment after Post office savings for the reason that all bank deposits are protected under the Deposit Insurance & Credit Guarantee Scheme of India. It is promising that you get loans up to75- 90% of the deposit amount from banks against fixed deposit receipts. The interest charged will be 1% more than the rate of interest earned by the depositors. The 1995 Finance Bill Proposals introduced tax deduction at source (TDS) on fixed deposits on interest incomes of Rs.5000/- and above per annum. We provide the best interest rate on fixed deposit.