Investments are one of the crucial aspects of our life. There are plenty of investment schemes that can be confusing for beginners who also have to consider the potential risks of investment. From bonds and stocks to mutual funds and fixed deposits, it is important to play safe. Hence, you must consider one of the most common, safest, and low-risk investment options like Fixed Deposits (FDs).
Fixed Deposits are crucial investment schemes that can help you grow your savings at a fixed interest rate. The maximum interest rate on FD is higher than other low-risk investment options. Fixed deposits are safe and secure and can also help you to achieve your financial goals.
Fixed Deposits are one of the most common investment schemes. Banks and non-banking financial companies (NBFCs) provide fixed deposit schemes where you can invest your idle money for a while and get it back at a higher interest rate. The return on investment formula of FDs depends on the fixed FD rates. The interest rate can vary depending on the banks and organizations and the maturity period. The ROI formula is as follows:
Where A is the amount after maturity, P stands for the principal amount, r is the rate of interest, t is the total time in years, and n is the tenure. This formula will work as a fixed deposit calculator for you.
Fixed deposits come with a lot of benefits that will help you to meet your financial needs. Let us discuss those:
Let us take an example. If you are investing ₹1,00,000 in a savings account at 4% interest, you will get ₹1,22,019 after five years. On the other hand, you will get ₹1,48,600 after investing in a fixed deposit scheme at Shriram Finance. Thus, an appropriate fixed deposit scheme with a maximum interest rate can double your interest amount.
You can open a FD account either online or offline. There are multiple steps that you need to follow.
You need the following documents to apply for a fixed deposit:
Shriram City offers both offline and online fixed deposit schemes with the highest fixed deposit rate in India. Open your fixed deposit account with 8.25% interest along with an additional 0.40% interest for senior citizens. You will also get monthly accumulation that will help you to manage your savings and accomplish your financial goals. The flexibility of the tenure from 12 to 60 months can help you to plan accordingly. You can for both non-cumulative & cumulative Fixed Deposit schemes. In the case of emergencies, you can also withdraw your money prematurely.
Click here to check out the schemes. Also go through the Fixed Deposit Calculator to calculate the maturity amount of your desired investment.
Fixed deposits are one of the most popular investment schemes in India. They provide multiple benefits, safety and assurance. Securely grow your saving by opening a fixed deposit account. Do you want Shriram City to help you with your financial struggles? Then apply for a fixed deposit scheme to save your money and continue living a secured life. Go through our attractive FD schemes and choose to use your idle funds to increase your savings.