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Is It a Good Time to Invest in Fixed Deposits In 2023
Posted on Thursday, September 14th, 2023 | By IndusInd Bank
Summary: From guaranteed yields and flexible tenure to easy reinvestment, fixed deposits offer a range of benefits that make them the best investment avenue in 2023.
Investing your hard-earned money involves a systematic approach where you must strategise your investments, and make crucial decisions at key stages. In 2023, since the global economy is still in flux, investors are searching for safe and reliable investment options. If you have been wondering where to invest your money in 2023, fixed deposits (FDs) are one of the best options. Fixed deposits have been around for a long time and provide a secure way to grow your money. Keep reading to learn more about what makes fixed deposits a wise investment choice in 2023.
Advantages Of Investing in Fixed Deposits,
This table outlines the benefits of investing your hard-earned money in a fixed deposit:
| Guaranteed Returns | Fixed Deposit interest rates remain constant and do not change while your money is locked in. You can count on getting assured returns on your fixed deposit, which makes it easy to plan your financial goals. |
| Flexibility To Withdraw Funds | Fixed deposits allow investors to withdraw funds before maturity in case of urgent financial needs, although there may be some nominal charges on premature withdrawals. However, tax-saving fixed deposits, with a five-year lock-in period, do not allow for premature withdrawal. |
| Flexible Tenure | You can choose the tenure of a fixed deposit. It could be anywhere from seven days to ten years. |
| Ideal For Short-Term Goals | If you are aiming for short-term financial goals, like buying a car or going on a vacation, fixed deposits provide a secure and reliable method to steadily accumulate money over time. |
| Loan Against FD | You can easily apply for a loan using the FD as collateral. The specific loan amount may differ from one bank to another, but you can access funds quickly without breaking your fixed deposit. |
| Tax Benefits | By investing in a tax-saving fixed deposit with a five-year lock-in period, you can claim tax deductions of up to INR 1,50,000 under Section 80C of the Income Tax Act, 1961. |
| Easy Reinvestment | Once your fixed deposit matures, you can extend the tenure and instruct the bank to reinvest the sum for a new period. |
A fixed deposit is the perfect investment tool to allow your savings to grow. At IndusInd Bank, we provide fixed deposits as a secure investment opportunity, to assist you in achieving your short-term and long-term financial objectives. The eligibility criteria and application process are fairly simple. You can book a fixed deposit account with IndusInd Bank for a minimum of INR 10,000.
Why Should You Open a Fixed Deposit Account with IndusInd Bank?
When you open a fixed deposit account with IndusInd Bank, you will receive several benefits that can help you grow your money securely. Let us take a closer look at these benefits:
- Easy online booking without any complications in three simple steps
- Best-in-class FD interest rates of 7.5 per cent (8.25 per cent for senior citizens)
- Guaranteed returns upon maturity, regardless of market fluctuations
- Auto-renewal option, and flexible interest payment options: monthly, quarterly, half-yearly, yearly, or at maturity
- Instant Know Your Customer (KYC) completion through Video KYC
- Benefit from tax savings with a 5-year fixed deposit option
Secure your future with IndusInd Bank fixed deposits – start building your savings today. Apply online!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
