Best Advantages and Features of Term Deposit

FD
FD

 

In a term deposit, a sum of money is kept for a fixed period, and the depositor does not have the option to withdraw this amount until the end of the maturity period has passed. Because of this, they are also known as term deposits since they are only held for a certain period. There are basically two types of term deposits – Recurring Deposits and Fixed Deposits.

 

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If you are looking for a steady and safe return on your investment or if you would like to know where to invest a portion of your money then a term deposit will prove to be a very good investment option.

 

Advantages of Term Deposit

Easy to understand

The main advantage of term deposits or RD benefits and FD benefits is that they are simple to understand, unlike many other financial products. Additionally, term deposits are simple to operate, as once you have set up a term deposit, you do not need to worry about it until the term expires.

 

No upfront fee and Interest rate is fixed

There is no upfront and ongoing fee associated with term deposits. It is important to know about FD benefits or RD benefits that both term deposits never fluctuate in interest rates during a certain period, so you can guarantee a constant return. It may be even better for you to fix the rate if the market interest rate suddenly drops after you have started your term deposit, as the offer may become even more attractive.

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Safe way to keep your money

The money you have in a saving account doesn’t have anything to stop you from spending it; however, locking away your money can be a great way to protect it in a term deposit. It cannot be used to make impulse purchases. It is more accessible for people to save money in a world without flexibility.

Features of Term Deposit

Fixed-rate of interest

As soon as you choose a term deposit, the first thing you will probably notice is the interest rate. By checking your term deposit interest rate, you will be able to figure out how much interest you will earn throughout your deposit and the higher the interest rate, the more your savings will grow over time.

 

Fixed term

An important thing you should consider is how long you plan to put your money away. There are various term deposits, from one month up to five years, some up to even ten years, but they last for an entire period regularly. It is not always the case, so make sure you take the time to consider the options available to you. It is essential to remember that whether you are looking to withdraw money from your term deposit or not, until the term expires, you will need to pay hefty penalties.

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Rollover term

At the end of the fixed-term deposit, you have the option of receiving your reclaim if you wish, or you can place it in a savings account or use it towards your next spending goal. The primary FD benefits are that you can also automatically reinvest it into a new term deposit and continue earning interest. As the name suggests, this is referred to as a rollover term. If you are not thinking about using the money immediately and find a term deposit a convenient savings strategy, then a rollover term might be for you.

 

Conclusion

Term deposits whether it is Fixed Deposit or Recurring Deposit have long been considered among the best investment options available to most individuals. FD benefits are however similar to the RD benefits. Both offer investors guarantees of returns and are not volatile compared to other similar products. As a result of its simple structure as well as multiple benefits, a term deposit is a very popular investment option nowadays.

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