What are the different types of fixed deposits?
Fixed deposits come in various types to cater to diverse financial needs:
Regular Fixed Deposits: Standard fixed？term deposits with a predetermined interest rate.
Senior Citizen Fixed Deposits: Tailored for elderly individuals, offering higher interest rates.
Tax？Saving Fixed Deposits: Provide tax benefits under Section 80C of the Income Tax Act.
Cumulative Fixed Deposits: Interest is compounded and paid along with the principal at maturity.
Non？Cumulative Fixed Deposits: Interest is paid at regular intervals, providing a steady income stream.
Special Fixed Deposits: Customized options with unique terms and conditions, often offered by specific banks.
Each type serves specific financial objectives, allowing investors to choose based on their preferences and requirements.
Shriram Finance offering flexible tenures and returns of up to 9.20%* p.a. (Including 0.50%* p.a. for Senior Citizens and 0.10%* p.a. for Women)
Related Q&A：
What is the risk of fixed deposits？Well, you know, fixed deposits generally have relatively low risks. But there are still a few things to keep in mind. Interest rates might change over time, and if they go up after you've made your deposit, you could miss out on better returns. Also, in some rare cases, if the bank runs into serious financial trouble, there could be a slight risk of not getting your money back exactly when you expect it. But overall, as long as you're dealing with a reputable bank, the risks of fixed deposits are pretty minimal. Oh, and inflation could also eat into the real value of your earnings from the fixed deposit. So, it's not completely risk？free, but it's a pretty safe option for most folks.
