FD News – More than half of the country’s population still prefers to keep money in fixed deposits. In such a situation, today we are going to tell you about three tricks related to FD in this news. Knowing whom you can also become rich.
Even though mutual funds and share market are seen as high return options for investment, a large population still prefers to keep money in fixed deposits. This is because there is no market risk in FD. Due to this, Fixed Deposit is seen as the most popular savings option in India.
In FD, a lump sum amount is deposited for a fixed period of time at a fixed interest rate. On completion of the time, along with the principal amount, compound interest is also available at the interest rate fixed on it. So if you have a lump sum amount and want to deposit it in Fixed Deposit, then we are telling you some tricks, by following which you can increase your earning from FD.
First trick: Make FD in Small Finance Bank-
You know that small finance banks pay more interest on FD than big banks. While regular banks offer a maximum interest of 6 to 7 percent, small finance banks offer interest above 8 percent and in many cases up to 9 percent.
Now the question of safety of your deposit may come in your mind that what will happen if the small finance bank in which you have FD sinks? The answer is that Small Finance Banks come under the Deposit Insurance and Credit Guarantee Corporation Act ie DICGC Act, 1961. Under this, up to five lakh amount will be insured. It means that you will get back the money up to five lakhs. You just have to keep in mind that the sum assured after FD maturity should not exceed 5 lakhs.
Second trick: Do FD for one day, not for one year.
Whenever you go to FD, do FD for one day, not for one year. The interest rate available on FD varies for different periods. 7 to 14 days interest rate will be different, 15 to 29 days will be different, similarly 6 to 9 months will be different, 9 months will be one day to 12 months, similarly 12 months will be one day to 18 months Separate. In comparison to one year, the interest rate of one year a day is higher by one and a half to two percent. In such a situation, you can get more returns on FD with a difference of just one day.
Third trick: Do not put all the money in one FD-
Divide it into three parts. Put the first part in FD for one year and one day. The second for two years and the third for three years. (Check the interest rate of one day difference between two and three years and put the money.) Now when your first FD matures, keep the interest with you if you want, or else put the entire amount in the three-year FD. . Do the same with the FD that will mature next year. Do the same with the third year girl. In this way every year one of your FDs will mature.
So you also try these tricks. This will not only increase the returns you get from your FD, but it will also keep one or the other of your FDs maturing every year.