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Opening a Fixed Deposit Account? What Should You Look For?

Confused about selecting the best-fixed deposit in the market? Mentioned here are a few ways you can choose a fixed deposit in your best interest. 

A Fixed Deposit (FD) is one of the highly lucrative investment routes. And why not? It not only allows you to store your money safely but also offers you a periodic return on your investment. While there are so many FD providers in the market, a few evaluation parameters can certainly help. Here are a few criteria's that can help you select the best-fixed deposit for you: 

●      Interest Rates

There are no second guesses that the interest rate offered by the lender is a major parameter for comparison. A good interest rate on your FD will aid you in passively building your wealth. So, avoid a provider that offers a lower interest rate and select an FD provider that provides a remunerative interest rate on the money deposited.

●      Reliability of the FD provider

While a provider offering a high-interest rate on your FD should be your prominent choice, you still need to check on their credibility. There is no fun in losing all your money by running behind high-interest rates; you also need to research your FD provider's reliability on the internet and your social circle. You should satisfactorily settle for an FD provider who might offer an interest rate on a little lower spectrum but has a clean prior history. 

RBI’s Deposit Insurance and Credit Guarantee Corporation (DICGC) insures all deposits up to Rs 5,00,000. Thus, as long as the institution you choose is governed by RBI and falls under their purview, you need not worry. 

●      Additional Incentives

You should actively seek for an FD that comes with additional incentives. It can be an elevated interest rate suiting to your profile, or the provision to link your FD with your savings or current account. For example, if you are a senior citizen looking up for an FD, then choosing a bank that offers a higher interest rate for senior citizens might be the right choice. Similarly, some banks may give your preferred services if you already have a fixed deposit account with them.

●      Pay-out Options

Another key feature to look out in a fixed deposit is its pay-out option. This goes beyond saying that, always opt for a fixed deposit that is consistent with your financial goals. If you seek active pay-outs on your fixed deposit, choose a provider that offers you quarterly or monthly pay-out options.  

●      Application Process

The application process is another criterion that can help you determine the right provider for you. If you have a busy routine, go for a lender that does not require you to come into their office premises, and fill the application form. Instead, they offer you the benefit of filling out the application through an online portal. This will give you a chance to use their FD interest rate calculator to determine if the FD meets your goals. Also, the application process should not be too complex, requiring you to submit multiple forms or documents.

Your Money Deserves the Best

A fixed deposit, undoubtedly, helps you in building your wealth in a safe and secure. While selecting the best-fixed deposit is quite an easy job, it still requires work from your end. You need to compare the FD provider based on their credibility and interest rates offered. As a rule of thumb, go for a provider that offers additional incentives, and service of the online application procedure. 

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