A person who resident of a small town in the state of Odisha, had invested Rs.50,000 6 months before at 7% interest rate with a nationalized bank with which he had an association as old as 10 years.
He was sure to get good returns on his FD investment after 4.5 years. However, his dream quickly vanished once his old friend, who had invested in a similar FD scheme but with a private company, visited him one day.
He was taken aback that his bank with which he had such a long association was cheating him when it came to the difference in the fixed deposit interest rate slab.
Yes, his friend was getting an FD interest rate of 7.95% on a tenor lower than his and when compared to his rate of interest.
He had to break his bank FD and opted for a fixed deposit scheme with a leading online fixed deposit company and was a satisfied person.
If you are the one like Mr. Biswaraj Nayak who has been cheated by his/her banks over the FD interest rate, you can also open an FD with a non-banking finance company and make the most of your investments.
What is a Bank FD?
A banks fixed deposit shame lets you invest money over a tenor such as 6 months, 1 year, 3 and 5 years. A banks fixed deposit gives you more interest gains as compared to its saving account. Banks FDs are also safe and makes it one of the most trusted channels to open one.
What is a Non-banking Finance Company (NBFC) FD?
Other than bans, you can also invest your money in a fixed deposit scheme offered by a non-banking finance company or NBFC and earn a higher FD return. Yes, leading online FD service providers can provide you with an ROI as high as 8.10% as per your membership status with them and age.
They also offer a slew of other crucial benefits compared to the conventional banks such as:
- Highest rate of interest offer for senior citizens
If you are a retired individual or a senior citizen, you can expect an additional 0.25%, fixed deposit rates for senior citizens when compared to regular investors.
- A well-paid option for investment
No more relying on run-of-the-mill fixed deposit interest rates when you can avail a minimum of 7.85% which can go on to 8.10%. Your tenor also ranges from 12 months to 60 months.Â
- Stability, reliability, and credibility guaranteed
Non-banking finance company’s FD plans are guaranteed by CRISIL and ICRA, the top financial institutions which means that your investments are not at all at risk.
- Invest only Rs.25,000 and get started
To open your FD account with a leading online NBFC, you need to put in only Rs.25,000 to become eligible to earn handy ROI.
- Avail an online FD calculator FREE and track your earning
You need not rely on manual computations to calculate your interest profits as online service providers also provide you with the handy facility of a fixed deposit interest calculator. Go to a company’s website and use an FD calculator free of cost to exactly know what your earnings will be!
The Bottom Line
It’s high to take advantages of an online FD opening company and make more profits. Yes, Even you can enjoy a much higher FD interest rate and other benefits as discussed above and not let your banks cheat. Best of luck!
