When planning our post retirement incomes, the question before us all is where to invest our hard earned and savings. A major factor we look for is good returns on investments. Here, allow us to help you in making your decision.
In this blog, we will explore if Fixed Deposits make sense for funding our retirement.
A Fixed Deposits account is where you deposit your savings in a bank for a particular time period. In return for this deposit, banks offer you interest as earnings.
- Fixed deposits are easy to operate as the only thing you need to do is deposit your savings, and keep earning interest on it. Isliye aapko baar baar apni investment check nahi karni hoti.
- This option is convenient as we don't have to go door to door to invest the money. All you need to do is pick up your laptop/phone and apply for a Fixed Deposit online. Aur aap sirf apne nearby branch ko contact karne se bhi apna Fixed Deposit account open kar sakte hai.
- Fixed deposit is considered as a safe option to park your savings as you do not have to incur losses in this. Aap ek fixed interest earn karte hai apne deposit pe. This option also gives high interest on your deposits. (We, at AU Bank, ensure you earn higher interest on your deposits. So, apply now!)
- Better interest rates are offered to Senior Citizens in Fixed Deposits, where you can avail good benefits. Jaise, agar aapki Fixed deposit ki income 50,000 INR se kam hai ek year mein to aapko tax nahi pay karna padta. This will save you from an additional tax burden.
However, you are charged tax on the earnings of your fixed deposits (if earnings are above INR 40,000 for people below 60 years of age and above INR 50,000 for senior citizens). We hope this information will guide your investment options.
Learn more about how does bank calculate interest on FD(Fixed Deposits) and also know what is a fixed deposit