How to choose the best FD Scheme for good returns? keep these things in mind

Investing in Fixed Deposit ie FD is once again becoming popular these days. After increasing the repo rate repeatedly by the Reserve Bank of India, all commercial banks and small finance banks in the country have increased the interest rates on FDs tremendously, and many banks are offering up to 9.5 percent interest. But how to choose a good FD? You will find its tips here…

By the way, let us tell you that inflation in the country still remains high. Meanwhile, the meeting of the Monetary Policy Committee of RBI is going to be held in the beginning of April itself, in which interest rates can be increased once again. That is, in the coming days, the interest rates on FD can also increase further.

See also:PAN-Aadhaar Link: Are PAN-Aadhaar details different? do like this

FD must be ‘safe’

Although investment in FD is already considered a safe investment, but sometimes the security of FD also depends on which bank you have taken it from. Generally, people consider FDs of big commercial banks like SBI, HDFC and ICICI Bank to be safe.

At the same time, they have doubts about investing in Small Finance Bank’s FD. That’s why small finance banks offer higher interest on FDs to woo customers. Although both the banks are regulated by RBI in India, you can rest assured about the safety of your investment.

See also: Who and how will get the benefit of the increased interest on PF, this is how a fund of 5 crores will be created

How to choose FD with good returns

Let us now know how to choose a FD scheme that gives good returns, where your money is safe and you get more interest. You just have to keep these things in mind before taking FD scheme.

• Check Track Record : Whichever bank’s FD you are going to take. Before investing in it, do check its track record. Check the financial condition of the bank. Whether the bank is stable or not, whether the people return their FD scheme on time or not. Only then invest in the FD of that bank.
• Invest with caution: If you are investing a large amount in FD, then you need to be more careful. On such an occasion, instead of paying attention to the high interest rate, you have to pay attention to whether the investment in that bank is safe or not. Sometimes small banks give the lure of higher interest, such as co-operative banks.
• How much right in small bank FD: If you have made up your mind to invest in FD of a small bank for higher interest. Then you should know that how much investment will be safe for you. By the way, in India, insurance protection is available on deposits up to 5 lakhs in banks. This includes both principal and interest. In such a situation, you can invest that amount in the FD of a small bank, which will give you Rs 5 lakh on maturity.