Share details about fixed deposit plus.
Disha, I’ve always liked the stability of fixed deposits, but when I came across Fixed Deposit Plus, it felt like a smarter twist on the classic FD. It works just like a regular fixed deposit. It offers higher interest rates and flexible options that cater to different financial goals.
In simple terms, Fixed Deposit Plus is an enhanced version of a standard FD offered by several banks. It rewards you with higher returns if you meet specific conditions, usually by depositing a larger amount or choosing a longer tenure.
Here’s what sets it apart:
- Better Interest Rates: FD Plus schemes usually offer higher rates as compared to regular Fixed Deposits.
- No Premature Withdrawal: To earn those higher rates, you often need to stay invested for the full term. Banks don’t allow early withdrawals.
- Flexible Tenure Options: You can choose how long you want to invest. For most banks, the maximum tenure is 10 years.
Fixed Deposit Plus is ideal for people who have a large lump sum and want higher interest rates than a regular FD.
In short, FD Plus gives you the reliability of an FD with the bonus of higher earnings. It’s a practical choice for those who want to play it safe but still make the most of their savings.