When it comes to investment, the first thought that strikes the mind of many is obviously the fixed deposit isn't it? Yes, just because it is considered as one of the safest modes of investment, hence it would not be wrong to say that many people investment their hard earned money in it. But, the big question here is that with the availability of many options in the market, how to choose the best one. Well, many people without even doing the thorough study of the market, randomly investment their money anywhere, hence will have to face the consequences of the same. So, to keep you away from the hassle of finding the best investment house, here we are giving you the detailed information about HDFC fixed deposit.
Yes, you read that absolutely right! Being one of the leading names in the banking sector, HDFC (Housing Development Finance Corporation), a second largest private sector bank with its enormous products offers an enriching banking experience to one and all. And, one such unmatched and quality product offered by the bank is the FD, with the help of which the customers can get the assured maturity benefits on the invested amount. But, going deep into the subject, let's just try to understand the basic concept of an FD. It is one of the secured modes of investment in which an individual invest or deposit his/her money for a fixed time and at the time of maturity the interest is paid on the same deposited amount. In simple words, if you deposit your money for a fixed tenure, you will earn an interest on the same at the time of maturity.
Now, coming back to the topic, this lender offers 2 fixed deposit schemes to choose from i.e. Regular and 5 Year Tax Saving. Moreover, the best thing about these schemes is the fact that both of them come to you with multiple benefits and features such as flexibility, security and last but not the least excellent returns. This is the reason that many people are showing their keen interest to avail these schemes in order to reap the maximum benefits in the future. So, without wasting any time further, let's just get more clarity about these schemes in the article below.
You can avail these schemes easily and can earn an attractive interest on your deposited amount at the time of maturity. Currently, the bank gives an interest of 3.50%-6.90% per annum on domestic deposits of less than 1 crore and 4.25%-5.00% per annum on more than 1 crore and less than 5 crore. In fact, not only this, you have another reason to rejoice because for senior citizens the bank gives an interest of 4%-7.45% per annum for less than 1 crore and 4.75%-5.50% per annum in the case with more than 1 crore and less than 5 crore. However, one thing that needs to be mentioned here is the fact that according to the category of the investor and the period of investment, which we also call the lock-in period, the interest rates also vary a lot. More to the point, your interest earned on the deposited amount is directly based on the lock-in period you want to choose.
Now, if you have invested your money in an FD, it is also obvious that you wanted to know how much you will get at the time of maturity. However, in order to do all the FD calculations, there is one effective and smart device, which is commonly used for the same i.e. FD calculator. This time-saving device allows you to know the returns earned on the deposited amount. Let's just understand this thing with the help of an example below.
Suppose, Rajat Kapoor, is interested in depositing an amount of ₹20 Lakh in HDFC fixed deposit for 10 years. The bank is ready to offer him the same facility and is giving an interest of 8.50% p.a. But, before availing the same, he wants to be sure about the same, hence has calculated the maturity value of his deposited amount, which comes out to be ₹46.4 Lakh (maturity amount) and ₹26.4 Lakh (total interest earned).
So, as you can clearly see how with the help of an FD calculator, Rajat has calculated his returns easily and quickly. You can also be the same if you take a calculative decision while availing an FD in the future. `
Article Source:
http://www.imfaceplate.com/aashnabatra/enjoy-excellent-returns-and-maturity-with-hdfc-fixed-deposit
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