Fixed deposit is a method of investment in which you can deposit your money for a fixed tenure with a Bank or any NBFCs and earn interest on it. Once the FD is mature, you can get the principal amount invested with the interest. You also have a choice to reinvest this money for another term.
What is the minimum deposit required to open an FD account?
The minimum deposit amount varies from bank to bank.
What are the benefits of investing in FDs?
The habit of savings - Saving is an important aspect of your financial planning and FD teaches you the same by providing interest on your savings. This encourages depositors to save more and deposit more.
Returns are guaranteed - FDs don't depend on the market fluctuations to provide the respective interest rate along with the principal amount at the end of the deposit tenure.
Convenient - The tenure of the deposit starts from even 7 days and goes till 10 years (or 20 years for some banks). One can select any tenure which suits his/her needs.
No maintenance - Once you deposit the money, your job is done. You can now relax and just receive the maturity amount once the FD matures.
Secured - FD investments are totally safe and secure as the deposits is insured by Deposit Insurance and Credit Guarantee Corporation (DICGC) with effect from 4 February 2020
Tax saving - You can claim for tax deduction under section 80C of up to Rs 1.5 lakhs when you choose tax saver FD with a minimum lock-in period of 5 years
Highly liquid - The investment can be liquidated whenever you want
Can I withdraw money from my FD account before maturity?
Yes, if there is an immediate need, you can withdraw the FD amount. This process is called premature withdrawal. However, there is a nominal amount of penalty involved with premature withdrawal by the banks which usually ranges from 0.5 to 1% deduction of interest from the actual rate of interest applicable. Some bank FDs have a minimum lock-in period which means no interest will be paid if you withdraw before that lock-in period.
Can I get a loan against FD?
An FD is a dependable savings instrument to save in case of some financial emergencies. Yes, loans against a fixed deposit are available and are very easy. One can take a loan up to 95% of the fixed deposit amount depending on the bank.
When can I get the interest on my principal amount?
For regular FDs, interest is paid only when the FD matures and is credited to your savings account. However, with different schemes by different banks, the frequency of the interest payout can be selected as monthly, quarterly, or periodically based on the customer’s choice.
How long does it take to activate an FD account on Groww?
The activation of a new FD account is done in a few minutes. Once activated, you can select your preferred FD and book an FD right away.
Coming to app soon.
Fixed Deposit will be available on the Groww app soon.
Groww is an investing platform where users can find the best mutual funds to invest in and can invest their money without any hassles. Groww provides objective evaluation of mutual funds and does not advice or recommend any mutual fund or portfolios. Investor shall invest with their own descretion. Groww does not guarantee any returns and safety of capital.
Groww helps investors in the following way
· By providing objective evaluation of products available on Groww
· By bringing up red flags, if any, involved in the products. However Groww does not guarantee to bring out all red flags
· By being transparent about fees and charges involved in investing in a product
· By clearly representing the risk associated with buying a product
SECURE TRANSACTIONS ON GROWW
All transactions on Groww are safe and secure. Users can invest through SIP or Lumpsum using Netbanking through all supported banks. It uses BSE Star MF (with Member code 11724) as transaction platform.
MUTUAL FUNDS SAHI HAI
Mutual fund investments are very popular with individual investors because of the benefits they provide. Among the many advantages, the most important factors that drive investors to mutual funds are that Investors can
- Start with any amount (as low as 500)
- Diversify across multiple stocks and other instruments like debt, gold etc.
- Start automated monthly investments (SIP)
- Invest without requiring to open DMAT account
All type of mutual funds are available on Groww.
INVESTING IN MUTUAL FUND PORTFOLIOS
Portfolio is collection of mutual funds designed to meet your investment goals. Investing in mutual fund portfolios helps you in diversifying your investments and reduces the risk. Portfolios also help you in assigning an investment goals and make it easy for you to save for and achieve your goals. You can create a portfolio yourself or ask an expert to build it for you.
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· Awareness regarding guidelines on Margin collection
1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.
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3. Pay 20% upfront margin of the transaction value to trade in cash market segment.
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5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.
Issued in the interest of Investors
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Mutual fund investments are subject to market risks. Please read all scheme related documents carefully before investing. Past performance of the schemes is neither an indicator nor a guarantee of future performance.