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    Fixed Deposit

    A Fixed Deposit or FD is an investment option where you need to deposit a specific amount for a pre-determined tenure. The banks offer a fixed interest rate on your deposit amount depending on the tenure and applicable FD interest rates. It is a guaranteed investment that provides assured returns to help fulfil short-term and long-term financial goals. By investing in an FD scheme, you might have the opportunity to generate better returns compared to a standard savings account. ...Read More

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    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000 per month (exclusive of all applicable taxes) with 7.5% return. Life Insurance is available with this product

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    How to Choose the Right Fixed Deposit?

    In case you are confused about which FD scheme you should choose, here are some of the factors you must consider before investing in a fixed deposit scheme: -

    Tenure

    The FD interest rates vary with the tenure. The FD schemes with longer tenure tend to have higher rates. FD schemes with long tenure lock in your funds and compromises the option of liquidity. So, choose your tenure as per your long-term or short-term financial objectives.

    Interest Rate

    The interest rate offered is one of the most significant factors to consider. Higher the rate of interest, the higher the returns.

    Premature Withdrawal

    Before you choose a fixed deposit scheme, you must check the conditions for premature withdrawal. Most fixed deposit schemes levy a penalty for premature withdrawal

    Other Advantages

    Make sure to check for other advantages as well. Most FD schemes provide a facility to take a loan against the FD account, an auto-renewal feature, and an overdraft facility for higher liquidity of your funds.

    What is Fixed Deposit?

    Fixed_Deposit-1.png

    A fixed deposit is a type of investment that allows investors to earn interest on their funds for a fixed period of time. The interests accumulated along with the principal amount are given to the investor at the time of maturity.. It is also known as a term deposit. An FD scheme is one of the safest options as it offers guaranteed returns.

    Investing in an FD means locking your money for a fixed tenure. You earn interest on the initial investment on a cumulative basis. You can easily open a fixed deposit in a bank if you already have a savings account. However, it is also possible to open an FD account without a savings account. In such a case, you will have to go through the entire KYC process.

    Types of Fixed Deposits

    There are a variety of FD options investors can choose from. Some of the most common types of fixed deposit accounts provided by banks in India are: -

    Fixed_Deposit-2.png

    Standard FD

    Under a standard fixed deposit account, the money is deposited for a fixed period. The tenure may range from 7 days to 10 years. The interest rates offered are higher than a regular savings account.

    Tax-Saving FD

    Tax-saving FD provides tax exemption on the initial investment amount of up to Rs. 1.5 lakh in a financial year under section 80C. The lock-in period for this type of FD is 5 years, within which no withdrawals are allowed. It only allows a one-time lump sum deposit.

    Cumulative FD

    With a cumulative FD, the interest is compounded on a quarterly or yearly basis and is paid after the completion of maturity. The primary advantage of this type of fixed deposit is that it offers sustainable growth of your savings.

    Non-Cumulative FD

    Under non-cumulative FD, the interest can be paid quarterly, monthly, half-yearly or yearly, as per the investor’s choice. It can be a great option for pensioners who are looking for a fixed source of income.

    Flexi FD

    Flexi fixed deposit is linked to the individual’s bank account. The money basically shuttles between the fixed deposit and the savings account.

    Features & Benefits of a Fixed Deposit Account

    Now that we have answered the question—‘What is fixed deposit?’, it is time we look at the features and benefits of FD to get a more clear idea. Here are some of the characteristics of fixed deposit account: -

    Guaranteed Returns

    It is possible to generate assured returns with a fixed deposit account. You can know your returns even before investing in an FD. This feature makes FD a safe and secure investment option.

    Flexible Tenure

    The fixed deposit scheme gives flexibility to the investors to choose their tenure. The period of deposit can be anywhere between 7 days to 10 years.

    Interest Rates

    The rate of interest offered on your deposit depends on the tenure you choose. The interest rate remains constant throughout the tenure.

    Loan Against Fixed Deposit

    You, as an investor, can avail of a loan against your FD account. This feature can turn out to be useful in case of urgent situations. By taking a loan against your FD account, you do not need to close your account prematurely.

    Return on Investment

    The higher the tenure of investment, the more returns one can generate. Moreover, the return on investment also depends on whether you choose to receive the interest regularly or reinvest it.

    Eligibility Criteria for FD investment

    Here are the eligibility criteria to invest in an FD scheme: -

    For Individuals

    • Residents of India
    • People of Indian origin
    • Non-resident Indians
    For Individuals

    • Residents of India
    • People of Indian origin
    • Non-resident Indians

    Documents Required for opening an FD account

    To open a fixed deposit account with a bank, you may need to submit the following documents: -

    Identity Proof: PAN card, Voter ID, Aadhar Card, Ration card, Driving license, etc.

    Address Proof: Bank statement along with the cheque, Utility bills, Identification or certificate issued by the post office.

    Fixed Deposit Interest Rates

    Fixed_Deposit-3.png

    FD interest rates refer to the rate of interest offered by banks on their fixed deposit schemes. A fixed deposit is a preferred financial instrument among investors as it offers a higher interest rate and assured returns. The rate of interest for an FD scheme is determined by the bank. Repo rate is one of the key factors that affect fixed deposit interest rates.

    A fixed deposit is considered a safe investment that provides a consistent rate of interest and no risks related to the markets. To receive maximum return on your investments, make sure to compare the FD interest rates before opening a fixed deposit account

    Cumulative Vs. Non-cumulative Fixed deposit

    A cumulative fixed deposit is where the interest earned is accumulated till the completion of investment tenure. The interest earned in every cycle is added to the principal amount. This leads to compounding, which in turn leads to higher returns.

    With non-cumulative FD, interest earned is paid to the investor on a regular basis. It can be paid monthly, quarterly, semi-annually, or yearly. It offers lower returns as the power of compounding is not completely realised.

    How to Invest in a Fixed Deposit?

    Before we proceed any further, let us see how you can invest in a fixed deposit scheme. You can follow these simple steps: -

    Compare FD Interest Rates

    The fixed deposit interest rates offered by different banks tend to vary. That is why it is important to pick the FD scheme that offers the highest rate of interest to generate maximum returns.

    Pick Your Tenure

    Tenure of a fixed deposit scheme can be anywhere between 7 days to 10 years. Select the tenure based on your convenience and requirement. If you are planning to invest for the long-term, you may invest for a minimum of 5 years. Such an FD scheme will help save taxes under section 80C of the IT Act.

    Choose a Frequency of Pay-outs

    After you decide on your FD investment tenure, you need to select the frequency of pay-outs. You have the flexibility to choose between monthly, quarterly, half-yearly, or yearly pay-out options.

    Select Your Mode of Deposit

    Finally, you need to decide the mode of deposit. Most banks and NBFCs allow their customers to make a deposit online through net banking. You can also visit the nearest branch to make your deposit.

    Who should Invest in Fixed Deposits?

    The fixed deposit scheme is not made for any particular segment of people. Anyone can invest in an FD scheme. Although, we can say that it is an ideal investment option for risk-averse investors who are looking for guaranteed returns. It offers a higher rate of interest compared to a regular savings account and can also help individuals fulfil their future financial goals.

    FD Calculator

    Fixed_Deposit-4.png

    FD is an investment scheme where you can know your returns even before investing. You can calculate the interest earned and the maturity amount within minutes using a financial tool known as an FD calculator.

    Calculating the FD maturity amount manually can be complicated. With FD calculator you just need to share few inputs and it will help you find out the maturity amount.

    You can use the FD calculator to find out your maturity amount.

    Conclusion: Now since you understand how a fixed deposit works we would like to introduce a product that has both guaranteed*# returns and life cover.

    Know more

    Frequently Asked Questions

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    A fixed deposit is a type of investment that allows investors to earn interest on their funds for a fixed period of time. The tenure can be anywhere between 7 days and 10 years.

    If you are looking to save taxes, tax-saving FD can be the best option for you. It offers tax exemptions under section 80C of the Income Tax Act.

    A fixed deposit is considered one of the best investment options for individuals looking for stable, guaranteed returns with any market risks involved.

    The minimum amount required to open an FD account depends on the financial institutions. With some banks, you can open an FD account with an investment of Rs. 1,000.

    Yes, you can close and open an FD account at any time you like. However, if you wish to make premature withdrawals, a small penalty may be charged.

    The maximum amount that can be deposited in an FD account is Rs. 1.5 lakh.

    Yes, a fixed deposit scheme is completely risk-free and offers guaranteed returns.

    If you want to double your money in 5 years, the compound annual growth rate should be around 15%. There is no guarantee that you will be able to double your money in 5 years by investing in a fixed deposit.

    Yes, you can get the interest earned paid out to you on a monthly basis if you want.

    No, you cannot make premature withdrawals or break a tax-saver FD before the completion of 5 years.

    The minimum period to invest in a fixed deposit scheme is 7 days

    Yes, a fixed deposit scheme is a completely risk-free and safe investment option that offers guaranteed returns.

    The investment made under an FD scheme is exempt from tax as per section 80C of the IT Act.

    Investing in an FD means locking your money for a fixed tenure. You earn interest on the initial investment on a cumulative basis. The interests earned along with the principal amount are paid out at the time of maturity.

    Banks may charge a small penalty if you choose to break your FD account before the maturity period is over.

    After the maturity period is over, you can either choose to renew your FD or terminate it.

    ARN:PCP/FD/060223

    *#Guaranteed benefits are applicable if all due premiums are paid.


    1www.financialexpress.com/money/fixed-deposit-5-things-to-know-before-you-open-an-fd-account/2474902/

    www.economictimes.indiatimes.com/wealth/invest/fd-investors-should-use-this-formula-to-get-maximum-benefit-from-rising-interest-rates/articleshow/91934590.cms

    www.indianexpress.com/article/explained/should-you-invest-in-fixed-deposits-with-banks-6609662/

    www.financialexpress.com/money/bank-fixed-deposit-vs-post-office-time-deposit-how-to-choose-best-fd/1783936/

    www.axisbank.com/retail/deposits/fixed-deposits/how-to-apply

    www.financialexpress.com/money/what-is-cumulative-fd-should-savers-go-for-it-sbi-icici-hdfc-bank-kotak-cumulative-fd-details/1343825/

    https://www.financialexpress.com/money/this-bank-offers-upto-7-1-interest-rate-on-regular-fd-check-details/2535717/

    www.axisbank.com/retail/deposits/fixed-deposits/documents

    www.axisbank.com/retail/deposits/fixed-deposits/eligibility

    www.etmoney.com/fd/beginners-guide-to-fixed-deposits

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      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

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      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

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      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

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      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

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      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

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      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

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      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

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      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

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      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

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      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.