Ramesh invested in a fixed deposit with your bank with which he had a salary account. His FD investment was for Rs.10,000 for 2 years, and the FD interest rate which he was to get was 6.25%.
When he opened the FD account, he was excited as he was not only kicking off a great saving habit, but investment scheme will help him let his money to grow as well. However, after few months, a friend visited Ramesh who also had an FD account.
They both were discussing the FD ROI over dinner, and that’s where Ramesh was taken aback as his friend was not only getting a higher fixed deposit interest rate, but a slew of other benefits as well.
This revealing of facts made Ramesh unhappy with his bank that his money will not fetch the desired result if he had invested the same with your friend’s lender.
Yes, if you are one of the many FD investors like Ramesh who are unhappy with their banks, you need to try a private online lender to get more results.
Features and benefits of FD investment with a private lender
Let’s shed some insights on some of the features of opening an FD with a reputed online lender.
1 .A higher return on your investments
After all, you are saving your money in an FD investment scheme for fetching a good return, and if your bank is unable to fulfil that, it’s time to switch. Yes, online service providers offer FD interest rates as high as 8.10% when you try a fixed deposit with a private company. Yes, depending on your membership status with your new lender, you can be sure to grab a higher amount of interest.
2. Minimum deposit amount of the only Rs.25,000
To avail such a higher rate of interest on FD investment with a service provider, all that you need to invest is only Rs.25,000. Invest only Rs.25,000 in FD and avail an attractive rate of interest on maturity.
3. Higher Credibility and Stability
Your investments are always safe and not risk-prone as lenders have got CRISIL’s FAAA and ICRA’s MAAA (stable) ratings. So, just sit back, relax and see your money multiply without hassles.
4. Flexible Tenor
Although a FD investment is for a fixed period (12-60 months), known lenders always set you free to close your fixed deposits as per your preferences. Further, you can also close an existing account and open a new one for other goals.
5. Online FD Account Access and Management
When you open a new FD account with a leading lender, you also get the amenity to access and manage everything related to the FD online. An online FD account lets you keep a hassle-free track of the investment anytime.
6. Doorstep Service
With a new FD account with a lender of repute, you need not be standing in a queue to submit your documents. Fill up the online FD form and lender’s representative will contact you over the phone and schedule a doorstep pickup of vital documents and the cheque.
7. Cumulative and Non-Cumulative options
In a cumulative account, you get the profits or the interest only when your tenor ends, or your FD matures. However, when you opt for a non-cumulative type of an FD, the interest is paid at a monthly, quarterly, half yearly or on an annual basis.
The Bottom Line
Ramesh opened a new FD account with the lender of his friend and now is happy that his FD investment is safe and will fetch the desired result on maturity. Even if you are unhappy with your bank’s FD returns, you very well know what to do, right?