Fixed deposit investment is a popular way to make your hard-earned money work harder for you. It is a safe and secure investment option with a fixed interest rate, making it an attractive choice for those who seek certainty and stability in their investments. Fixed deposits can also offer returns higher than traditional savings accounts, making it a reliable source of passive income.
Fixed Deposits vs. Savings Accounts:
Savings accounts are a popular choice for individuals looking to store their cash, allowing them to access their funds whenever they need it. However, the interest rates on savings accounts are generally low. For instance, the interest rate offered by top banks in India for their regular savings account ranges from 2.70% to 3.50%.
On the other hand, Fixed Deposits offer higher interest rates, which can be between 4% to 7.50%, depending on the bank, the amount invested, and the duration of the deposit. By investing in a fixed deposit, individuals can earn a fixed interest rate on their investment for the entire tenure, providing them with a secure and assured source of income.
However, sometimes, one may not have the entire amount available to invest in a fixed deposit. This is where the tailoring of fixed deposit investment amounts comes into play. Let us take a closer look at this process and explore how it can help you enhance control over your investments.
Tailoring fixed deposit investment amounts:
Tailoring fixed deposits involves customizing the amounts you invest in each deposit. This means that you can choose to invest in smaller amounts, as opposed to having to invest in larger chunks of money that need to be left untouched for the entire duration of the deposit.
By tailoring your investment amounts, you can have access to the funds you need without breaking your entire fixed deposit. This can be helpful when you encounter unexpected expenses or when you want to diversify your investment portfolio without compromising stability and returns.
Advantages of Tailoring Fixed Deposit Investment Amounts:
- Greater flexibility and control: Tailoring fixed deposit investment amounts grants you the flexibility and control to manage your investments as per your financial requirements. You can choose to invest smaller amounts or larger amounts, depending on your financial goals and available funds.
- Customized investment plans: By tailoring your investment amounts, you can create a customized investment plan that suits your financial objectives. For instance, you can invest a smaller amount in a shorter-term fixed deposit to have access to funds when you need it, and a larger amount in a longer-term deposit for higher returns.
- Diversification of portfolio: Tailored fixed deposits enable you to diversify your investment portfolio while still maintaining stability and safety. You can invest in multiple fixed deposits with different interest rates, which can optimize your returns and reduce risks.
Fixed Deposit Calculator Apps:
Fixed deposit calculator apps are useful tools that can help you tailor your investment amounts. By using these apps, you can calculate the amount of interest you will earn on your investment at various rates, tenures, and amounts. It is an easy way to calculate the returns you will receive on your investment and decide whether the investment is worth it.
Bajaj Finserv App:
Bajaj Finserv App is a popular option for those who want to invest in Fixed Deposits. The app provides a user-friendly interface that makes investing in Fixed Deposits easy. With the Fixed Deposit Calculator App, investors can calculate the returns they would earn on their deposit according to the investment amount, tenure, and interest rate. Bajaj Finserv App also offers a high interest rate of up to 8.60% p.a., making it a reliable source of income.
HDFC Bank:
HDFC Bank Fixed Deposit App is another popular option for those who want to invest in Fixed Deposits. The app provides a hassle-free way to invest in Fixed Deposits and offers a higher interest rate of up to 7%. With the Fixed Deposit Calculator App, investors can accurately calculate the returns they would earn on their investment based on the tenure and amount invested.
ICICI Bank:
ICICI Bank Fixed Deposit App is a convenient option for those who want to invest in Fixed Deposits. The app provides a user-friendly interface, making it easy for investors to invest in Fixed Deposits. With the Fixed Deposit Calculator App, investors can accurately calculate the returns they would earn on their deposit based on the tenure and amount invested. ICICI Bank also offers a higher interest rate of up to 6.25%.
Axis Bank:
Axis Bank Fixed Deposit App is a popular option for those who want to invest in Fixed Deposits. The app provides a hassle-free way to invest in Fixed Deposits and offers a higher interest rate of up to 6.75%. With the Fixed Deposit Calculator App, investors can calculate the returns they would earn on their investment based on the tenure and amount invested.
Kotak Mahindra Bank:
Kotak Mahindra Bank Fixed Deposit App is another suitable option for those who want to invest in Fixed Deposits. The app provides a user-friendly interface that makes it easy to invest in Fixed Deposits and offers higher interest rates of up to 6.50%. With the Fixed Deposit Calculator App, investors can calculate the returns they would earn on their investment based on the tenure and amount invested.
In conclusion, tailoring your fixed deposit investment amounts provides greater flexibility and control over your investments. With the help of fixed deposit calculator apps and investment apps like Bajaj Finserv, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, investors can easily calculate the returns on their investments and invest according to their financial objectives. By tailoring fixed deposit investment amounts, investors can create customized investment plans that suit their needs without sacrificing stability and safety.
