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Recurring Deposit
A Recurring Deposit, commonly known as RD, is a unqiue term-deposit that is offered Indian Bank, It is an investment tool which allows people to make regular deposit and earn decent returns on the investment. Due to the regular deposit factor and an interest component, It often provides flexibility and ease of investments to users/individuals.
However it is essential to know that RDs are different from Fixed Deposits/FDs. Rds are flexible in most aspects, An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount. RDs are ideal saving-cum-investment instrument.
Term Period of the Recurring Deposit Account:
The term periods are divided into three categories:
- Short Tm Tenure: A short-term tenure usually lasts from 6 months to year.
- Medium-Term Tenure: Medium-term tenure usually last from lasts from more then a year to 5 years.
- Long-Term Tenure: A long-term tenure lasts from more than 5 years to 10 years.
Recurring Deposit: Documents Required
- Application form which can be obtained from the bank you select to open the recurring deposit account in.
- Passport size photographs of the applicant.
- Identity proof and address proof of the applicant willing to open the recurring deposit account.
- KYC documents if the bank requests for it.
Fixed Deposit
Fixed deposit is investment instruments offered by bank and non-banking financial companies, where you can deposit a lumb sum of money in fixed deposit for a specific period, which varies for every financier.
Once the money is invest with a reliable financier, it starts earning an interest based on the duration of the deposit. Usually the defining criteria for FD is that the money cannot be withdraw before maturity, but you may withdraw them after paying a penalty.
Features of Fixed Deposit
- Fixed deposit enable investors to earn higher interest on their surplus funds
- You can deposit money in a fixed deposit account only once. But to deposit more money, you need to create another account.
- Though liquidity in fixed deposit is lesser, you can look for higher rates of interests, which are higher in care of company fixed deposit
- Fixed deposit can easily renewed
- Tax is deducted at source, from interest on Fixed Deposit as applicable, as per Income Tax Act, 1961
Features of Fixed Deposit
- Fixed deposit enable investors to earn higher interest on their surplus funds
- You can deposit money in a fixed deposit account only once. But to deposit more money, you need to create another account.
- Though liquidity in fixed deposit is lesser, you can look for higher rates of interests, which are higher in care of company fixed deposit
- Fixed deposit can easily renewed
- Tax is deducted at source, from interest on Fixed Deposit as applicable, as per Income Tax Act, 1961
Benefits of Fixed Deposit
- There are several advantage of fixed deposit investments, some of which have been given below:
- They are the safe investment instruments, and offer greater stability
- Returns of fixed deposit are assured, and there is no risk of loss of principal.
- You can opt for periodic interest payouts, to help you manage your monthly expense
- There is no effect of market fluctuations on your fixed deposit, which ensures greater safety of your investment capital
- You can benefit from higher interest rate offered by company fixed deposit
Micro Finance
As Someone who is interested in starting a business, you need resource and capital. So what do you do? If you are like most Americans, you head to your bank and inqurire about a loan or seek out investors. While you may successfully get a traditional loan, if your considered low-income, the odds are stacked against you. That’s where micro financing comes in. Micro financing has been defined as a provision of financial services that’s available to low-income people.
This type of loan helps aspiring entrepreneurs generate income, build assets, manage risk and meet their household needs, according to Western Union. This specialized form of financing available through micro financing institutions in the form of small on profit organizations and larger banks
Gold Loan
The Gold loan, also referred as a loan against gold, is a secured loan that a borrower takes from a lender in lieu of gold ornaments such as gold jewelry. The loan amount sanctioned to you by lenders is generally a certain percentage of the golds value. You can repay it through monthly installment after which you get gold articles back.
Unlike other secured loan such as a home loan or car loan, there are no restrictions on the end use of gold loans, So whether you need to fund a wedding, family vacation or your child’s education, it is a great way to meet your sudden money requirement. Moreover, a lot of private and nationalized banks along with NBFCs offer gold loans at affordable interest rates.
