Due to the Corona crisis, all the banks have reduced the interest rates on fixed deposits. In such a situation, you should make a fixed deposit with great care.
Fixed Deposit: The Covid-19 epidemic has badly affected the people of the world financially as well. In this time of crisis, people are looking for safer and better ways to invest their money. If you are also planning to make your money fixed deposit (FD) these days, then you should know some important things related to it. If you invest your money with better knowledge, you will get higher returns. Apart from this, your money will also be in safe hands.
1. First of all, decide how much money and for how long you have to make fixed deposits. Once you have made an FD, do not break it before maturity. If you do this then you may have to suffer a lot.
2. In the era of Corona, the interest on FD in most banks has been reduced. In such a situation, before making an FD, you must compare the interest rates of all the banks. Also, see in which bank your money will be safest. After this make a plan for FD.
3. Apart from banks, the post office is also giving better schemes on FD. Therefore, before doing FD, go to the nearest post office once and get the information. Maybe you can find a better scheme here.
4. If you get an interest of more than Rs 10000 per annum on FD, then it is taxed. If your income does not fall in the taxable range, then you can avoid tax by submitting the relevant form. You must get this information.
5. You must make someone a nominee in your Fixed Deposit. By doing this, the nominee will easily get the full amount of the FD in case of any untoward incident. So do not forget to do this at all.
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