How to Choose the Best FD Plan to Maximise Returns

Now that we have understood the different types of FDs, let's dive into the factors you should consider when selecting the best FD plan:

1. Interest Rates

One of the primary considerations when choosing an FD plan is the interest rate offered. Generally, small finance banks offer higher FD rates compared to regular banks. Look for financial institutions that provide competitive rates.

2. Tenure

FD interest rates vary depending on the tenure. Select a tenure that offers maximum returns or is aligned with your investment goals. Use an FD calculator to compare tenure and returns.

3. Premature Withdrawal Penalty

Life is unpredictable, and there could be instances, especially during medical emergencies, where you may have to withdraw funds from your FD before the maturity period. It's important to understand the penalty charges levied for premature withdrawals. Choose an FD plan that offers reasonable penalties, ensuring flexibility and accessibility when needed.

Choosing the best FD plan requires careful consideration of various factors such as interest rates, credibility of the institution, maturity amount, and penalty charges. Sign up for an FD that's aligned with your financial aspirations.

Looking to grow your savings? Ujjivan SFB offers a wide range of fixed deposit products. Select the FD of your choice and take a step forward to your financial goals. Alternatively, you can browse through Ujjivan SFB product suite - our wide range of financial products are designed to make your financial life better.

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