Wanted to start investing in a lucrative fixed deposit scheme and save money as well as earn some decent profits?
But, are you also apprehensive how to pick the right service provider or what qualities or features of a fixed deposit that they should provide?
Why picking up a right service provider is vital? When you know that your invested money is in right hand, you are not concerned about the ROI and are sure to make some profits.
Although al service providers claim that they provide best FD features, it is not always the case. As a result, after you have invested your money in an FD, then you come to know that what was promised is not being preached.
Thus, to keep you safe when it comes to finalizing a fixed deposit service provider, let’s quickly provide some features of FD that they must provide.
1. Provide high returns on your investment
The first motive of any investment is to get a handy return, and when your service provider is unable to do so, you should be watchful. Leading companies are providing fixed deposit interest rate returns as high as 8.10% these days. Ask your lender how much they will provide you!
2. Minimum deposit limit
A leading FD service provider should also let people initiate an FD with a small amount. Banks let investors put Rs.10,000, but they give fewer returns while non-banking finance companies (NBFCs) provide up to 8:10% on keeping Rs.25,000, to begin with.
3. High credibility and stability
While selecting an FD company, you should also ensure if they offer a higher stability or credibility when it comes to your investment being safe or not. ICRA’s MAAA (stable) and CRISIL’S FAAA (stable) offered by service providers should mean that your money will be safe.
4. Provide a flexible tenor
Good service providers also provide with a supple tenor ranging between 12-60 months. The higher the tenor, the better the investment’s ROI. Thus, make it a point to invest your hard-earned money with a service provider offer a flexible tenor.
5. Online account management
You can access everything these days, why not your fixed deposit account that you just opened? Thus, always ensure to open an FD with a company providing you with an online account access where you can track your FD easily and on the go!
6. Doorstep service
Now that everything is accessible online, why should you need to visit an office of a company to submit your FD documents and the cheque? Yes, opt for a company that lets you submit an online form for an FD request and collect other things such as documents and cheque from your residence. In short, they should provide you with a doorstep service.
The Bottom Line
Now that you are aware of what good qualities or features that a company or a non-banking finance company (NBFC) should provide, assess what services are you getting? It will help you make a good decision!