Fixed Deposit
A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. The defining criteria for a fixed deposit are that the money cannot be withdrawn from the FD as compared to a recurring deposit or a demand deposit before maturity. The tenure of an FD can vary from 7, 15 or 45 days to 1.5 years and can be as high as 10 years.
Usually in India the interest on FDs is paid every three months from the date of the deposit. (E.g. if FD a/c was opened on 15th Feb., first interest instalment would be paid on 15 May). The interest is credited to the customers' Savings bank account or sent to them by cheque. This is a Simple FD. The customer may choose to have the interest reinvested in the FD account. In this case, the deposit is called the Cumulative FD or compound interest FD. For such deposits, the interest is paid with the invested amount on maturity of the deposit at the end of the term.
Banks issue a separate receipt for every FD because each deposit is treated as a distinct contract. This receipt is known as the Fixed Deposit Receipt (FDR) that has to be surrendered to the bank at the time of renewal or encashment
- RAJEEV SINGLAI3 Wealth management is my financial advisor for the last about 5 years. The team is ably led by Mr Kaushik Bhanushali. I am very satisfied with the advice given to me. I am a small level investor but that does not matter. The attention given to me does not change. I take advice from i3 on MFs, insurance (both life and non-life), etc. They have never advised me adversely and have never had any loss. The team is always in regular touch with me and is able to resolve my queries satisfactorily. I wish I3 and the entire team the Very Best! in their new venture.
- SHARAD MATHURKaushik & his team take a holistic approach to an individual's risk appetite, goals, financial status and recommend suitable products. He has a good team of planners who are both knowledgeable and professional. They analyze every client's requirement threadbare and recommend the best options. The financial planner assigned to me explained the rationale behind his recommendations in detail, which helped me understand the efforts and thought process put in to each and every recommendation. Whenever I have a query regarding investment options, I contact i3wealthmanagement and they always delight me with quick response and valuable advice.
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About i3 Wealth Management
I-3Wealth Management is an emerging enterprise working in the space of financial services sector with an objective to expand into Personalized Portfolio Management. The vision of the group is to build & offer structured products that offer unique solutions tailored to your specific needs.
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