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Term Deposit
Now deposit a specific amount of money with us for a specific period of time to get excellent returns on your deposits. This is an ideal investment option for individuals who want to earn a steady income without the risks associated with market volatility. The interest rate is fixed for the entire term, providing a guaranteed return on investment.
The interest payouts vary with the period of the term deposit. The longer the term of the deposit, the higher the interest rate tends to be. It is an attractive investment option for those looking to invest for a longer duration.
The interest payouts vary with the period of the term deposit. The longer the term of the deposit, the higher the interest rate tends to be. It is an attractive investment option for those looking to invest for a longer duration.
- Secured Investment
- Multi Terms Options
- High-Interest Rate
- Nomination Facility
- Easy Loan Accessibility
- Quick Process
Fixed Interest Rates
Term deposits offer fixed interest rates, which means you earn a guaranteed rate of return on your deposit. This makes it a safe and reliable investment option for those who want to earn interest on their savings without any risk to their capital.
Flexible Tenures
With term deposits, you can choose the tenure that suits your financial goals and needs. The tenure of term deposits usually ranges from 7 days to 10 years, allowing you to select the tenure that aligns with your financial objectives. Additionally, the interest rates offered on term deposits generally increase with the tenure of the deposit, which means you can earn higher interest rates by opting for longer tenures.
One of the benefits of opening a term deposit is the option to obtain a loan against it. The maximum amount of the loan provided can be up to 90% of the credit balance in the fixed deposit account.
While there are various term deposit schemes available, you can park a specific amount under this plan and earn interest payouts at periodic intervals such as on a half-yearly, quarterly, or monthly basis, unlike other schemes where interest is generally paid out upon maturity.
Yes, Tax Deducted at Source (TDS) is applicable on interest earned from Fixed Deposits. To avoid TDS, individuals can submit Form 15G/15H declaring that their total income is below the taxable limit. Form 15G is for individuals below 60 years of age, while Form 15H is for senior citizens. These forms need to be submitted at the time of opening the Fixed Deposit and then again at the start of each financial year if the deposit is still active. This will help in avoiding TDS on interest earned from term deposits.
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Mail: info@tirupatibank.com