Busting the Top Myths about Fixed Deposits
Myth 1: Only Banks offer Fixed Deposit Schemes
- NBFCs offer Fixed Deposits too.
- Corporate Fixed Deposits have higher rates of interest.
- Banks have better credit ratings compared to corporations.
Myth 2: In Need of Money, Fixed Deposit Schemes can be Pre-Matured
- Can take a loan of upto 90% of your Fixed Deposit amount.
- Can opt for a Fixed Deposit Sweep-in Account.
Myth 3: Higher Frequency of Interest Payment Increases Interest earned on Fixed Deposit
- Interest rate is calculated annually and paid out based on the selected frequency of receiving the interest amount.
- Interest amount remains the same irrespective of the frequency of interest payments
Myth 4: Fixed Deposits Alone Complete Investment Portfolio
- Having Fixed Deposits alone may limit the investment returns.
- Portfolio should always be diversified into other investments too.
Myth 5: Fixed Deposits Interest Earnings Needn't be Declared for Income Tax Returns
- Income from Fixed Deposits needs to be declared under 'income from other sources'.
- Declare your Fixed Deposit interest earnings to avoid any discrepancies later on.
Myth 6: Every Fixed Deposit Scheme with a 5-years Tenure Qualifies for Income Tax Benefits
- If taken from a bank, Fixed Deposits with 5-years tenure qualify for Income Tax benefits.
- The Fixed Deposit certificate must mention that it's for tax-saving purposes
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