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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Fixed Deposits Myths
Busting Myths about Fixed Deposits
Top Myths about Fixed Deposits

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