Almost three years ago, I finished engineering and got a well-paying job. I was really proud to have become a taxpayer. But choosing the right investment option to save tax was difficult as there are innumerable options. Though a friend suggested me to invest in mutual funds, I was not very interested as my father had lost some good about amount of money in the –Equity market. I realised that no one can predict the market fluctuations. Hence, I was reluctant to invest in apparently the “hot” investment options. I discussed with my father and he suggested investing in fixed deposit. True, it would have saved me the worry from market fluctuations and helped me in my IT declarations but the market was full of fixed deposit options so much so that to choose the right one was tricky.
I browsed the internet, talked to my colleagues, my father made me speak to his colleagues and their children and their colleagues and their fathers… I hope you get the idea. Finally, IndusInd Fixed Deposit grabbed my attention. I was really impressed with its benefits. I discussed with my father and even before he could suggest me to take second advice from a billion people, I opened the fixed deposit account in IndusInd Bank. The process was as easy as booking a movie ticket! You just visit IndusInd Bank’s website and fill a simple online form. A bank representative will collect some basic documents for KYC at your convenience or with the newly introduced VKYC option even that process got simplified, everything can be seamlessly done online and that’s about it. How Simple!
Though a fixed deposit account, I was really impressed by the flexibility it provides. You can choose from tenure of 1 week to 10 years! There is also an option available for you to withdraw funds prematurely. You can link your savings account with your FD account and enjoy easy sweep in – sweep out facility. The various schemes provided by IndusInd Bank also allowed me to choose from receiving interest on monthly/quarterly/annually basis. Thanks to all these facilities, I had this peace of mind that in case of any emergency, I would be able to withdraw funds from the fixed deposit. Also, don’t forget the high-interest rate and no impact of market fluctuations.
Recently, my father asked me about my IT declaration and he was impressed with my investment decisions. Maybe he was expecting me to show him a file with multiple documents but I just took my phone out of my pocket! Thanks to phone banking, everything is on fingertips these days and IndusInd Bank allows you to book a deposit through your phone from the comfort of your house. Today is a special day as my first fixed deposit matures and I plan to gift a car to my father. I haven’t told him yet but I discussed with my mother and her only suggestion was to buy a car big enough to accommodate everyone! But yes, for now, I need to give a piece of advice on saving through fixed deposit to my father’s ex-colleague’s son’s colleague’s… Well, I hope you get the idea!
****
Disclaimer: The contents of this article are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof.
