Not only interest, these 4 great benefits are available on FD, do you know

News India Live, Digital Desk: Fixed Deposit: Whenever we think of investing our hard -earned money in a safe place, the first name comes from the fixed deposit. This has been the option of the most favorite and reliable investment of us Indians over the years. Most people get FD so that they can get interest with a guarantee after a fixed time.

But do you know that in FD, you get 4 such tremendous benefits, not only interest, but also, which very few people know? Let us know about these benefits today.

1. Guaranteed returns, no tension
The biggest advantage of FD is how much profit you will get in it, it is known from day one. Like the stock market, there is no risk of daily prices fluctuations. The interest rate you have made FD is sure to get that much return on maturity. This is the best way to keep your money safe.

2. Loan facility if needed
Suppose you have done FD for 5 years, but after 2 years you suddenly needed money. In such a situation, you do not need to break your FD. You can take a loan from the bank instead of your FD. Banks easily give loans up to 90-95% of your FD amount. This also keeps your FD moving and your work is also done.

3. Government guarantee of up to 5 lakhs (insurance cover)
This is the most important advantage of FD. If you have made FD in a bank and unfortunately that bank sinks, your money is still safe. The government’s organization DICGC (Deposit Insurance and Credit Guarantee Corporation) provides insurance cover on your deposit of up to Rs 5 lakh. This means that your principal and interest up to Rs 5 lakh in a bank is completely safe.

4. The benefit of saving tax is also
You can also save your tax by investing in FD. If you invest in ‘Tax Saver FD’ with a duration of 5 years, then you can get a discount of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. That is, one creed, two kaj – your money will also increase and your tax will also be saved.

So the next time you get FD, then not only interest, but also remember these great benefits.

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