All about the usefulness of a fixed deposit during a lockdown and beyond
For many investors, savings is synonymous with a fixed deposit and most prefer to invest for the long-term. But did you know that your FD can be your friend in a contingency? Yes, it's possible, let's look at the various advantages of having a fixed deposit during the Coronavirus outbreak and after that.
Advantages of a fixed deposit
- Tenure options: When it comes to tenure, there are plenty of options available. DBS Bank offers FDs with tenures ranging from 90 days to five years. So depending on your fund needs at a future date, you can choose an appropriate tenure.
- Easy withdrawal: If there is an emergency, you can always break the deposit, and the amount will be credited to your savings account instantly. You'll also get benefits of the prevailing interest rate.
- Safety: Bank fixed deposits are among the safer investment options available. You also don't have to worry about interest rate changes since the rate will be fixed for the tenure of the deposit.
- Deposit insurance: There's another advantage of having a fixed deposit during COVID-19 and the months after it. All bank deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a limit of Rs. 5 lakh. So your money is insured up to Rs. 5 lakh; this applies to each FD that you hold.
- Easy to open: Opening a fixed deposit with DBS Bank is the easiest thing in the world. Download our app, and once you're registered, you can open your fixed deposit. You can even set your FD amount based on your personal financial goal.
A fixed deposit during a lockdown is your best friend. It's highly liquid, and if you do decide to withdraw before maturity, you can have the cash deposited into your savings account quickly. Another attractive feature about opening an FD account with DBS Bank is, it's paperless and safe.
So don't hesitate any more. Open a fixed deposit with DBS Bank and avail of attractive rates of interest.