How to Choose the Right Bank For A Fixed Deposit Investment

How to Choose the Right Bank For A Fixed Deposit InvestmentA fixed deposit is a great option to save a part of your funds. It provides a steady interest stream and can be a lot safer than equity investments or mutual funds. However, when choosing the financial institution in which to make the deposit, carefully consider some important factors.

Choosing the Right Bank or Organisation

You can safely open an FD account with any PSU or large private sector bank. You can also open an FD account. Many corporates also invite fixed deposits at attractive interest rates, to raise funds for operations.

However, don’t decide where to invest based solely on the rate of interest offered on your deposit. It is one of the important considerations, but there are other details you need to look at.

Security

Public and private sector banks operate under the control and supervision of the Reserve Bank of India. They have to comply with the rules and regulations of the RBI, and cannot default on payments.

However, if you opt for

Changing Financial Habits

Changing Financial HabitsHabits set the stage for our success or failure.

Initiating a new habit is never easy because starting it is the hardest step. You have to put a lot of blood, sweat and tears to make a new habit stick. In the beginning stages, you go through a lot of ups and downs. As a result, for some, forming new habits or breaking old habits is like battling an addiction.

Paying God First And Then Yourself Are The Two Most Important Financial Habits

  • Pay 10% of your income to tithing.
  • Pay yourself 10%.
  • Pay your debts. Start with your smallest balance so you can get it out of the way, and then roll that over to the next debt.
  • Pay your other bills.
  • Faithfully follow a budget.

Giving Is The Spirit of Abundance

The first step is to pay tithing and then yourself. Once those two are completed then make a payment on your debts.

Giving to charity is important for many reasons. For instance, many wealthy people feel that giving generously to charity was returned to them