1 week ago
How JioFinance Helps Compare Fixed Deposit Interest Rates
A fixed deposit lets you keep money with a bank or financial institution for a set period and earn interest.
The interest rate is important, but it is not the only thing to compare.
The amount you finally receive can also depend on how often interest is added and how long the money stays invested.
Some FDs pay everything at the end, while others pay interest monthly or quarterly.
Taking money out early may result in a penalty or lower interest.
Senior citizens may receive extra interest under an institution’s rules.
FD interest is taxable under applicable income-tax provisions.
JioFinance helps users compare rates, terms and maturity amounts from several participating institutions in one app.
FD returns depend on the interest rate, deposit amount, tenure and compounding method.
A 0.5 percentage-point rate difference can change the maturity value, especially over longer tenures.
Investors should compare maturity amounts, payout options, premature withdrawal rules, senior-citizen rates and taxation.
JioFinance brings FD rates, tenures, maturity values and payout options from participating institutions together.
Selected FDs on the app may offer rates of up to 8.5% per annum, subject to changing terms and availability.
- Who
- People comparing fixed deposits and participating financial institutions offering FD products.
- What
- JioFinance provides a way to compare FD interest rates, tenures, maturity amounts and payout options.
- Where
- Through the JioFinance app.
- When
- Before investing in an FD; rates and product availability may change over time.
- Why
- To help investors compare potential returns and account for terms beyond the advertised interest rate.
Key facts
- Example deposit
- An INR 5 Lakh FD is used as an example.
- Three-year example at 7%
- Annual compounding produces an approximate maturity value of INR 6.16 Lakh.
- Three-year example at 7.5%
- Annual compounding produces an approximate maturity value of INR 6.23 Lakh.
- Illustrative rate difference
- The 0.5 percentage-point difference produces more than INR 7,000 of additional maturity value in the example.
- Potential app rates
- Depending on current offers, selected FDs may provide rates of up to 8.5% per annum.
- Payout types
- Cumulative FDs generally pay principal and accumulated interest at maturity; non-cumulative FDs can pay interest monthly or quarterly.
- Taxation
- FD interest is taxable under applicable Income Tax provisions, with TDS subject to applicable thresholds and conditions.
Sources
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