Are fixed deposits right for your savings goals? Here's how to decide
- A fixed deposit FD means putting your money in a bank for a set time, and getting fixed interest on it.
- If you need the money within 3 years, an FD is good — you know exactly how much you'll get back.
- For long-term savings, an FD is safe but doesn't grow your money much, so use it alongside other options.
- You have to pay tax on the interest you earn, and if you withdraw early, you get less interest than promised.
Source: economictimes.indiatimes.com
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