Benefits of Fixed Deposits (FDs) & Why Choose BLM? (Bharath Lajhna)
As the figure of income increases for a person, he should also start planning his savings effectively. Fixed deposit is a very good option for saving a good amount of money for a definite time period. In this article, we shall discuss the advantages of fixed deposit in details.
Benefits of having an FD or Fixed Deposit
All the banks and NBFCs offer options for fixed deposit to investors who can get high interests from them. It encourages an individual in saving money for securing his future. The investor needs to invest a good amount of money in the fixed deposit account that will stay blocked for the chosen time span. If the money is withdrawn before the maturity of the FD then the investor will have to bear penalties.
The investor gets tax benefits on the amount of money invested in fixed deposit. He can claim a rebate of Rs. 1,50,000 that he has in fixed deposits. Fixed deposit is also a safe form of investment as it is not affected by the changes in the market. The amount that will be received on the maturity is fixed and there will be no change in it.
Why choose BLM for fixed deposits?
BLM or Bharath Lajhna Multi-State Housing Co-Operative Society is a well-renowned housing society down the south of India. It is registered with the Indian government and provides various financial services apart from housing development. An investor can avail an array of benefits by depositing his money with BLM. Here we shall discuss the advantages of having an FD with BLM:
- A good amount of profit is assured
An investor can earn a good amount of profit if the rate of interest on the FD is high. BLM offers a good rate of interest on the amount fixed by the investors. The investor can earn a very high amount of interest if he chooses a longer time span for investment
- Mode of receiving interest can be chosen
The investor can choose the mode by which he wants to receive the interest of the fixed deposit. He can receive it every month, at the end of the year, or on the maturity of the FD
- Not subjected to market risks
Unlike commodities, shares, mutual funds, etc, fixed deposits are not subjected to any form of market risks. They are independent of the market changes and are stable throughout. The investor will receive the exact amount that he has been assured by BLM at the time of fixing the money
- Money can be withdrawn before maturity
FDs generally involve a large amount of money and anyone can need it at times of emergency. This is why BLM allows premature withdrawal of the money. But they will levy some penalty charge according to the rules laid down by the Indian government
Apart from the above advantages, this fact goes without saying that FDs encourage a person to save money for the future. Therefore if you are planning to invest in fixed deposits then do not waste any minute and visit BLM to avail the maximum benefit.