Fixed Deposits, which are offered by banks and non-banking financial companies (NBFCs), are a very efficient method to grow your funds while maintaining the highest level of security. It is one of the most popular options since it allows you to deposit a lump sum cash with your lender and also enables you to choose a tenor that suits your convenience.
We all know that banks are basically financial institutions that attract people to save their money by providing interest rates on their savings. Additionally, they provide loans to the people or institutions which pay them a loan at various interest rates. Usually, the interest rates charged by the banks are much higher than the interest rates provided by the banks to its customer for savings.
