Imagine an investment where your money is not only safe but also grows like a well-built garden flourishing at your watch. This is what a fixed deposit looks like, a safe and secure investment which is quite immune to the storm of market volatilities. It is a popular investment tool for old as well as new generations alike. The idea of fixed deposit has been around for many years now and people favour it for its low risk nature. The returns are somewhat guaranteed and there are options to reinvest returns leading to compounding growth of savings altogether.
To start a fixed deposit account, you must have a certain amount to keep as a deposit in financial institutions which gets locked for a fixed period of time. For some tips on how to start collecting funds for your deposit account, you can visit our previous blog to have ideas on how to build your income.
Considered to be one of the safest investments available, fixed deposits can be the best option for risk-averse investors looking to grow their money safely. The rate of return (interest rate) that you get on your fixed deposit varies depending on the tenure of your deposit. For e.g., shorter-term fixed deposits might yield a bit lower interest than longer-term fixed deposits. You can easily check current fixed deposit rates. The account opening process is fairly simple and almost all financial institutions in Nepal offer fixed deposit accounts with different interest rates as per their calibre. Having a fixed deposit account with a financial institution also reinforces your relation with the institution for future transactions.
Here are some reasons to invest in a fixed deposit account:
Fixed deposits are less volatile to market movements and are considered less risky compared to other forms of investments such as stocks. You can be assured that your money will be safe and will earn good returns for you if you invest in a fixed deposit account. Most people also use fixed deposits as an effective way to achieve their short-term goals like for a vacation, buying a car or gadgets, etc.
Fixed deposit accounts offer much better rates than savings accounts. If you check our latest rates on fixed deposits and our latest rates on savings accounts, comparatively you can find that the interest rates on fixed deposits are much more than savings accounts. Instead of parking your hard-earned money on a savings account, you can invest your money in a fixed deposit account for much higher rates of return.
Having a fixed deposit account makes it very easy for you to take out a loan against it. All financial institutions in Nepal provide this facility and it might be the best option for you to avail funds without prematurely withdrawing your fixed deposits. The interest rates on fixed deposits and withdrawal amount varies but most banks in Nepal offer up to 90% of your fixed deposit value as loan amount.
Having a fixed deposit account in a bank and financial institution in Nepal gives an impression that you are more likely to convert into a paying customer to that institution. Banks and Financial institutions are more likely to do business transactions with customers who are already doing business with them and have a good history of financial transactions. Having a fixed deposit account can fortify that relationship for future lending purposes or for providing privilege services in some special context.
Fixed deposit offers a safe and fixed rate of return for you to achieve your financial dreams. Before investing in one, check for the ones offering best rates and make the right decision with the help of Saral Banking Sewa. Throughout that process, Saral Banking Sewa helps you pick up the best deposit accounts by comparing & analyzing data from various Banks & financial institutions and assists you to make an informed decision. Our transparent and reliable service aided with an easy to use interface will help you to make the best decisions and if any confusions arise during the process, our dedicated team is always there to help you navigate your financial future. So, if you are looking forward to opening a fixed deposit account in Nepal, visit our site & compare the best interest rates that provide the highest return and start your financial journey.
Check out Remittance Fixed Deposit details for advantages of a Remittance Fixed Deposit account for a more clear understanding of Remittance Fixed Deposit accounts available in Nepal.
