Fixed Deposit (FD) is one of the most popular options when it comes to risk-free investing in the midst of the Corona crisis. Especially for this goal when you want your capital to be well saved for the future. A bank deposit is an easy and convenient way to save money and is one of the safest investment options, along with guaranteed returns. Apart from FD, banks also offer the option of Recurring Deposit deposits, which can be opened easily.
For your information, let us tell you that FD, RD are two sides of the same coin. While both the interest rate and the benefit are same in these deposit schemes. Yes, there is definitely some difference in the method of investment, minimum investment amount, tenure, etc.
FD and RD are both fixed-income investments, both of them give guaranteed returns on maturity. The interest rates offered on FD and RD are also almost the same. FD and RD can be opened in the bank branch through internet or mobile banking. You can also open a joint FD or RD. FD and RD can be opened in the name of spouse, children, parents or other close family members.
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