You can earn interest in multiple ways like:

  • Savings Account
  • Recurring Deposit
  • Fixed Deposit

A Savings Account is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, while earning interest. Savings Accounts help feed your banking needs and provide a small interest on the deposit maintained. There are various variants e.g. Regular Savings Account, Privilege Savings Account, Features Accounts, etc. depending on the profile of customers.

A Recurring Deposit is a special kind of Term Deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. An RD is one of the easiest ways to start your savings. Unlike a Fixed Deposit (FD), where you need to invest a bulk amount, an RD lets you save small sums of money at fixed intervals. This way, your initial burden reduces, and you can set aside a small amount towards your savings goals every month.

Fixed Deposits are the safest investments that return a guaranteed amount of interest. Banks are the most popular institutes that offer fixed deposit schemes. Attractive rate of returns and flexibility to withdraw funds as and when require are some of the benefits of Fixed Deposit along with ease of investment and loan against deposit.