For many investors, savings is one of the most profitable categories of investments for the long-term. They can depend on the rate of interest earned on these accounts and the security of their assets and valuables. They remain carefree and stress-free with a bank account for the storage of their capital and assets. The more investments they make, the better returns they earn in the future.

Investors are quite familiar with savings in the forms of a fixed deposit for long-term benefits. But, most of them are unaware that they can serve as a saviour during financial emergencies and social issues. When there are nationwide strikes and lockdowns, most of the individuals run out of money and economic aid. They struggle to survive and meet their daily requirements. They depend on loans and run into debts because they cannot arrange for funds within the repayment period.

An FD helps individuals meet their needs and desires without depending on others for financial assistance. They can approach banks for application with flexible tenure and repayment options using an online banking app. Also, the worries of safety get eliminated as banks are the best and safest place to invest and store money.

Following are the advantages that these deposits offer their customers:

1. Tenure options: There are plenty of options available when it concerns the tenure of the deposit. Most of the banks offer a bank FD with tenures starting from 90 days to five years. Customers can choose their tenure based on their convenience and the needs of finance at a future date.
   
   
2. Easy withdrawal options: Whenever there is an emergency, individuals can always break the deposit and get the amount credited to their savings account immediately. They can also get the benefits of the prevailing rates of interest.
   
   
3. Safety: These deposits are one of the safest investment options available where individuals do not have to worry about the changes in interest rates since it is fixed throughout the tenure of the deposit and does not fluctuate at all.
   
   
4. Deposit insurance: Another advantage of having an investment during an emergency is the guarantee of insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a limit of INR 5 lakh. Customers can get insurance on their deposit up till that amount and file for claims accordingly.
   
   
5. The account is easy to open and operate: Opening a bank fixed deposit is easy and secure. Banks offer an online banking app which users can use for accessing many more banking services. They can set the amount based on their financial goals. These investments are helpful during any emergency since they offer high liquidity and the facility of pre-mature withdrawal. Individuals can operate this account from any location in the world since it is paperless and safe.