A fixed deposit is a financial product offered by banks or non-bank financial companies (NBFCs) that pays a greater interest rate than a conventional savings account until the maturity date. It might or might not be necessary to create a different account. FDs let you to invest for a specific amount of time and earn a fixed rate of interest. When you invest, you know what interest rate you'll get and how much money you'll get at maturity. You have the option of receiving interest payments on a regular basis as well.

The amount of interest you can earn on your deposited funds is determined by a variety of factors, including the amount invested, tenure, interest rate, interest computation frequency, and taxation. You can use an FD calculator to calculate the returns on your investment.

Know more about the best FD rates on iiflinsurance.com of all banks in India. Compare and get the best FD interest rates of top banks.