[TalkBuildHost]

In India fixed deposits in banks generate income by way of interest that is paid monthly, quarterly or cumulatively.

For seniors the rate of interest is a bit higher and more if one keeps the money for longer periods. When it comes to cumulative deposits the interest gets compounded and the interest is paid once the deposit matures.

I will get a good bit of interest this month as two of my cumulative deposits have matured

A gift for my birthday indeed - May 24

Don't say you spent it

you gotta build first

[nela13]

Interest rates in banks aren't attractive at all here, there are banks that may offer 1,5%, but the great majority have interest rates lower than that. I have some money in a savings account but I have more in saving certificates as the interest rate is higher, it can reach near 3%.

[cmoneyspinner]

For seniors it is 7.75 a bit more than others.

WHOA! Are you for real? I'm a senior citizen, and I search high and low for a good rate. I've never seen a rate that good! Our rate is about half that.

[bestwriter]

This happens only in India

[Fergal]

bestwriter congratulations on posting a Topic of the Week on ForumCoin, sending ForumCoin now.

[eldavis]

Wow ! I come across this post on 24th !
Happy Birthday
May you have a great time ahead!
Any special celebration/cake plan?

Often we neglect the compounding effect. It is important not only for Fixed Or Recurring Deposits but for Mutual Funds as well.

I had a great birthday with guests singing for me with loads of gifts.

Sorry it came late, but happy birthday.

[ptrikha21]

For seniors it is 7.75 a bit more than others.

WHOA! Are you for real? I'm a senior citizen, and I search high and low for a good rate. I've never seen a rate that good! Our rate is about half that.

If you have some good money, you can try relocating to a big city in India for at least 5 to 6 years.
Yes, we have more pollution but there are some benefits you won't get in US.

[bestwriter]

In India fixed deposits in banks generate income by way of interest that is paid monthly, quarterly or cumulatively.

For seniors the rate of interest is a bit higher and more if one keeps the money for longer periods. When it comes to cumulative deposits the interest gets compounded and the interest is paid once the deposit matures.

I will get a good bit of interest this month as two of my cumulative deposits have matured

A gift for my birthday indeed - May 24

Don't say you spent it

The principle amounts are intact and what I earned by way of interest is indeed for spending

you gotta build first

[gwolf666]

Investing in bank fixed-term deposits is the worst investment in the world. The monthly and annual returns they offer are a bad joke. If you're willing to take risks, you should invest in buying and holding cryptocurrencies. If you want something less risky and more consistent, but with a lower percentage return, then you can invest in cryptocurrency staking, in this case, a stablecoin like USDC or USDT. And if you want something more conservative, less risky, with good but somewhat low but consistent returns—though obviously MUCH higher than what a bank offers—you can invest in the S&P 500 or US Treasury bonds. But as I said, bank investments are the worst in the world.

[augusta]

You make more profit if you are able to deposit for a good number of months without making withdrawal.

[bestwriter]

Cumulative deposits are the best choice as banks have the tendency to reduce interest rates as years move on with cumulative they cannot touch the rate they have promised to pay

[cmoneyspinner]

Cumulative deposits are the best choice as banks have the tendency to reduce interest rates as years move on with cumulative they cannot touch the rate they have promised to pay

I chose a Money Market account because the rates are a little bit higher.

I had a Certificate of Deposit. But with certificates, your money gets locked in for a period of time. If you withdraw, you pay penalties. Whereas the Money Market is OK as long as you keep a certain balance. You'll lose the higher rate if you go below that balance. But at least you won't pay penalties.

[bestwriter]

One particular bank had that where you can draw money without penalty and the balance keeps earning inerest They have now stopped it

[cmoneyspinner]

One particular bank had that where you can draw money without penalty and the balance keeps earning inerest They have now stopped it

Yes. Sometimes it's done for a limited time just to get the customers. Guess that's why say, "Good things don't last forever." SO ... "ride the wave while you can".

[Mika]

Fixed deposit bank accounts is one of the common ways to save money in my place as well but interest rates are on decline

[bestwriter]

Fixed deposit bank accounts is one of the common ways to save money in my place as well but interest rates are on decline

There is some hope if one chooses the cumulative option

[cmoneyspinner]

Our president is so busy grifting and lining his pockets that I don't know from one day to the next whether this country's economy won't crash!

[bestwriter]

That is the plight of most governments the world over.

[augusta]

Fixed deposit bank accounts is one of the common ways to save money in my place as well but interest rates are on decline

Yesh same here in my place but you have to deposit something very tangible now to get it done now

[bestwriter]

There is yet another scheme that I just discovered Your savings can be a flexible fixed deposit from where you can draw any time and the balance earns interest at the fixed deposit rate.