All it took for inspiration to develop a painless injection was a mosquito bite. Yes, a mosquito uses a unique method to deliver a painless bite and researchers at IIT Kharagpur wondered if they could make an injection that mimicked the mechanical action involved. While most of us think that a mosquito bite hurts, in reality, the irritation is due to chemicals in its saliva. After three years of research, IIT-Kgp, along with the Tokai University of Japan, has invented this novel injection that uses a microneedle to extract blood or deliver drug painlessly by using the same suction-based pressure that a female mosquito uses to suck blood. The diameter of the needle is just 30 micro metre. Besides others, this injection will especially benefit diabetes mellitus patients as blood tests are critical for its diagnosis and management. These patients have to check their blood gl...
What is Fixed Deposit?
Fixed Deposit are investment option offered by banks and non-banking financial companies/organization, where you can deposit money for a higher rate of interest than savings accounts. You can deposit a lump sum of money in Fixed Deposit for a specific period, ranging from 7 days to 10 years.
Why to invest in Fixed Deposit?
Guaranteed returns make FDs a great choice for individuals. Loan against your FD is available. Loan amount of up to 90% of the total FD value. Contributions to the FD up to ₹ 1.5 lakh per annum are tax free.
What is the return expected in Fixed Deposit?
7.50%(Max) for Normal Citizens, 8.0%(Max) for Senior Citizen.
About Fixed Deposit (FD)
| Criteria | Value |
|---|---|
| Interest | 7-9% (Guaranteed) |
| Rate of Return (Appx) | 8.25% (Maximum) |
| Lock-in period | 5 (Years) for tax saving |
| Account Holder | All |
| Account Opening Restriction | No Limits |
| Maximum Account Opening Age | None |
| Risk Percentage | Zero |
| Place of Purchase | Bank / Post Office |
| Tax On Return | 10% tax (TDS) from the interest on FD is applied, If the interest income for the year is more than ₹ 40000. |
| Investment Mode | One Time Investment |
| Loan Against | 70% to 95% of total FD value. Loan interest rate 1% to 3%. |
| Minimum Investment (PA) | ₹ 1000 |
| Maximum Investment (PA) | No Limits |
| Tax Exemption (PA) | ₹ 1.5 lakhs |
| Premature Withdrawal | Not Available |
Pros of Fixed Deposit:
- Safe investment. Guaranteed returns make FDs a great choice for individuals.
- Loan against your FD is available.
- Loan amount of up to 90% of the total FD value.
- Flexible maturity date, from 7, 15 or 45 days to 1.5 years and can be as high as 10 years.
- Max interest 7.50% for Normal Citizens.
- Max interest 8.0% for Senior Citizen.
- Contributions to the FD up to ₹ 1.5 lakh per annum are tax free.
- Transfer the amount to a new FD account facility is available.
Cons of Fixed Deposit:
- FD returns are guaranteed, they are also low as compared to other investments like ELSS.
- You cannot top up more money into a FD.
- Fixed Deposit will not yield any benefit if you withdraw early.
- If your interest earned is higher than ₹ 40000, it will be deducted as TDS at the rate of 10%.
- Max tenure 10 Years only.
Fixed Deposit (FD) Returns
Invest ₹ 36000 One time. 7% Interest
| Years | Invested Amount | Maturity Amount |
|---|---|---|
| 5 Years | 36000 | 51034 |
| 10 Years | 36000 | 72347 |
Invest ₹ 100000 One time. 7% Interest
| Years | Invested Amount | Maturity Amount |
|---|---|---|
| 5 Years | 100000 | 141762 |
| 10 Years | 100000 | 200966 |
Invest ₹ 500000 One time. 7% Interest
| Years | Invested Amount | Maturity Amount |
|---|---|---|
| 5 Years | 500000 | 708812 |
| 10 Years | 500000 | 1004830 |
Invest ₹ 1000000 One time. 7% Interest
| Years | Invested Amount | Maturity Amount |
|---|---|---|
| 5 Years | 1000000 | 1417625 |
| 10 Years | 1000000 | 2009661 |
Returns on ₹ 36000,₹ 100000,₹ 500000 and ₹ 1000000 One time
| Years | ₹ 36000 | ₹ 100000 | ₹ 500000 | ₹ 1000000 |
|---|---|---|---|---|
| 5 Years | 51034 | 141762 | 708812 | 3518914 |
| 10 Years | 593075 | 1186150 | 2965375 | 5930751 |
Conclusion
Now you have the understanding of Fixed Deposit (FD). You can choose the best range of investment which will fit for you. You can leave the comments if you have any queries. Thank you so much for reading and have a great day.
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