Fixed Deposit

Yes, at ET Money, you can also get tax-saver fixed deposits. However, these FDs come with a mandatory 5-year lock-in.

You can calculate interest on your fixed deposit using the compound interest formula:

Maturity Amount (A) = P (1+r/n) ^ (n*t)

Interest = A-P

Where,

P = Principal amount

r = Rate of interest (in decimals)

n = number of compounding in a year

t = number of years

However, its calculation can be tedious. You can use the ET Money FD Interest Calculator to simplify it.

Yes, there is an auto-renewable option if you wish to renew your fixed deposits.

Yes, it is safe to invest in FDs through ET Money. Bank-offered fixed deposits are protected by DICGC insurance of up to ₹5 lakh. For FDs offered by NBFCs, ET Money partners only with institutions that hold high credit ratings, ensuring strong financial stability and a low risk of default.

Yes, you can withdraw your money from your ET Money FD, but there may be penalty charges in the form of a reduced interest rate.

The minimum amount varies across Banks and NBFCs, typically ranging from ₹25,000 to ₹20,00,000.

In case of emergencies, instead of breaking Fixed Deposit, you can obtain loan against the deposited amount. The sanctioned amount is usually 60-75% of the fixed deposit amount and is offered at a competitive interest.

Yes, parents or guardians can open a fixed deposit account in the name of a minor.

Yes, NRIs can open a fixed deposit account.

FD is locked with a specific rate, you will continue to receive that rate till maturity, even if interest rates change later. If you wish to avail the new rate, you need to invest in a new Fixed Deposit.

As discussed above, fixed deposits come with a fixed tenure of your choice. Hence, you receive the total maturity amount once your tenure is over. But, if there is any emergency and you need funds, then in this scenario, you can opt for premature withdrawal, wherein you can withdraw your complete FD amount and interest earned. But in this case, you will have to bear penalties. You will get a reduced interest rate.

Some banks and other financial institutions also offer partial withdrawal facilities, where you can withdraw part of your investment while your remaining investment earns interest.

At maturity, you will receive your investment amount along with earned interest. However, if you do not want to redeem your investment and want to remain invested for more years, you can use the renewal option. This option allows you to renew your fixed deposits with different terms, such as a new amount, FD interest rates, or tenure.

You can opt for the auto-renewal option when opening your FD to avoid additional formalities at maturity. This option ensures that your FD is automatically renewed for the same tenure at the prevailing interest rate, allowing you to continue earning interest without needing to provide further instructions.