With stock market and mutual funds business domain lying in shambles after being pounded to black-n-blue by the economic catastrophe, fixed deposit has emerged quite a favourite alternative in the investors base when it came to switching over to a more reliable and effective return yielding channel in these turbulent times.
The best part of this whole trend has been the rate of interest. Yes, banking institutions across the country are now heavily relying upon their fixed deposit products to generate maximum revenue. Interestingly, the maximum percentage of interest available on a fixed deposit product is 11 percent for a minimum tenure of one to two years. What more, senior citizens are being offered an extra fraction of percentage as interest, so as to popularise the scheme in the often neglected age groups. However, investors are advised to keep a patient profile as it can lead to more fruitful results, as a steep fall in inflation can send the interest rates on this fixed deposit product further up.
However, what remains to be seen is that how does the associate banking products such as saving account and current account react under these sudden changes? Since, with the blossoming of fixed deposit, they too are anticipating bright prospects in the short as well as the long run.
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