What are the different types of fixed deposits?

• Types of fixed deposits:
  Cumulative fixed deposit: In these FDs, the interest is calculated in a compound manner, either monthly, quarterly or yearly and is paid with the matured amount at the end of the tenure.
• Non-cumulative fixed deposit:
  These are the opposite of cumulative FDs. Here the interest is paid out in regular intervals.
• Tax-saving fixed deposit:
  This is the FD wherein one can save tax for up to 1.5 lakh per annum, if the amount is invested for 5 years (as per the latest IT Act 1961 amendments)

Can an NRI invest in fixed deposits?

There are four types of fixed deposits that are available for the NRIs.

• NRE FD:
  Non-resident External FD that remit foreign earnings to India and the interest is not taxable in India. The deposit is converted to Indian rupee from foreign currency.
• NRO FD:
  Non-resident Ordinary FD is taxable at the rate of 30.90% and to manage income that is earned in India.
• RFC FD:
  Resident Foreign Currency FD is for those NRIs who return to the country and want to put the money in some savings. The interest is taxable when the NRI becomes INdian resident.
• FCNR FD:
  Foreign Currency Non Resident FD is again for the purpose of parking savings in the country. The interest is non-taxable.

What is an FD calculator?

This is a tool that is available for FREE. You can use it to calculate how much amount would you get at the time of maturity, interest included. The only details that you need to punch in are the deposit amount, the tenure and the rate of interest, and you are done. Use ours for FREE here.

How to open a fixed deposit account with Uponly.in?

You can open an FD account with Uponly.in in a few simple steps. Just fill in the form HERE and choose the FD of your choice. You will be redirected to the respective website and you can open the account.