sir i am planning for fixed deposit with monthly payout .. is there any limit for fixed
deposit
This forum is dedicated for guiding citizens that are facing legal issues. Guidance in the investment of money is beyond the ambit of this forum.
1.Please prefer the post office if you are a senior citizen, as they are offering a higher rate of Interest in India. There is a ceiling of Rs.5 lakhs in individual name and Rs.10 lakhs in joint names.
2.If you are nearing 50 years you can contact LIC of India as they have introduced a new scheme for pension/lumpsum on payment of single/multiple installments of premium.
3.If you wish to invest in Public sector banks, do not invest in one bank and make a deposit of a maximum Rs.5 lakh in each bank to get insurance for that amount if the bank fails.
4.Trust a good mutual fund after consulting your friends/relatives and invest a certain amount in most reputed companies only.
5.Wherever you deposit, insist for nomination and invariably nominate and prefer those banks that are offering group insurance for depositors.
