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HomeArticlesDifference Between Savings Account and Fixed Deposit

Difference Between Savings Account and Fixed Deposit

February 1, 2024
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If you have a bank account, you have at least heard of the terms 'savings account' and 'fixed account'. But which one is better? Which one should you get? Choosing how to save your money is a big deal. You don't want to be stuck with a product that doesn't suit your needs or end up losing out on interest. Being organised and thinking about what you need is the first step to a successful savings plan.

This article will go over why a fixed deposit is better than a savings account.

Let’s go over the basics first:

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Buy ₹1 Crore Term Cover @ @Rs.492/month for Salaried Individuals¹

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¹ Provided all due premiums are paid.
³ https://economictimes.indiatimes.com/wealth/invest/these-6-banks-are-offering-7-and-above-fd-interest-rates-for-senior-citizens/articleshow/95352413.cms
ABSLI Nishchit Aayush Plan. This is a non-linked non-participating individual savings life insurance plan. UIN No 109N137V06
^ - Provided 0 year deferment & monthly income frequency is chosen at the time of inception of the policy.
~ Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,20,000 (Exclusive of GST.). Annual Income of ₹45,900 (45,900*40=18,36,000) + Maturity Benefit (₹16,80,000)= ₹35,16,000
ADV/11/22-23/2345

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