India, Sept. 29 -- Saving a lump sum is only one part of financial planning. Where you keep that money and how it earns returns can also shape your savings outcome. A Fixed Deposit offers a defined interest rate for a set period, making it a good option for people who want predictable returns. Today, you can also open a Fixed Deposit account from your smartphone, without visiting a branch. However, choosing an FD with a suitable interest rate requires attention to the tenure, issuer, payout option and applicable terms.

A Fixed Deposit lets you place a specific amount with a bank or eligible financial institution for a set period at an applicable interest rate. The principal and interest are paid according to the selected FD structure.

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