New Delhi, May 4 -- A safe investment instrument, bank fixed deposits are a reliable choice for senior citizens and conservative investors looking to earn consistent returns. It is also largely convenient, allowing for customers to automate deductions from your bank account to save towards specific goals.

When compared to simply storing your money in a savings account, FDs allow you to deposit a sum with a bank or financial institution for a fixed tenure and at a relatively higher interest rate. The terms range from 7 days to up to 10 years, and you can choose to have the principal and interest deposited into your account or rolled into a fresh FD.

Overall, it is best for investors to compare all available options across different banks...