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It’s not advisable that you keep your surplus funds in a regular savings account for long. In that case, you can’t just expect a high ROI against this fund. You may choose to go with multiple options like mutual funds and shares, but they have an element of risk. The risks are much lower with FD investments as they’re regulated.

What’s so special about Fixed Deposits?

You may open FD account while you’re looking for some safe and sound investment option. Besides being safe, FDs yield a lucrative rate of interest for the investors. You may earn quality interests on the amount that goes out in your FD account for a certain period.

1. Fixed Deposits create earning opportunities by compounding interests

FDs yield interest for over a uniform period when issued by banks. If you don’t need the amount of interest to come as regular quarterly or monthly income, you may consider reinvesting in your FD account. You’re likely to witness a growth of the principal amount and the interest of the upcoming period will be ascertained on the new value. In this way, you’ll end up earning more on the invested amount. All you need to do is to pick your payment option besides opting for the compounded FD option. You may use any FD calculator online to check the returns.

2. Sound investment option for senior citizens

You may consider an FD among the most lucrative investment options when you don’t have a source of steady income, especially when you’re old and retired. Many of the Indian banks provide you with an FD account and abide by the safety norms laid out for protecting your invested principal. The rates of interest might not be very high, but you may still gain something on these deposits. Under circumstances when you’re heading towards a financial crisis, you may close all FDs even if they haven’t matured.

3. Fixed Deposits yield tax-saving opportunities

FDs come with great tax saving options when you’re specifically interested in investing a portion of your funds for a long term. You may avail them in the form of a 5-year term deposit and set your money to be locked in for those 5 years. Until the maturity of your FD, you won’t be able to achieve credits or loans on your fixed deposits and can’t break them. With tax saver FDs, you may enjoy tax exemption on the principal amount invested by you. Depending on the tax slab, taxes are levied on the interest.

4. Fixed Deposits are much safer

The RBI governs all FD schemes that are issued by the NBFC and Indian banks. Issuers of these schemes are required to follow certain stringent regulations and rules from time to time. In India, the banking industry is safer for the investors as most saving schemes yield adequate protection towards the principal.

If you’re not among those who looks for a high ROI then you may be in need of a more secure investment. FDs are certainly one of those safer schemes that you’ve been looking for. All of your capital is in safe hands as the FDs are regulated by stringent norms laid down by the government authorities. That is also the reason why FDs are considered so safe for the members of low-income groups that don’t possess any alternative source of income.

If you’re taking out your first online personal loan, it probably means you don’t have a credit history or a credit score. This doesn’t however hold true if you’ve had or currently have a credit card (if you’ve had a credit card in the past, you’ll have a credit score). Lenders use your credit score obtained from your credit report to understand how good you’ve been at managing credit in the past. Personal loans are unsecured loans that don’t involve collateral, and usually come with a higher interest rate in comparison to secured loans. This is precisely the reason why having a good credit score is important for your application to get approved.

Let’s forget the credit score part for now. If you’re a first timer, here are some things you should note before taking your first unsecured personal loan:

Know the various charges involved

Personal loans come with a list of charges that include late payment charges, EMI bounce charges, processing charges, pre-closure charges, and part-payment charges. When you’re taking out your personal loan for the first time, make sure you are aware of the various charges. It is of course, always good to be aware about how much lenders are charging you.

Choose a short repayment period

Choosing a short repayment period helps reduce the interest payment over the course of your loan tenure. Longer tenures attract higher interest payments, but lower monthly repayment amounts. As your first loan, you wouldn’t want to pay too much interest, do you? However, if lower monthly repayments suit you, you should go ahead and choose a longer tenure, for you can always pre-close your loan after a certain period. Note that most lenders require you to complete a minimum of 6 months or 12 months of your tenure before you can pre-close.

Don’t borrow more than you need

Your approved amount might be higher than what you asked for – lenders use this tactic to make you borrow more. Don’t fall for it thought. Borrow only how much you need. Borrowing more than you need is just setting the platform for unnecessary debt accumulation.

Negotiate the interest rate

Negotiating the rate with the bank will help you get a lower interest rate on your loan. Moreover, if you don’t have a credit history, there’d be multiple lenders in the market willing to offer you a loan. Going by this logic, it is advised that you negotiate the interest rate on your loan to get a reduced rate.

Don’t apply with multiple lenders

Applying with multiple lenders negatively affects your credit score. Too many credit inquiries reflect credit-hungry behavior, and lenders can reject you on the basis of this – rejections bring down your credit score as well. So for starters, make sure you apply with only one lender.

The best home improvements are those that give you the best return on investment (ROI.) Some of these, like flooring from Wraps Studio, work well, as long as you choose the best options for each room of your home. Certain types of flooring, like luxurious carpeting from carpet grapevine tx or traditional hardwood floors, are guaranteed to give you the best ROI. Here are eight tips that will help you with this process.

1) Know the Different Types Of Flooring

You need to understand the differences between the types of flooring. There are so many options on the market, from various kinds of tile to laminate and bamboo floors that just going into Wraps Studio may give you a headache. If you educate yourself first, you’ll be much better off.

2) Choose Flooring That Fits Your Needs

Don’t just buy the cheapest or most expensive flooring out there. Instead, pick the type that best fits each room of your home. Look for study options for busy rooms and luxurious, finicky ones for the spaces that get less traffic.

3) Don’t Be Afraid To Ask For Advice

Flooring store employ experts who can answer questions and help you choose a style or finish. They’re in the store for a reason – ask them for help if you need it.

4) Diversity Your Flooring

It can be tempting to cover every inch of your subfloor with carpeting from carpet grapevine tx. However, you should break things up as needed and choose the very best flooring for the room. Your home will look more complete, and you won’t have to worry about scaring buyers off with a carpeted bathroom or kitchen.

5) Personalize Your Floor

The key to making your house stand out from all of the others on sale in your area is by adding some personalized touches. Buyers will appreciate those hand-stenciled floors and other details.

6) Redo Your Floors When Needed

If you can’t afford to have, new flooring installed, then make the most of what you already have. You can restain hardwood floors, and they’ll end up looking as good as new. In fact, if you’re afraid of the staining process, paint works just as well. It will cover up any stains and watermarks and give your home a whole new look.

7) Spend Time Doing Necessary Maintenance

You’ll need to do some regular maintenance in order to keep your floors looking nice. It might be something as simple as wiping up spills right away to steam cleaning your carpets every few months. Do what you need to in order to make your flooring look as good as new.

8) Prevent Your Floor from Becoming Damaged

Some types of flooring are prone to damage. If you have this finicky flooring, be gentle with it. If your wood floors are light in color and you’re worried about permanent stains, then lay down a rug. However, at times you might just have to install new flooring in order to reverse any damage.