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Simple Tips to Manage Multiple Fixed Deposits

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The security that fixed deposits provide is an aspect that makes them extremely preferable for the purpose of developing a stable support system for your financial future. This is the main reason behind why many individuals prefer to open more than one fixed deposit account to secure their future. There are many other reasons behind why one should opt for more than one fixed deposit account, including the ability to reinvest your interest among other things. However, managing multiple fixed deposit accounts is not an easy task. The tips given below can help in managing them in an efficient and precise manner:

1. Make a Deposit Hierarchy

When deciding to invest in fixed deposit accounts, the first thing you shall do is prioritize your investment periods. This essentially means that you should break your amount into reasonable blocks and systematically arrange them by the periods they are invested for. Let's take an example; if your amount is Rs. 5 lacs, the logical step as per this method of prioritizing your investments would be to make two fixed deposits of Rs. 2.5 lacs each. One should be invested for 2 years and the other for 5 years. This will be better than investing all the money for a fixed period of time, as this method helps in keeping a backup for times of emergency.  With this method, you can choose to break the smaller deposit and keep the bigger one intact.

2. Reap the Benefits of Overdraft

Banks provide the facility of overdraft, which is basically a scenario where you have the option of taking a loan from your own fixed deposit. In a normal scenario, when you take the loan from the bank individually, you are bound to be levied a higher interest rate. However, when you take the loan or overdraft from your own fixed deposit, it will just cost you 1 or 2 percent more than your fixed deposit interest rate. This will help in keeping your fixed deposit intact and will also help you cater to your urgent need.

3. Take the Help of Technology

When you have many fixed deposits that are invested at different interest rates, it can sometimes get quite complex to keep track of all your investment deposits. There are numerous free applications that you can download onto your device, which will help you keep a track of all your investments along with the interest rates. Some efficient apps that you can use to keep a track of all your different fixed deposit accounts as well as the interest rates associated with each of them include MyUniverse and Spendee amongst others.

4. Use Online Net Banking to Keep a Track

Using the online portal of the bank is one of the most direct ways to access all the information that you need to know about the fixed deposits that you have in your name in that particular bank. Banks usually provide a seamless and an extremely secure user interface through which you can manage your financial status. The security and the accuracy that these websites offer make them invaluable in times of need.


You can also visit YES BANK's website to know more about their Savings Account, NRI Savings Account and Personal Loan.

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