Senior citizens also get an extra 0.5 percent interest rate. Many banks offer interest rates between 3 and 7 percent, depending on how long you invest your money. It is considered a low-risk investment that lets you put your spare money aside for a set period and earn a fixed rate of interest on it at regular times during the chosen period or at the end. Fixed Deposit (FD), also known as a time deposit or term deposit, is a common way to invest money.
