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Fixed Deposit (FD) is a good option to save with security. However, there are some things that, if not addressed in time, can lead to further damage. Before doing FD, one should think about its duration, term etc. If you break the FD before it matures, a penalty has to be paid. FD does not mean income tax exemption. To get income tax exemption, the FD must be for a period of at least 5 years. In this you can get tax exemption on interest. However, if the interest is more than Rs 10,000 per annum, 10 per cent TDS is deducted.Never invest large sums in a single FD. If you want to do FD of 20 lakhs, you have to do 10 FDs of one lakh, four FDs of 2 lakhs and four FDs of 50 thousand. But if you need money and you want Rs 1.5 lakh, if you break the FD of Rs 20 lakh, there is a penalty. This penalty will be saved and the FD of the remaining amount will continue.All banks offer higher interest rates to senior citizens. In such a situation, if there is someone in your house, it will be more beneficial to do FD in his name. Another important point is that banks previously had the option to withdraw interest on a three-month or year-on-year basis. In some banks it is possible to withdraw interest on a monthly basis. This should be decided according to your needs. That means you don't have to wait 3 months. You should also look at which bank has the highest interest rate.

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