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In case you invest in multiple Fixed Deposits (FDs) and are not able to keep track of them, you may opt for the auto-renewal option offered by banks where the maturity proceeds are reinvested in the fixed deposit at the time of maturity.
Using this option, depositors can save on the interest that they might lose in case they don’t renew the FD and the money lies in their savings bank account. In case of online FDs, the maturity proceeds are directly credited to the savings bank account of the depositor.
However, experts say that you may not get the best interest rate in case you opt for the auto-renewal option of FD, especially in the current falling interest rate scenario. Therefore, it will be better to do it manually for greater flexibility.
Therefore, the auto-renewal option may not suit those depositors, who want better flexibility and control. “Given the fact that FD returns are at their lowest in years, it is advisable to use online tools, apps, and alerts available to manage your investment instead of opting for an auto-renewal. This will give you greater flexibility in terms of investment options.
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