Fixed Deposit Bank Accounts as a Passive Income Source

[flower]

Fixing huge amount of money in the bank could be a way to generate passive income if the money is huge

 

[Bisolami]

Until recently, banks offered upto 13 percent interest rates for fixed deposit bank accounts and you could double money in less than 6 years. But now they have lowered interest rates, but you still get 10 percent return.

I think this is why a lot of people do not like to invest in banks because it is not really nice for me to get double of my money after six years which I could get in some cryptocurrency investment within 3 months

 

[Etini Willie]

This is one that I don't rate at all as a source of passive income. Maybe, it us useful for savings. The interest given for fixed deposit in my country is ridiculous.

 

[Bisolami]

This is one that I don't rate at all as a source of passive income. Maybe, it us useful for savings. The interest given for fixed deposit in my country is ridiculous.

There was a time I was thinking of going for it so I went to the bank to ask about the interest price. I was so shocked because I was expecting them to tell me a higher percent. It is not encouraging

 

[Blessed19]

If you have money, one of the easiest ways to build a passive income is by keeping your money in a fixed-deposit bank account. When you keep your money in a fixed deposit bank account, your funds will be locked for a certain time (three months, one year, 2, years, etc.) and you will be earning high interest on your deposit. In our country, you can get upto 12 percent interest rate on fixed deposit bank accounts.

I still can't believe that such a method still exist as it is very difficult to see someone who has fixed deposit account and makes use if it to earn passively as it generates money for them even though they are the ones paying it into the account.

 

[Bisolami]

I still can't believe that such a method still exist as it is very difficult to see someone who has fixed deposit account and makes use if it to earn passively as it generates money for them even though they are the ones paying it into the account.

I only like fixed deposit account because it is safer to eat save money but the interest you will make from it is very low and that is why I don't even want to invest in it

 

[Tracee1]

If you have money, one of the easiest ways to build a passive income is by keeping your money in a fixed-deposit bank account. When you keep your money in a fixed deposit bank account, your funds will be locked for a certain time (three months, one year, 2, years, etc.) and you will be earning high interest on your deposit. In our country, you can get upto 12 percent interest rate on fixed deposit bank accounts.

most fixed deposit percentage i have seen is not up to 10%, and from the experiences i have gotten from fixed deposit i don't see it as a reliable source of passive income

 

[Bisolami]

most fixed deposit percentage i have seen is not up to 10%, and from the experiences i have gotten from fixed deposit i don't see it as a reliable source of passive income

This is the major problem that I have with that kind of investment and this is why I always feel reluctant to engage myself in it since it is not something that will favour me that much. I even prefer to invest in cryptocurrency

 

[Stardom22]

I think that is a fantastic way of earning passive incomes. The downside part of this strategy is that it needs a very high amount of capital for you to manage that.

 

[Bisolami]

I think that is a fantastic way of earning passive incomes. The downside part of this strategy is that it needs a very high amount of capital for you to manage that.

It would have been a fantastic way because you will get your money at the end of each month or the duration that you have children but the interest is little

 

[Blessed19]

I only like fixed deposit account because it is safer to eat save money but the interest you will make from it is very low and that is why I don't even want to invest in it

I actually did fix the posit one certain time in 2020 to 2021 and there was no interest in it even though the monthly savings was around 50,000 every month but at the end we only got 5000 interest over 1 year.

 

[nomad]

most fixed deposit percentage i have seen is not up to 10%, and from the experiences i have gotten from fixed deposit i don't see it as a reliable source of passive income

The interest you get on your fixed deposit account depends on the interest rates determined by banks in your country and the monetary policy of the central banks in your home country. Even if you are earning just 10 percent, it can be better than stocks because return is guaranteed.

 

[Bisolami]

The interest you get on your fixed deposit account depends on the interest rates determined by banks in your country and the monetary policy of the central banks in your home country. Even if you are earning just 10 percent, it can be better than stocks because return is guaranteed.

The banks in my country will not even give you a reasonable amount of percentage of your money and that is why people who do not have so much money did not go for fixed deposit investment

 

[fcbetting]

In Croatia this is not worth anymore. Interest are maybe one or two percent and later you must pay 25% fee to goverment. At end you got very little money so nobody don't use this options anymore.

 

[nomad]

The banks in my country will not even give you a reasonable amount of percentage of your money and that is why people who do not have so much money did not go for fixed deposit investment

I cannot say about the banks in other countries, however, in our country, if you have local currency equivalent to $400, you can easily deposit your money into a fixed deposit account. The minimum term is 3 months.

 

[Bisolami]

I cannot say about the banks in other countries, however, in our country, if you have local currency equivalent to $400, you can easily deposit your money into a fixed deposit account. The minimum term is 3 months.

I don't think you need up to that in my country before you can begin that type of investment. The only problem is that you will not make so much money as your profit. The profit will be little

 

[nomad]

I don't think you need up to that in my country before you can begin that type of investment. The only problem is that you will not make so much money as your profit. The profit will be little

Cannot you accept small profits when there is almost zero percent risk? Well, the average return from the stock market in my home country is 15 percent but it is highly risky. I think earning just a 10 percent return with zero risk is far better.

 

[capri]

For a person to generate decent passive income through a fixed deposit account, he/she needs to invest a substantial amount of money.
This fact should however not discourage persons without significant financial resources.
The beauty of a fixed deposit account is the fact that it is a largely risk-free option to investing. That is, the chances of losing one's entire savings are very slim.

 

[Passiveearner]

I am not in favour of such kind of "income" methods. The fixed deposit accounts require you to deposit money for a specific period. They tend to deduct money if you withdraw money before the term ends. Having said that, I am a Muslim and such kind of earnings are not permissible in our religion, so I may not invest money in a fixed deposit amount.

 

[aovurevu]

Fixed deposit account is a good source of passive income because the interest rates are always higher than that of passive income and it is also a way of putting your money work for you.