Fixed Deposit Bank Accounts as a Passive Income Source

[Passiveearner]

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

The interest rates offered by the bank may differ, especially when the economy is bad. This has certainly been the case in may country for a long time.

 

[Rubz]

You are right, fixed deposit account is a good way to earn passive income but the people who are more at an advantage are those who have a big amount of money to deposit.

 

[timewo]

Single citizens from poorer communities having fixed deposits are often targeted for identity theft by the rich and powerful, who are extremely aggressive in criminally defaming single citizens to steal their money, so the investor is forced to diversify.

 

[bestwriter]

This is my only source of passive income and cumulative deposits in banks generate more money

 

[Shavkat]

Time deposit is a good choice to invest on. There is a percentage that can earn while the money cannot be withdrawn for a particular period of time.

 

[King Belieal]

Doesn't make sense at least in my country. That's because the rates of interest you are paid on fixed deposits isn't really worth it.

 

[nomad]

The interest rates offered by the bank may differ, especially when the economy is bad. This has certainly been the case in may country for a long time.

They don't change your interest rate during the tenure of your fixed deposit. Let's say you fixed deposited for 5 years for 7 percent interest. You will get the same interest rate for 5 years

 

[Sanjeev]

Here the interest rate on fixed deposit is very less approximately 6-7% so I don't think it is wise to invest in FDs

 

[Stardom22]

I have never engaged in the making of the fixed deposit to the earning of the interests.

 

[Niyi Briggs]

If you have tens of millions in a fixed deposit, it can generate good amount yearly which you can take as passive income.

 

[Hate2Wait]

You can consider it as passive but earnings are low this way and you may be required to pay tax on the interest income

 

[Ratine]

Frankly speaking l have really failed to maintain a consistency in the saving of money in banks.

 

[Hate2Wait]

Although it's a good option as you are not taking any risk and getting Interest income after the said period but it's a taxable income