Benefits of Making Fixed Deposits Statement

Fixed deposits statement means the statement in which you show all your Fixed deposits investments, also show its maturity date and maturity interest. When you will make your FD in bank, bank will give you FD statement. From this, you can make the collective your all banks fixed deposits statement. Now, it is good question what is the benefit of making the collective fixed deposits statement when I have all the fixed deposit statements in my bag. What is the need to buy a separate notebook for this purpose. OK, let start to learn its benefits

1.  Know the Fact of Your Total Fixed Deposit Saving and its Interest on Maturity 

Suppose, you have 100 fixed deposit statements at different maturity date. Now, write it on a single page of your notebook. Means FD account A, B. C and Z and make 3 more column of maturity date, invested amount and interest gain on maturity date.

You can find the total saved money including interest on the last maturity. For example, it may be 31st Dec. 2019.

Now, this fact will be helpful to MAKE the advance Plan for Achieving Your Goal

(A) Plan to Invest More Investment for Achieving Goal at End of Last Maturity

You may have the Goal of Buying your own house of Rs. 50 Lakh. You may have the goal of your own best car Rs. 20 Lakh or you have the plan to travel and need Rs. 10 Lakh

But you see with this statement today, you need more Rs. 10 Lakh at the end of Dec. 2019

Know, you can plan to invest more which is possible with above statement

Rs. 500,000 at 31st Dec. 2019, you need more

It means

Today is 4th may 2019.  Start new FD every month

You have eight months

500000/8 = Rs. 62500

Every month, you must new FD of Rs. 62500, you will get Rs. 5 Lakh plus interest to achieve your biggest life goal.

(B) Plan to EARN More For Your Above Commitment

Every month, you need more Rs. 62500, by making fixed deposits statement, you got this very very important fact. Now, it is great motivation to do more work and earn more money, So, that you can achieve every month your goal of Rs. 62500

Now Third Advance Plan

(B) (I) If you see, you are unable to earn Rs. 62500. But you are earning Rs. 40000. Then, you can take risk to invest in mutual funds, share market and forex market and commodity market and invest upto Dec. 2019 and If it is your good luck, you will get Rs. 5 Lakh with your Rs. 40000 investment but it has also risk and you can get loss also.

Except this, you can do your own business where you can invest your Rs. 40,000 and get gain

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Accounting Education: Benefits of Making Fixed Deposits Statement
Benefits of Making Fixed Deposits Statement
Accounting Education
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