When you open fixed deposits, you need to choose whether you want to withdraw the interest regularly or reinvest it to increase earnings. This will determine what type of fixed deposit scheme you are opting for.
If you want to regular interest payouts to meet your needs, then Non-Cumulative Fixed Deposit is the best scheme for you. If you want to earn more and have no issue with the interest withdrawal, then cumulative fixed deposit is suitable for you.
If you want regular income, Fixed Deposits are a good choice. Look at the fixed deposit interest rates offered by different financial institutions and select a few good ones to invest with. You can also choose the NBFC or bank based on the frequency of payouts they offer.
If you want to know what all options you will get to invest in FD, read: http://financeaffairs.kinja.com/types-of-fixed-deposit-schemes-and-interest-payout-opti-1790493095?rev=1482734280614
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