On March 27, 2020, the RBI cut the repo rate by 75 basis points, bringing it down to 4.4% - the lowest in a decade. Amid underperforming markets, this news means that fixed deposit interest rates are likely to go down further. Additionally, the recent turmoil in the banking space points to the fallibility of banks, which is making investors question the worth and value of fixed deposit.  A traditional yet popular way to invest, fixed deposit has and will continue to offer investors both safety and inflation-beating returns. As such, ensuring that FD is a part of your portfolio makes good financial sense; however, there are certain strategies you can use to reap more from your deposit.

In order to maximise returns on your FD during these times, the right thing to do, is to lock into high FD interest rates, before financiers start reducing rates on their deposits. When choosing where to invest, here are 5 strategies you need to follow.