Fixed Deposit

Don’t just keep your spare money in the bank but Grow Your Spare Money In your Account by investing in Bank FD [Fixed Deposit]

Fixed Deposit Interest Rates for 2023 by Small Finance Banks (Source: Paisabazaar):

Bank NameInterest Rates (% p.a.)
Highest slab1-year tenure3-year tenure5-year tenure
AU Small Finance Bank7.756.757.757.00
Capital Small Finance Bank Limited7.607.607.157.10
Equitas Small Finance Bank8.508.208.007.25
ESAF Small Finance Bank8.506.006.756.25
Fincare Small Finance Bank8.517.508.008.00
Jana Small Finance Bank8.507.257.356.00
North East Small Finance Bank8.506.507.256.25
Shivalik Small Finance Bank Limited8.007.508.007.00
Suryoday Small Finance Bank9.106.858.609.10
Ujjivan Small Finance Bank8.
Unity Small Finance Bank9.007.357.658.25
Utkarsh Small Finance Bank8.257.758.257.50

Fixed Deposit Interest Rates for 2023 by Private Sector Banks (Source: Paisabazaar)

Bank NameInterest Rates (% p.a.)
Highest slab1-year tenure3-year tenure 5-year tenure
Axis Bank7.106.757.007.00
Bandhan Bank7.857.257.255.85
City Union Bank7.756.757.256.90
CSB Bank7.355.005.755.75
DBS Bank7.506.256.506.50
DCB Bank8.
Dhanlaxmi Bank7.256.756.506.60
Federal Bank7.256.806.606.60
HDFC Bank7.256.607.007.00
ICICI Bank7.106.707.007.00
IDBI Bank7.156.806.506.50
IDFC First Bank7.506.507.257.00
IndusInd Bank7.757.757.507.25
Jammu & Kashmir Bank7.107.106.506.50
Karnataka Bank7.307.006.506.50
Karur Vysya Bank7.307.007.006.25
Kotak Mahindra Bank7.207.106.506.20
Nainital Bank7.056.706.255.75
RBL Bank7.807.007.107.10
SBM Bank India7.757.057.307.75
South Indian Bank7.406.606.506.00
Tamilnad Mercantile Bank8.007.256.506.50
Yes Bank7.757.507.257.00

Fixed Deposit Interest Rates for 2023 by Public Sector Banks (Source: Paisabazaar)

Bank NameInterest Rates (% p.a.)
Highest slab1-year tenure 3-year tenure5-year tenure
Bank of Baroda7.256.757.056.50
Bank of India7.007.006.506.00
Bank of Maharashtra7.006.356.005.75
Canara Bank7.257.006.806.70
Central Bank of India7.106.756.256.25
Indian Bank7.
Indian Overseas Bank7.256.506.506.50
Punjab & Sind Bank7.356.406.256.25
Punjab National Bank7.256.757.006.50
State Bank of India7.106.806.506.50
UCO Bank7.056.506.306.20
Union Bank of India7.006.306.506.70

Fixed deposits [FD] are offered by banks in helping the bank account holders get a higher rate of interest than regular savings on the maturity date for which it was kept, its similar to keeping the lumpsum amount in the case of mutual funds but safer when compared to mutuals, as you are aware of the final amount on maturity.

To start the FD person needs not require the creation of a separate account but the investors with a bank account can start the FDs within their own bank.

You can apply for the FD online or by visiting your bank.

Withdrawal of money from the fixed deposits in India before maturity?

  • FD’s withdrawal before maturity, the principal amount with a lower interest rate or after deducting a penalty amount will be charged from the total amount.
  • With the recent update from RBI, banks can also offer fixed deposits [FD] with lock-in.
  • The banks may refuse any withdrawal of money before the maturity of the FD for which it was started.

Fixed Deposit, Bank deposit knowandask

Similarly if looking for more FD options then, the investors can also start post office fixed deposit after checking online, post office FD interest rate 2020, Usually Post office interest rates are more when compared to the bank FD’s but still depend on bank to bank.

Now many of you might be thinking about whether a fixed deposit [FD] in a bank is safe or not.

The Bank Fixed Deposits [FDs] are generally safe investments as the FDs up to Rs 1 lakh are insured under the Deposit Insurance & Credit Guarantee Scheme of India.

Before investing remember that the interest rates for all the banks are not the same but it also differs from bank to bank for both FD and RD [Recurring Deposit].

The minimum and Maximum amount and duration differ from bank to bank, the amount can be minimum of Rs.1,000 and the maximum amount in a year is Rs. 1.5 lakhs for the duration of months and years up to a maximum of 10 years for most of the banks, unlike mutual funds which can be kept for a long duration.

Fixed deposit features:

  1. Fixed sum amount on maturity.
  2. Lower risk, almost no risk like in liquid mutual funds.
  3. Fixed-rate of interest but mutual fund varies with the market.
  4. Returns are less compared to equity funds.
  5. FD tenures of up to 10 years.
  6. There’s no cap on the maximum amount to deposit.

All these things you should know while starting the Fixed Deposit in India and if any doubt ask but never stop learning #knowandask

Read more at knowandask:

Start with a Small investment for Assured Returns within your bank (Recurring Deposit).

Mutual Fund best way to save money.

Amit Singh Rawat_Knowandask

Amit Singh Rawat: Owner/ Founder of Knowandask a Digital Learning platform to educate yourself learn spread knowledge and share knowledge.

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