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 Name | Interest Rates (% p.a.) | |||
Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
AU Small Finance Bank | 7.75 | 6.75 | 7.75 | 7.00 |
Capital Small Finance Bank Limited | 7.60 | 7.60 | 7.15 | 7.10 |
Equitas Small Finance Bank | 8.50 | 8.20 | 8.00 | 7.25 |
ESAF Small Finance Bank | 8.50 | 6.00 | 6.75 | 6.25 |
Fincare Small Finance Bank | 8.51 | 7.50 | 8.00 | 8.00 |
Jana Small Finance Bank | 8.50 | 7.25 | 7.35 | 6.00 |
North East Small Finance Bank | 8.50 | 6.50 | 7.25 | 6.25 |
Shivalik Small Finance Bank Limited | 8.00 | 7.50 | 8.00 | 7.00 |
Suryoday Small Finance Bank | 9.10 | 6.85 | 8.60 | 9.10 |
Ujjivan Small Finance Bank | 8.25 | 8.25 | 7.20 | 7.20 |
Unity Small Finance Bank | 9.00 | 7.35 | 7.65 | 8.25 |
Utkarsh Small Finance Bank | 8.25 | 7.75 | 8.25 | 7.50 |
Fixed Deposit Interest Rates for 2023 by Private Sector Banks (Source: Paisabazaar)
Bank Name | Interest Rates (% p.a.) | |||
Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
Axis Bank | 7.10 | 6.75 | 7.00 | 7.00 |
Bandhan Bank | 7.85 | 7.25 | 7.25 | 5.85 |
City Union Bank | 7.75 | 6.75 | 7.25 | 6.90 |
CSB Bank | 7.35 | 5.00 | 5.75 | 5.75 |
DBS Bank | 7.50 | 6.25 | 6.50 | 6.50 |
DCB Bank | 8.00 | 7.25 | 8.00 | 7.75 |
Dhanlaxmi Bank | 7.25 | 6.75 | 6.50 | 6.60 |
Federal Bank | 7.25 | 6.80 | 6.60 | 6.60 |
HDFC Bank | 7.25 | 6.60 | 7.00 | 7.00 |
ICICI Bank | 7.10 | 6.70 | 7.00 | 7.00 |
IDBI Bank | 7.15 | 6.80 | 6.50 | 6.50 |
IDFC First Bank | 7.50 | 6.50 | 7.25 | 7.00 |
IndusInd Bank | 7.75 | 7.75 | 7.50 | 7.25 |
Jammu & Kashmir Bank | 7.10 | 7.10 | 6.50 | 6.50 |
Karnataka Bank | 7.30 | 7.00 | 6.50 | 6.50 |
Karur Vysya Bank | 7.30 | 7.00 | 7.00 | 6.25 |
Kotak Mahindra Bank | 7.20 | 7.10 | 6.50 | 6.20 |
Nainital Bank | 7.05 | 6.70 | 6.25 | 5.75 |
RBL Bank | 7.80 | 7.00 | 7.10 | 7.10 |
SBM Bank India | 7.75 | 7.05 | 7.30 | 7.75 |
South Indian Bank | 7.40 | 6.60 | 6.50 | 6.00 |
Tamilnad Mercantile Bank | 8.00 | 7.25 | 6.50 | 6.50 |
Yes Bank | 7.75 | 7.50 | 7.25 | 7.00 |
Fixed Deposit Interest Rates for 2023 by Public Sector Banks (Source: Paisabazaar)
Bank Name | Interest Rates (% p.a.) | |||
Highest slab | 1-year tenure | 3-year tenure | 5-year tenure | |
Bank of Baroda | 7.25 | 6.75 | 7.05 | 6.50 |
Bank of India | 7.00 | 7.00 | 6.50 | 6.00 |
Bank of Maharashtra | 7.00 | 6.35 | 6.00 | 5.75 |
Canara Bank | 7.25 | 7.00 | 6.80 | 6.70 |
Central Bank of India | 7.10 | 6.75 | 6.25 | 6.25 |
Indian Bank | 7.25 | 6.10 | 6.25 | 6.25 |
Indian Overseas Bank | 7.25 | 6.50 | 6.50 | 6.50 |
Punjab & Sind Bank | 7.35 | 6.40 | 6.25 | 6.25 |
Punjab National Bank | 7.25 | 6.75 | 7.00 | 6.50 |
State Bank of India | 7.10 | 6.80 | 6.50 | 6.50 |
UCO Bank | 7.05 | 6.50 | 6.30 | 6.20 |
Union Bank of India | 7.00 | 6.30 | 6.50 | 6.70 |
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.
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:
- Fixed sum amount on maturity.
- Lower risk, almost no risk like in liquid mutual funds.
- Fixed-rate of interest but mutual fund varies with the market.
- Returns are less compared to equity funds.
- FD tenures of up to 10 years.
- 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
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Start with a Small investment for Assured Returns within your bank (Recurring Deposit).