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Banks | Interest Rates (PA) | Interest Rate for Seniors (PA) |
---|---|---|
2.05% - 6.5% | 2.05% - 6.5% | |
3.0% - 5.3% | 3.0% - 5.3% | |
3.1% - 5.4% | 3.6% - 5.9% | |
2.5% - 5.65% | 3.0% - 6.15% | |
2.75% - 4.9% | 2.75% - 5.4% | |
3.0% - 4.9% | 3.25% - 5.4% | |
2.75% - 5.0% | 3.25% - 5.5% | |
2.9% - 5.4% | 3.4% - 5.9% | |
2.75% - 5.2% | 2.75% - 5.2% | |
2.9% - 5.4% | 2.9% - 5.9% | |
3.0% - 5.25% | 3.0% - 5.75% | |
2.9% - 5.25% | 3.4% - 5.75% | |
3.0% - 7.0% | 3.5% - 7.75% | |
2.8% - 5.35% | 3.3% - 6.35% | |
2.5% - 5.75% | 2.5% - 6.25% | |
3.2% - 5.0% | 3.2% - 5.5% | |
2.9% - 5.25% | 3.4% - 5.75% | |
2.5% - 5.6% | 3.0% - 6.35% | |
2.8% - 5.25% | 3.3% - 5.9% | |
3.0% - 5.5% | 3.0% - 5.5% | |
3.25% - 5.0% | 3.25% - 5.0% | |
2.9% - 5.3% | 3.5% - 5.9% | |
3.0% - 5.25% | 3.0% - 5.25% | |
3.0% - 5.4% | 3.0% - 5.9% | |
2.9% - 5.4% | 3.4% - 5.9% | |
3.0% - 5.5% | 3.0% - 6.0% | |
2.85% - 5.2% | 2.85% - 5.95% | |
2.75% - 5.15% | 2.75% - 5.15% | |
3.0% - 5.3% | 3.0% - 5.8% | |
2.95% - 5.45% | 3.45% - 5.95% | |
2.5% - 5.75% | 2.5% - 6.5% | |
3.0% - 5.5% | 3.0% - 6.2% | |
3.4% - 5.5% | 3.4% - 6.0% | |
2.5% - 5.6% | 3.0% - 6.1% | |
2.5% - 5.6% | 3.0% - 6.35% | |
3.25% - 5.35% | 3.75% - 5.85% | |
2.9% - 5.5% | 3.4% - 6.3% | |
2.9% - 5.3% | 3.4% - 5.8% | |
2.9% - 5.3% | 3.4% - 5.8% | |
2.5% - 5.3% | 2.75% - 5.55% | |
2.9% - 5.5% | 2.9% - 6.0% | |
2.85% - 5.15% | 2.85% - 5.75% | |
2.9% - 5.5% | 3.4% - 6.3% | |
2.9% - 5.5% | 2.9% - 6.0% | |
2.55% - 5.3% | 2.8% - 5.8% | |
2.5% - 5.75% | 3.0% - 6.4% | |
2.7% - 5.6% | 3.2% - 6.35% | |
3.0% - 5.5% | 3.0% - 6.0% | |
3.25% - 5.5% | 3.25% - 6.0% | |
3.0% - 5.45% | 3.5% - 5.95% | |
5.15% - 6.0% | 5.4% - 6.25% | |
3.25% - 5.25% | 3.25% - 5.75% | |
3.0% - 5.2% | 3.0% - 5.7% | |
5.25% - 6.7% | 5.5% - 6.95% | |
3.0% - 6.25% | 3.75% - 7.0% | |
2.75% - 5.35% | 2.75% - 5.85% | |
3.0% - 5.5% | 3.25% - 5.75% | |
3.75% - 6.75% | 4.25% - 7.25% | |
1.75% - 5.6% | 1.75% - 6.1% | |
3.1% - 5.7% | 3.1% - 5.7% | |
3.0% - 5.65% | 3.0% - 5.65% | |
3.25% - 5.8% | 0.0% - 6.15% | |
3.05% - 5.65% | 3.05% - 5.65% | |
3.5% - 6.15% | 3.5% - 6.65% | |
5.5% - 6.7% | 5.5% - 6.7% | |
5.5% - 6.45% | 5.75% - 6.7% | |
2.75% - 5.5% | 2.75% - 5.5% | |
3.0% - 5.5% | 3.0% - 6.0% | |
5.5% - 5.8% | 6.0% - 6.3% | |
4.0% - 6.75% | 4.5% - 7.25% | |
5.55% - 6.7% | 5.8% - 6.95% | |
4.35% - 6.25% | 4.85% - 6.75% | |
3.6% - 5.75% | 4.1% - 6.25% | |
5.75% - 6.9% | 6.0% - 7.15% | |
5.75% - 6.85% | 6.0% - 7.1% | |
3.25% - 6.25% | 3.75% - 7.0% | |
3.85% - 5.75% | 4.35% - 6.25% | |
3.5% - 5.75% | 3.5% - 5.75% | |
4.0% - 6.5% | 4.0% - 6.5% | |
2.5% - 6.25% | 3.0% - 6.75% | |
3.5% - 5.75% | 4.0% - 6.25% | |
3.35% - 5.8% | 3.35% - 6.3% | |
3.35% - 6.3% | 3.85% - 6.8% | |
2.75% - 6.5% | 3.25% - 7.0% | |
3.0% - 6.75% | 3.5% - 7.25% | |
3.5% - 6.75% | 4.0% - 7.25% | |
3.85% - 6.2% | 4.35% - 6.7% | |
3.25% - 6.5% | 3.75% - 7.0% | |
3.25% - 7.0% | 3.75% - 7.5% | |
3.0% - 6.9% | 3.5% - 7.4% | |
6.5% - 7.75% | 6.8% - 8.05% | |
2.5% - 6.75% | 3.3% - 7.55% | |
2.9% - 6.75% | 3.65% - 7.5% | |
7.0% - 8.0% | 7.25% - 8.5% |
A fixed deposit (FD) is an investment instrument that public and private banks and NBFCs provide. You can invest a lump sum amount of money in FD in exchange for interest on maturity along with the principal amount. The period for which you invest in your maturity period and you cannot withdraw before maturity. To withdraw before maturity you need to pay a penalty and receive a lower interest rate.
The rate of interest on a fixed deposit differs from one bank to another. Further, the rate of interest of an FD is higher than the interest rate of a savings bank account. The interest amount on FD is either paid at regular intervals to an investor or paid at FD maturity, as opted by an investor. On maturity, you will receive the principal amount as well as the compound interest on the investment. The interest on FD is either paid at regular intervals to an investor or paid at FD maturity, as opted by an investor. A separate bank account is not required to invest in a fixed deposit account
Once you invest in a fixed deposit your investment amount is locked in for that period of time. You surely earn interest on such principal amount and interest is credited to your FD account as per the payout term. You can choose a payout of monthly, quarterly, half-yearly, or yearly. Accordingly, the interest rate is applied to the investment amount and compounded monthly, quarterly, half-yearly, or yearly as the case may be.
On maturity, you can either withdraw the matured amount or reinvest the matured amount again in the same or different type of FD. Alternatively, you can also set a maturity instruction of auto-reinvest with your bank or NBFC and the maturity amount will be reinvested automatically on maturity. You can easily change the maturity instruction before the maturity date.
The following types of entities are eligible to open a fixed deposit:
For An Individual Investor
For A Partnership Firm including LLP
For a Trust or an Association
For a Company
You can open a fixed deposit account either online or offline.
Online Mode– You can easily open an FD account by logging in to your internet banking account or mobile banking account. You only need to add a request to open an FD, add the details of amount, type of FD, and maturity instructions. You will be asked to authenticate the transaction through an OTP.
Alternatively, you can also invest through various apps. Here, you need to add the bank account details along with the details of amount, type of FD, and maturity instructions.
Offline Mode– You will have to visit the nearest branch of your bank or NBFC to open the account. Further, you must file an application form and submit it along with documents to the appropriate representative of the bank. You will receive an FD receipt on the opening of the fixed deposit account.
Scripbox’s FD calculator helps you to estimate the maturity amount and the interest you can earn. It also allows you to estimate the interest-earning using 2 investment approaches. Firstly you can estimate the maturity value by entering the principal amount you want to invest. Secondly, you can use the target amount approach. This way you can estimate how much you must invest today to earn the maturity amount. You simply need to provide the investment amount, duration, interest rate, and payout frequency.
By using a fixed deposit you can estimate your maturity amount and decide whether the FD investment will serve your investment objective or not. You can also use this FD calculator to compare the wealth gained with other investment options in a similar category. Scripbox provides a calculator for different investment options. You can use Scripbox’s fixed deposit interest calculator along with a debt mutual fund calculator and PPF calculator. And once you know the wealth expected to be gained at the maturity under each option, you can take the best-suited investment option.
You can close your FD account either after maturity or before maturity. Once the FD gets matured the amount is credited to your savings account and the FD scheme is closed. If you want to close your FD account before maturity then it will be a premature withdrawal and attract a penalty. Simply log in to your net banking or mobile account and go to fixed deposits. Now add a request to with from your fixed deposit scheme. The penalty will be deducted and the rest of the value will be credited to your savings account.
Every bank provides different interest rates in FDs. You can know about the interest rate on FD for each FD on our FD interest rate page.
The interest on a fixed deposit varies from one bank to another. It varies based on its type, tenure, and type of investor. You can find the FD interest rate on this page. If you want to calculate the FD interest on maturity you can use our FD calculator. The FD calculator helps you in estimating the maturity value along with the wealth to be gained on maturity
The eligibility depends on the type of entity. An Indian resident, NRI, Senior citizens along with minors are the individuals who are eligible. The non-individual eligible entities are Companies, Partnership firms, Societies, clubs. Trust and Sole proprietorship firms
Yes, the FD interest is taxable under the head income from other sources at the applicable income tax slab rate. FD interest up to Rs 50,000 is tax-exempt for a senior citizen. Further, you can claim a tax deduction against the investment in a tax-saving FD up to Rs 1.5 lakh.
Yes, you can get a secured loan against your FD investment up to 95% of the FD amount.
Yes, you can withdraw before maturity. However, a premature withdrawal will attract a penalty in the form of a reduced interest income.
No, after the investment is made the FD interest rate cannot change.
You can change your maturity instruction by either logging into your internet banking or mobile banking account or by visiting the nearest branch of the bank. Moreover, you cannot change the maturity instruction on the day of maturity. Hence, it is advisable to change the maturity instructions a few days before the maturity date.
The minimum amount varies from one bank to another. However, mostly it ranges from Rs 1,000 to Rs 5,000.
Yes, you can get monthly interest on FD. You will have to invest in a monthly payout fixed deposit.