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Best FD Schemes in India

Updated On Sep 01, 2021

Compared to a conventional savings account, a fixed deposit (FD) is one of the safest investment options because it pays a greater interest rate. Over a set length of time, interest is accrued on the deposited amount. The rate of interest is determined by the type of lender (public sector, private sector, or small finance banks). Fixed deposit systems have a variety of term options. Investors can select the duration that is most convenient for them. Once an amount has been deposited at a given interest rate, it is unaffected by subsequent changes in interest rates. Moreover, you can easily liquidate your FD and obtain funds in the event of an emergency. Let's look at some of the top fixed deposit options available from Indian insurance companies.

Best FD Schemes in India

For your convenience, we have compiled a list of the top fixed deposit schemes.

  • Kerala Transport Development Finance Corporation (KTDFC) FD

Kerala Transport Development Finance Corporation Ltd offers two different KTDFC fixed deposit programmes, both of which are guaranteed by the Kerala government. These schemes offer investment options that protect customers' money while also increasing its value. Term deposits with a three-year maturity period earn a profitable rate of 6.00 per cent per annum. The interest rate offered to senior citizens is 6.25 per cent per annum. KTDFC FD rates are advantageous for senior individuals, making these FD schemes even more appealing to investors. All FD schemes are subject to TDS. Periodic Interest Payment Schemes (PIPS) and Money Multiplier Schemes (MMS) are also available.

  • HDFC Bank Fixed Deposit

HDFC Bank offers three different types of domestic fixed deposit schemes to its customers, each aimed at different investor needs. The bank pays consumers interest on these programmes based on the current HDFC FD rates. Deposits of up to Rs. 5 CroreS can be made domestically. HDFC Bank NRI Deposits are available to NRI customers. HDFC Bank offers fixed deposit terms ranging from seven days to ten years. For deposits smaller than Rs. 2 Crores, rates range from 2.75 per cent to 5.50 per cent for the specified duration.

Must read: Life Insurance or Fixed Deposits? Which Is Better?    

  • SBI Fixed Deposits 

Fixed deposits from SBI are among the safest investing options accessible. Customers can invest their money in one of six different types of fixed deposit programmes offered by the bank. These programmes offer competitive SBI FD interest rates, allowing investors to earn considerable profits. The minimum deposit amount is Rs. 1000, and there is no upper limit. SBI also offers Non-Resident Indians (NRIs) four different types of accounts with which they can open a fixed deposit (FD).

  • Mahindra Finance FD Scheme 

Mahindra & Mahindra Finance Services Ltd. is a renowned Non-Banking Financial Company (NBFC) that allows its customers to invest in fixed deposits and receive higher interest rates. For both cumulative and non-cumulative alternatives, Mahindra Finance offers the Samruddhi Scheme (online and offline). Deposits of up to Rs 1 crore are accepted in both programmes. Cumulative plans are those in which the interest is calculated quarterly or half-yearly and paid at maturity. Non-cumulative plans pay interest monthly, quarterly, half-yearly, or yearly, depending on the depositor's preference. There are a variety of interest payment alternatives available.

  • LIC Housing Finance FD

Under the name of ‘Sanchay,' the LIC Housing Finance FD proves to be a potential investment alternative. Residents of India, NRIs, Co-operatives, Private Companies, Trusts, and others can participate in the LIC Fixed Deposit Sanchay. Customers can choose between cumulative and non-cumulative investing alternatives, giving them more freedom. The finance company offers its customers the option of taking out a loan against their LIC fixed deposit programme. Customers in the Sanchay plan can also opt-out before the scheme's maturity date.

Take Away

An FD is a safe investment option for risk-averse investors looking for a predictable way to grow their money. You can receive the best FD rates, choose from a variety of tenures, and choose from a variety of periodic payouts. In addition, you will receive assured profits that are not affected by market volatility.

Also read: How Are Annuity Plans Different From Fixed Deposits?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.      

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