Fixed Deposit Schemes In India

Fixed Deposits are a low-risk financial product offered by banks, post offices, and non-banking financial companies (NBFCs). A fixed deposit can last anywhere from seven days to ten years, and it allows you to invest your money for a certain amount of time while earning interest. However, all fixed deposit providers provide different rates on FDs. Let's take a look at some of the best fixed deposit schemes offered by Indian insurance providers. 

Fixed Deposit Schemes In India

Here is the list of best fixed deposit schemes for your convenience. 

• HDFC Bank Fixed Deposit 

The HDFC Bank FDR is one of the most significant fixed deposit schemes available, offering a nice mix of high returns and security. HDFC offers FD rates ranging from 2.50 per cent to 5.50 per cent on deposits with terms ranging from 7 days to 10 years. Regular Fixed Deposits, Senior Citizens FDRs, FCNR Fixed Deposits, and 5-year Tax Saving Fixed Deposits are some of the most popular HDFC deposit schemes. The bank also offers a loan overdraft facility against FDs, giving anyone who wants to open an FD account with the bank a liquidity option.

• ICICI Bank Fixed Deposit

The ICICI Bank fixed deposit is a safe, secure, and profitable investment choice that comes with several advantages, including guaranteed returns, government insurance, loan borrowing, and a variety of fixed deposit tenure options. The bank offers adjustable FDs with terms ranging from seven days to ten years. Apart from that, ICICI Bank FD offers fixed deposit yields ranging from 2.50 per cent to 5.50 per cent regularly. Fixed deposit interest rates for senior citizens range from 3.00 per cent to 6.30 per cent. Furthermore, ICICI Bank fixed deposit plans provide customised fixed deposit options for a variety of fixed deposit customers.

• Axis Bank Fixed Deposit

Fixed Deposits (FDs) from Axis Bank are a safe and easy way to grow your money. You can open an Axis Bank Fixed Deposit online from anywhere in the world and save a minimum of Rs. 5,000 for a flexible period ranging from 7 days to 10 years. It allows you to move money from your savings account to your fixed deposit with ease. Moreover, you can have your fixed deposit interest credited to a chosen account or paid out to a separate account with Axis Bank's automatic roll-out feature. 

• Kotak Mahindra Bank Fixed Deposit

For deposit tenure, the Kotak Mahindra Bank offers a variety of alternatives. Fixed deposit interest rates start at 2.50 per cent per annum and go up to 5.30 per cent per annum. The bank also lends loans to depositors in exchange for their Kotak Mahindra Bank FDs. The bank can offer loans on deposits held in minors' names as well. However, relevant paperwork is required to support your application. At the depositor's request, the bank can arrange the early renewal of fixed deposits. By requesting for premature closure of a current term deposit, the depositor can renew a fixed deposit. Suppose the deposit is renewed for a term longer than the initial deposit's balance period. In that case, he/she will be eligible for the interest rate in effect on the date of renewal.

Endnotes

Fixed deposits are a safe investment opportunity that offers stable interest rates, special rates for elderly citizens, a variety of interest payment methods, earning tax benefits and no market risk. It is worth remembering that before forming a new fixed deposit or renewing an existing one, it is crucial to evaluate the latest fixed deposit rates offered by the country's leading banks.

Also read 

Term Insurance Or FD, Which Is A Better Option?

5 Best Long Term Investment Options In India

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.