Bank FD Rates

Fixed Deposit offer one of the best ways to secure your investment. It not only helps you to save money but also helps you to earn a good amount of interest in it. Bank FD interest rates help the depositor to get a good return on Investment over a fixed tenure. Under the fixed deposit scheme, the depositor deposits the money only once at the time of opening the account. The interest rates offered depends on the bank, deposit amount and the tenure you choose.

Features of Bank FD Rates

  • Assured Returns:

One of the main perks of investing in a fixed deposit account is that it assures returns. This means zero risks as compared to other forms of investments like mutual funds. On maturity, a fixed rate of interest will be paid on the investment amount.

  • Ease Online Process:

Non-banking financial companies like Finserv MARKETS provide a completely online process making the process of booking an FD, extremely easy. You can open FD account in a matter of a few minutes.

  • Higher rate of interest:

Fixed deposits enable customers to earn a higher FD rate of interest as compared to their savings account or any other form of term deposits.

  • Flexible Tenure:

You can choose to open a Fixed Deposit scheme for a period of 7 days to 10 years.

  • Multiple FD accounts:

You can book more than one Fixed Deposits at a given point of time. When you want to make an additional investment, you can always open a new FD account.

  • Tax Benefit:

You can claim for a tax exemption under Section 80C of the Income Tax Act of India for a sum of up to INR 1,50,000.

Bank FD Rates for Regular Citizens & Senior Citizens

Banks

FD Interest Rates

Senior Citizen FD Interest Rates

Tenure

Bajaj Finance

6.15% - 7.00%

6.40% - 7.25%

12 months to 60 months

PNB Housing Finance

5.90% - 6.70%

6.15% - 6.95%

12 months to 120 months

HDFC

5.75% - 6.25%

6.00% - 6.50%

33 months to 99 months

FAQs

  • ✔️Which bank offers the highest FD rates?

    A lot of banks in India offer an attractive rate of interest of Fixed Deposit schemes ranging from 5-7%. Bajaj Finance Fixed Deposit also provides a high rate of interest of 7.2%.

  • ✔️Which bank is best for FD 2021?

    Here are some of the best Fixed Deposit schemes for 2021.

    Company Name

    Tenure

    Interest Rate

    Housing and Urban Development Corp Ltd

    1 year

    9%

    Housing and Urban Development Corp Ltd

    2-3 years

    9.15%

    Kerala Transport Development Finance Corporation Ltd

    1 year

    8.25%

    Mahindra Finance

    3 years

    7.80%

    Shriram City Union Finance

    1 year

    7.50%

  • ✔️Which bank is safe for FD?

    Below are some of the safest bank for FD in India:

    1. HDFC Bank

    2. State Bank of India

    3. ICICI Bank

    4. Axis Bank

    5. Bank of Baroda

    6. Punjab National Bank

    7. Kotak Mahindra Bank

    8. IndusInd Bank

  • ✔️Is Bank FD tax free?

    The interest earned on Fixed Deposits is classified as 'income from other sources' and is subject to income tax. Hence, the income is added to the total income of the taxpayer, and the tax liability is as per the income tax slab.

  • ✔️Why do Bank FD Rates fluctuate?

    There are many factors which influence banks to either decrease or increase fixed deposit rates. Some are mentioned below:

    1. Deposit rates are linked to the rate of inflation.

    2. Prevailing liquidity scenario in the country.

    3. Demand and supply conditions.

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