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Fixed Deposit - Overview

A fixed deposit or FD is an investment product offered by banks and Non-Banking Finance Companies (NBFCs). In FDs, you invest for a set amount of time and get a fixed interest rate.

You know at the time of investing what interest rate you will get and how much money you will receive at the time of maturity. You also get an option of selecting regular payout of interest.

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Fixed Deposit - Features & Benefits

The following are the key features of fixed deposits:

  • The investment tenure of FDs ranges from one day to several years, and it varies across banks
  • The return on investment is compounded periodically, and it may be monthly, quarterly, or annually
  • Senior citizens are provided with slightly higher returns (0.5% higher)
  • Partial or full withdrawals are permitted (with penalties)
  • Taxpayers can invest in tax-saver FDs to save taxes under Section 80C
  • Once the investment matures, investors can reinvest for another term
  • Loan against FDs are available
  • Investors will accumulate higher returns if they invest for a more extended period

The following are the key Benefits of fixed deposits:

  • Returns are assured as they are not tied with the market
  • At times of financial emergencies, one can avail a loan against their FDs
  • Investment is safe as banks and other financial institutions are always under the purview of the Reserve Bank of India (RBI)
  • Compounded interest makes your investment grow at a much faster rate
  • Premature withdrawals are allowed, so you will always have a corpus to fall back on at times of crisis

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Fixed Deposit - Eligiblity

The following eligibility criteria are applicable to open an FD account in India. There may be additional criteria that are bank-specific.

  • Individuals who are resident Indians
  • Joint account by two or more Individuals
  • Senior citizens
  • Minors
  • Blind people
  • Illiterate people
  • Non-Resident Indians (NRIs)
  • Sole proprietorship companies
  • Societies, trusts, clubs, associations, etc
  • Religious and educational institutions
  • Companies
  • Partnership firms

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Fixed Deposit - Required Documents

  • Proof of Identity
    • Passport
    • PAN card
    • Voter ID
    • Driver’s license
    • Aadhaar card
  • Proof of Address
    • Passport
    • Aadhaar card
    • Bank statement with a cheque
  • Proof of Date of Birth
    • Service discharge certificate
    • PAN card
    • Aadhaar card
    • Voter ID

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Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

A fixed deposit (FD) is a financial product given by the banks to its customers at an interest rate higher than that of a regular savings account. It is a type of investment in which an account holder deposits a certain amount with the bank at a fixed interest for a fixed period. On this amount, the bank provides the customer interest until it reaches its maturity.

The following people are eligible to invest in a fixed deposit:

  • Residents
  • Hindu Undivided Family (HUF)
  • Group Companies, Limited Companies, Partnership Firms
  • Sole Traders
  • Associations, Clubs and Societies
  • Family Trusts
  • Minors (through their natural or legally appointed guardian)

There is no maximum limit to invest in a FD account; however, it may vary from one bank to the other. The depositors who invest an amount above Rs. 1 crore on fixed deposit can get customized interest rates from their bank.

In fixed deposit, the customers can choose to fix their money from 7 days to 10 years.

In fixed deposit, the customers can choose to fix their money from 7 days to 10 years.

Interest frequency depends on FD plan. For re-investment plan, interest is paid at maturity along with the principal, whereas for traditional FD, interest payout is done monthly, quarterly or periodically basis the customer’s choice.

Most banks give you the option to withdraw your FD before maturity in cases of emergencies. Early withdrawal will carry a small penalty charge and forfeiture of interest for the remaining duration. Premature withdrawal of tax-saving FDs are not permitted.

Individuals whose interest earnings are less than ₹40,000 per annum (₹50,000 for senior citizens) can avail TDS exemption. Investors can submit Form 15G, while senior citizens will have to submit Form 15H.

higher interest rate for high-value deposits for certain maturities. Please visit our interest rate page for further details.

In case of tax-saving fixed deposit plans, you can only deposit sums up to Rs. 1.5 Lakh.

How To Apply

  • 1. Visit our website at www.loanmani.com
  • 2. Select your Fixed Deposit
  • 3. Submit your application
  • 4. Provide the necessary documents and information as requested.
  • 5. Wait for our quick approval process to confirm your loan.
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