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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.
The following are the key features of fixed deposits:
The following are the key Benefits of fixed deposits:
The following eligibility criteria are applicable to open an FD account in India. There may be additional criteria that are bank-specific.
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:
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.
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