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Fixed Deposit

     Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period. There is great flexibility in maturity period and it ranges from 30 days to 10 years. The interest can be compounded quaterly, half-yearly or annually. Minimum deposit amount is Rs 1000/- and there is no upper limit. Loan facility is available against bank fixed deposits. Premature withdrawal is permissible but it involves loss of interest.

Things to Remember Before Opening a FD Account

     Check deposit receipts carefully to ensure that all details have been properly and accurately filled in. Do not leave the renewal column unfilled. Otherwise, on maturity the fixed deposit amount will go back into an FD. Before investing in a FD it is important to consider the rate of interest and the inflation rate. A high inflation rate can eat into your real returns. So, it is vital to have a look at the inflation rate before arriving at the real rate of interest.

How To Open a Bank Fixed Deposit Account

• Two passport size photographs
• Proof of residence i.e. Passport/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity card
• An introduction of the person from an existing account holder.
• PAN number / Declaration in form no.60 or 61 as per the Income Tax Act 1961.

Fixed Deposit Interest Rate
Sr. No.	Period	Normal As On 02/02/2023	Senior Citizen As On 02/02/2023
1	30 to 45 Days	4.00%	4.35%
2	46 to 90 Days	4.75%	5.10%
3	91 to 180 Days	5.00%	5.35%
4	181 to 365 Days	5.75%	6.10%
5	1 to 2 Years	7.00%	7.35%
6	Above 2 Years upto 5 Years	7.25%	7.60%
7	Above 5 Years upto 10 Years	7.00%	7.35%

 

New Scheme - Bulk Deposit Rs. 15 Lakh and above. 50 - Hasti Large RID
Sr. No.	Period	Normal As On 01/03/2023	Senior Citizen As On 01/03/2023
1	15 Months Only	7.50%	7.85%
2	27 Months Only	7.70%	8.05%