Fixed Deposit for Women – Check Interest rates, Eligibility and Benefits

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With the changing times, the perspective of women in society has experienced a sea change. From being labelled as a housewife to someone who has reached space, women have proved their mantle in far-reaching ways. A similar paradigm shift is also seen in insurance and investments, where women earlier had an insignificant role to play. Now, women are not only vocal about such matters but are also participating keenly to secure their future and to be financially independent throughout life.

Like their male counterparts, it is equally important for women to look for different options of investments along with earning a handsome salary. They should try to enhance their savings so that post retirement, they have a financial cushion. Although there are varied schemes and investment products that a woman can choose to invest in, fixed deposit plans are an all-time favorite of both men and women looking for safe and secure investments with guaranteed returns.

A fixed deposit offers the investor the principal amount invested along with the accrued interests at the end of the policy term. It also offers many other lucrative benefits like the facility of an overdraft, premature withdrawal, loan against the FD amount, and tax exemptions.

With so many interesting advantages, FDs have become the most sought-after policies for women in India. Be it the modern and liberal women from the urban areas or the women from rural regions seeking a secure future, everyone wants to invest in FDs. Hence, some reputed financial institutions and banks have launched rewarding FD schemes designed particularly for women to enhance their earnings and inculcate the habit of savings.

Let us take a look at these policies in this post:

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3 Top Fixed Deposit Schemes for Women in India

1. Bharatiya Mahila Bank Fixed Deposit Scheme:

Established in 2012, the Bharatiya Mahila Bank (BMB) envisions empowering women and society’s weaker sections in India. The bank offers three kinds of FD schemes for women: BMB Simple FD, BMB Cumulative FD, and BMB Tax Benefit.

The table below shows different FD rates for women and durations of the FD schemes offered by Bharatiya Mahila Bank:

Tenure 

ROI of INR 1 crore (FD amount) and above

ROI on FD amount below INR 1 Crore

7-14 Days

5.00%

5.00%

15-29 Days 

5.00%

5.00%

30-45 Days

5.00%

5.00%

46-60 Days

5.00%

5.00%

61-90 Days 

5.00%

5.00%

91-179 Days  

6.50%

6.50%

180-270 Days

6.50%

7.00%

271 days to below 1year 

6.50%

7.00%

1 Year

7.00%

7.25%

Above 1 Year to below 3 Years

NA

7.25%

3 years to below 5 Years

NA

7.00%

5 Years to 10 Years

NA

7.00%

Eligibility Criteria to avail of Bharatiya Mahila Bank FD

The BMB FD can be availed by any working woman, irrespective of government or private job. Also, it can be availed by those who own a business or are housewives

  • The FD should be opened in the name of the woman holding an account in the bank
  • If it is a minor girl child, the BMB account can be opened under a guardian
  • A BMB FD account can also be opened by a trust with women as trustees who also hold the signing authority
  • The Bharatiya Mahila Bank FD is also offered to non-resident Indian (NRI) women

Benefits of availing Bharatiya Mahila Bank FD

These FDs are available with a high rate of interest and flexible duration

  • They are available with a nomination facility
  • The account holder can avail loan of up to 85% of the FD amount under Bharatiya Mahila Bank FD
  • They can also avail of tax benefits as applicable to women’s FD accounts
  • Women in the category of senior citizens (60 years and above) can receive an additional 0.50% interest rate on FD
  • Besides, these FD accounts come with auto-renewal and partial withdrawal options

2. Bajaj Finance Fixed Deposit for Women

Another option for women investors to invest in an FD is to open an account with Bajaj Finance Fixed Deposit schemes. These schemes are available for 12 to 60 months of tenure.

Tenure 

Minimum investment 

Rate of Interest

12-60 months

INR 25,000

5.65% – 6.50%

Eligibility to avail of Bajaj Finance Fixed Deposit for Women

  • Bajaj Finance FD can be availed by any working woman (government as well as private job), those who own a business, run a trust, etc.
  • A minor girl child can open the FD account under a guardian
  • Also, females in the category of senior citizens, women in the ex-service category, or widows can open Bajaj Finance FD accounts at an extra rate of interest

Benefits of Bajaj Finance FD for Women

  • These FD accounts allow flexibility of tenure and let the women choose the FD term as per need
  • They are available with a minimum investment amount of INR 25,000 to start the FD
  • Further, the account holder can avail tax exemptions u/s 80C of the Income Tax Act, 1961
  • The women can avail of a loan facility in a hassle-free manner for up to 75% of the deposited amount

3. DHFL Swayamsidha Deposit for Women

DHFL provides a women-specific FD scheme named ‘Swayamsidha’. The rate of interest offered under this plan is 7.80% p.a. and is specially designed for women customers. The table below mentions the scheme details:

Details for deposits less than INR 50 Lakhs

Tenure (in months)

Min. Deposit (in INR) Cumulative  Non-Cumulative

Privilege customers 

Monthly/Quarterly/ Half Yearly/Yearly

18

10,000 8.85% 8.45/8.50/8.65/8.85 respectively

Extra 0,25%

Details for deposits of INR 50 Lakhs and above

Tenure (in months)

Min. Deposit (in INR) Cumulative  Non-Cumulative

Privilege customers 

Monthly/Quarterly/ Half Yearly/Yearly

18

10,000 9.10% 8.70/8.75/8.95/9.10, respectively

Extra 0,25%

Eligibility to avail of DHFL Swayamsidha Deposit:

  • The FD scheme is available only for women customers
  • In the case of a minor girl child, the scheme can be availed under a guardian
  • If it is a joint account, the female should be the primary beneficiary, and the second account holder can be a man. Three is the maximum number of joint account holders allowed under DHFL scheme

Benefits of DHFL Swayamsidha Deposit

  • Privileged account holders like senior citizens (women), armed forces personnel, widows, and loan borrowers can enjoy an extra DHFL FD rate of interest of 0.25%
  • Loan facility against the FD is available for women up to 75% of the deposited amount
  • The scheme further offers free coverage on accidental death insurance of INR 1 lakh
  • In addition, the scheme offers a tax exemption of INR 5,000 on the interest earned
  • It further allows the customers to renew the deposit at maturity in case the account holder makes a request 6 months before the date of maturity.

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To Sum Up

As discussed above, various beneficial FD schemes are offered by different insurers for women. Women can use an FD calculator to estimate FD interest rates and choose the best plan. The FD interest calculator is an exclusive and beneficial tool that allows women to compare and calculate the FD rates of various insurance providers.
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FAQs: Check Interest rates, Eligibility and Benefits of Fixed Deposit Schemes for Women

Is TDS applied for homemakers with an FD account?

Yes. If the income is INR 10,000 or above, TDS will be applied to the FDs of homemakers.

Can a women’s FD in a bank be broken by a nominee?

Till the time the account holder of the FD is alive, no nominee can break an FD amount.

Can an FD account be opened only by women in Bhartiya Mahila Bank?

No. though women are given more preference, anyone can open an FD account in Bhartiya Mahila Bank.

Are the rules of tax exemption similar for women FD account holders?

Yes. At present, no specific tax exemption rules are there for women.

Are there any FD schemes for women in India?

Yes, many insurers offer women specific FD plans to cater to their needs.

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Aug 29, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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