745
6 min read
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:
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% |
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
These FDs are available with a high rate of interest and flexible duration
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% |
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:
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% |
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% |
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.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
Yes. If the income is INR 10,000 or above, TDS will be applied to the FDs of homemakers.
Till the time the account holder of the FD is alive, no nominee can break an FD amount.
No. though women are given more preference, anyone can open an FD account in Bhartiya Mahila Bank.
Yes. At present, no specific tax exemption rules are there for women.
Yes, many insurers offer women specific FD plans to cater to their needs.
PayBima Team
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.
The Social Security Pension Management Information System (SSPMIS) Mukhyamantri Vridhjan Pension Yojana is the Bihar Government’s social security scheme. This scheme was initiated to offer.
Filing the ITR within the due date is very important. By doing so, taxpayers can evade penalties and other consequences due to not filing or.
In India, many opt for life insurance as a smart move to protect themselves and their families, given the unpredictable future. It's a practical step,.
Taxpayers can claim tax deductions under section 80DDB of the Income Tax Act, 1961, on the treatment expenses of certain specified diseases. This deduction can.
In most cases, House Rent Allowance (HRA) is a part of employees' salary and they can claim an exemption for HRA. Hence, if an employee.
Taxes are important for the financial well-being and the good governance of a country. Without taxes, the functioning of the country gets disturbed. The tax.
When joining a new organization in the middle of a fiscal year, employees need to fill out Form 12B. This form informs the new employer.
Payment of Income Tax is directly related to the economy of a country. Hence, every taxpayer in India is expected to pay income tax responsibly.
You may already know that a rental income or the money earned from renting a property is subject to TDS or tax deducted at the.
We know that almost every individual owns a savings bank account. We also know that the interest earned on your savings accumulated in a savings.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue