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When we start working, the majority of us try to save some money. Well, to create a corpus, one must start investing rather than saving. And as we speak of investing, one of the best ways is a Fixed Deposit account. As a matter of fact, a Fixed Deposit is one of the safes options in investment in which you can get consistent interest rates. Senior citizens who have a Fixed Deposit account can get special interest rates. Apart from this, an FD is in no way related to market-related risks. However, when you are going to open an FD or renew an existing one, you must compare the current FD interest rates in the leading banks in India. So, let us take a look at the Interest Rate for Fixed Deposits of the top banks in the country below INR 2 Crore.
|Name of the banks||For General Citizens (per annum)||For Senior Citizens (per annum)|
|State Bank of India||3.00% to 7.10%||3.50% to 7.60%|
|Punjab National Bank||3.50% to 7.25%||4.00% to 7.75%|
|IDBI Bank||3.00% to 6.75%||3.50% to 7.50%|
|HDFC Bank||3.00% to 7.10%||3.50% to 7.75%|
|IDFC First Bank||3.50% to 7.75%||4.00% to 8.25%|
|Canara Bank||3.25% to 7.00%||3.25% to 7.50%|
|Bank of Baroda||3.00% to 7.05%||3.50% to 7.55%|
|RBL Bank||3.25% to 7.80%||3.75% to 8.30%|
|ICICI Bank||3.00% to 7.10%||3.50% to 7.60%|
|Kotak Mahindra Bank||2.75% to 7.20%||3.25% to 7.70%|
|KVB Bank||4.00% to 7.50%||5.90% to 8.00%|
|Axis Bank||3.50% to 7.26%||3.50% to 8.01%|
When you go for a tax-save FD account, you get a maximum deduction of INR 1.5 lakh, under Section 80C of the Income Tax Act. The maximum deposit allowed is INR 1.5 lakh. This type of account comes with a lock-in period of 5 years. An additional interest rate is offered to senior citizens.
|Name of the Bank (Tax Saving FD)||For General Citizens (per annum)||For Senior Citizens (per annum)|
|Canara Bank Tax Saving FD||6.50%||7.00%|
|SBI Bank Tax Saving FD||6.50%||7.00%|
|PNB Tax Saving FD||6.50%||7.00%|
|HDFC Bank Tax Saving FD||7.00%||7.75%|
|IndusInd Bank Tax Saver Scheme||7.25%||8.00%|
|IDBI Bank Tax Saving FD||6.25%||7.00%|
|Union Bank of India Tax Saving FD||6.70%||7.20%|
|RBL Bank Tax Saving FD||7.00%||7.50%|
|Bank of Baroda Tax Saving FD||6.25%||6.90%|
|IDFC First Bank Tax Saving FD||7.00%||7.50%|
|Punjab and Sind Bank Tax Saving FD||6.25%||6.75%|
A Fixed Deposit Account comes with certain features. Some of them are mentioned herein below:
When you choose to open an FD account, you will come across various types of them. Some of the types of FD accounts are mentioned herein below:
The Fixed Deposit Accounts for senior citizens come with a bit different features than the Fixed Deposit Account for general account holders. Here are some of the features mentioned below:
To open an FD account in India, one has to be either of one of the following:
To open an FD account, you would need certain documents, such as:
These are some of the information that can help you in opening an FD account. Now you only need to contact your preferred bank and open the account to create the corpus you need. If you want to know the Fixed Deposit rates of the bank, you can use a Fixed Deposit calculator available online.
In most of the banks, interest on Fixed Deposits offered is 7.3%.
Yes Bank offers an 8% interest rate of FD to senior citizens.
The banks that offer the highest FD interest rates are Punjab National Bank, ICICI Bank, Axis Bank, HDFC Bank, etc.
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