Fixed Deposit is a secure way to save money in India, and FD is a safe investment scheme to earn higher interest.
What is a FD Account?
Fixed Deposit is the best scheme to grow your funds in fixed terms. This type of Deposit is also called FD, and banks pay a specific interest rate for parked money for a fixed period.
Features and benefits of Fixed Deposit accounts
- Assured Returns:- User will get the same interest rate that was agreed upon when opening FD.
- Interest rate: The interest rate on an FD is based on the plan you choose. However, banks pay fixed interest rates on FDs.
- Flexible Tenure:- Banks offer different FD Plans that start from 7 days to 10 years.
- Investment Return:- In Fixed Deposit, the interest you will earn is based on the selected scheme of FD. If you choose a higher term of FD, you get a higher return.
- Loan against FD:- Instead of closing FD in dire need of money, you can get a loan against Fixed Deposit.
Top 10 Indian Banks Fixed Deposit Interest Rates in 2022
|Banks Name||Interest Rates for General Citizens||Interest Rates for Senior Citizens|
|State Bank of India FD||5.30% to 5.40%||5.80% to 6.20%|
|ICICI Bank FD||2.50% to 5.50%||3.00% to 6.00%|
|HDFC Bank FD||2.50% to 5.60%||3.00% to 6.35%|
|Punjab National Bank FD||2.90% to 5.25%||3.50% to 5.75%|
|Canara Bank FD||2.90% to 5.40%||2.90% to 5.90%|
|Axis Bank FD||2.50% to 5.75%||2.50% to 6.50%|
|Bank of Baroda FD||2.80% to 5.25%||3.30% to 6.25%|
|IDFC Bank FD||2.50% to 6.00%||3.00% to 6.50%|
|Bank of India FD||2.85% to 5.05%||3.35% to 5.55%|
|Punjab and Sind Bank FD||3.00% to 5.30%||3.50% to 5.80%|
1. Is FD better?
Ans: Yes, FD is better. Customers earn higher interest than savings accounts in a short-term scheme.
2. What are the documents required for Fixed Deposit?
Ans: following documents are required for FD:-
- PAN card
- Aadhaar card
- Driving license
- Voter ID card
3. Is PAN compulsory for FD?
Ans: People who cash deposit or withdraw more than 50,000 rupees in an FD account need a PAN card.