Compare Fixed Deposit by Different Banks

Fixed Deposit is a kind of Term Deposit with higher interest rate (as compared to regular savings account) and because of high interest rate and low risk, it's quite a popular investment choice in India. The interest rate is fixed for the whole maturity period and, it's usually considered as an extremely safe investment.

The interest rates differ bank to bank and also on the maturity period (usually longer period means higher interest rate). The interest is compounded quarterly (every three months) in most banks. Fixed Deposits have very low liquidity, and, you're not supposed to withdraw any amount before maturity date. If you do, a penalty may be applied and the interest rate will be reduced. We at RupayaBazaar.com provide you all information regarding fixed deposits. Thus, we recommend our viewers COMPARE BEFORE OPEN FIXED DEPOSIT.

  Bank General Rates Senior Citizen Rates For More Detail
  Allahabad Bank 4.00% - 6.60% - More Detail
  Andhra Bank 4.00% - 6.75% 4.50% - 7.25% More Detail
  Axis Bank 3.50% - 6.75% 3.50% - 7.25% More Detail
  Bank of Baroda 4.50% - 6.65% 4.50% - 7.15%  More Detail
  Bank of Maharashtra 4.25% - 6.50% 4.25% - 7.00%  More Detail
  Canara Bank 4.20% - 6.75% 4.70% - 7.25%  More Detail
  Citibank 3.00% - 5.25% 3.50% - 6.75%  More Detail
  Corporation Bank 5.00% - 6.60% 5.50% - 7.10%  More Detail
  Dena Bank 4.00% - 6.50% 4.50% - 7.00% More Detail
  Federal Bank 3.50% - 6.80% 4.00% - 7.30% More Detail
  HDFC Bank 3.50% - 6.75% 4.00% - 7.25% More Detail
  ICICI Bank 4.00% - 6.75% 4.50% - 7.25% More Detail
  IDBI Bank 4.25% - 6.75% 4.25% - 7.25% More Detail
  Indian Bank 4.00% - 6.50% 4.50% - 7.00% More Detail
  Indian Overseas Bank 4.00% - 6.75% 4.50% - 7.25% More Detail
  IndusInd Bank 4.00% - 6.85% 4.50% - 7.35% More Detail
  Karur Vysya Bank 5.00% - 7.00% 5.00% - 7.50% More Detail
  Kotak Bank 3.50% - 6.60% 4.00% - 7.10% More Detail
  PNB 4.00% - 6.60% 4.50% - 7.10% More Detail
  RBL Bank 5.00% - 7.30% 5.50% - 7.80% More Detail
  SBI 5.50% - 6.50% 6.00% - 7.00% More Detail
  Syndicate Bank 4.50% - 6.50% 5.00% - 7.00% More Detail
  Union Bank of India 5.00% - 6.75% 5.50% - 7.25% More Detail
  Vijaya Bank 4.00% - 6.50% 4.50% - 7.00% More Detail
  Yes Bank 5.00% - 6.75% 5.50% - 7.25% More Detail

 

Important Things to Look Before Opening a Fixed Deposit

 

  1. Interest on term deposits is paid by a bank based on the period of deposit. The bank normally pays higher interest for longer term deposits. So try to invest in fixed deposits for a longer time period.

  2. The banks have full discretion to fix the interest rates on deposits. As the interest rates vary from time to time depending on market conditions, make sure, you have selected the fixed deposit scheme that is guaranteed to provide agreed returns.

  3. Beware that changes made in the interest rates from time to time by a bank do not alter the interest paid on the existing deposits. So you cannot argue with bank to provide returns at current rate.

  4. Interest payments are made on a quarterly basis even when the banks quote a certain percentage of interest per annum for a given period of time.

  5. The depositor can either collect interest on every quarter or its discounted value at monthly rests or avail quarterly compounding benefits. He can also avail quarterly compounding benefits and receive the principal amount plus interest on maturity.

  6. RBI has now allowed banks to quote higher rates of interest for individuals who deposit more than Rs.15 lakhs. So take advantage of such schemes.

  7. For premature encashment of deposits, the bank is at their discretion to levy a penalty to the depositor. Banks generally pay interest to the depositor for the period which deposit has been kept with the bank and penalty can be charged for premature withdrawal. Learn about this before opening a fixed deposit.

  8. Banks can allow loans against the fixed deposits. The bank can decide on the margin retained over the deposit outstanding and interest rate charged. This may vary from bank to bank. Inquire about the interest rates on such loans.

During uncertain times of money markets, people tend to invest their money in term deposits to avoid further losses. In short, fixed deposits are only recommended if you are looking for a low risk investment with periodical guaranteed returns.

FAQ on Fixed Deposit

Any individual or institution is eligible to apply for the account.
You can get a bank FD at any bank. You have to open an FD account with the bank to make the deposit. Some banks may also insist that you maintain a savings account with them to operate an FD account. When you open the FD account, you are issued a deposit receipt or an account statement. This statement can be updated, depending on the duration of the FD and the frequency of interest calculation. Make sure you check deposit receipts carefully to see that all particulars have been properly and accurately filled in.
Apart from the fixed rate of return on your FD investment, you can withdraw the FD at any time before maturity without any difficulty. You can avail loans up to 85 percent of the principal, that is, the amount you invested in the FD. You can also avail of a loan with overdraft facility from the bank against the FDs.
The minimum deposit amount required for the FD account is Rs 1,000. There is no fixed multiple or upper limit.
Yes, an FD can be closed before its original term. If the FD is closed before completing the original term of the deposit, the interest will be paid as per the interest rate applicable on the date of deposit, for the period the deposit has remained with the bank. Some banks may also charge a penal rate of interest as prescribed by the bank on the date of deposit.
Yes, senior citizens get higher interest rates on their FDs.
Tax is deducted at source on the interest accrued on FDs as applicable, as per the Income Tax Act, 1961.
You can deposit money for a period as short 15 days to as long as 10 years.