Fixed Deposits

The best gift your savings could ask for.

  • Fixed deposits

    Fixed deposits are term deposits offered by banks and NBFCs, ranging from 7 days to 10 years, at a fixed rate of interest. These deposits are secured up to Rs. 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

    Fixed Deposits allow customers to safely set aside their savings and earn a fixed rate of interest on them. Thus, allowing for a stable, risk-free return.

  • Eligibility:

    Anyone can open a fixed deposit with any bank, for any amount, and any duration as long as it’s over 7 days and under 10 years. There’s no income/employment criteria and the applicant need not have a high Credit Score. That said, there are a few basic requirements such as


    18 years and above.

    In case of a minor, the parents or legal guardian can open a Fixed Deposit on their behalf.


    A Citizen of India

  • Documents

    The actual list of documents varies from one bank to another. That said, here’s a list of the most common documents that are expected from all of them.

    Proof of Identity:

    PAN Card / Voter ID / Aadhaar Card / Passport / Driving License

    Proof of Address:

    Bank Account Statement / Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License

  • Rate of interest

    The interest rate on Fixed Deposits can go as high as 7.35%. These rates are subject to change in accordance to the latest RBI directives. Here are the various interest rates offered by different banks

  • Other details

    There are three types of Fixed Deposits:

    Cumulative Fixed Deposit:
    In this type of Fixed Deposits, the interest accrued is further reinvested in the next cycle at pre-fixed rates. The total Interest amount is paid as a lump sum along with the maturity amount at the end of the FD’s tenure.

    Non-Cumulative Fixed Deposit:
    In Non-Cumulative Fixed Deposits, the interest is dispensed off at regular intervals. This type of FD is useful for pensioners, freelancers and homemakers, etc, as it can act as a regular source of income.

    Tax Saving Fixed Deposit:
    Individuals can invest up to Rs. 1.5 lakhs every year under Tax-saving Fixed Deposits. This amount can be claimed as deductions under Sec 80C of the IT Act.

    However, interest earned on Tax Saving Fixed Deposits is taxable.

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