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

    Age:

    18 years and above.

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

    Nationality:

    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.

Check loan status, interest & Installment.

Image

Why choose us

Client likes seeing our work skills

  • Easy to Understand Process

    Our Step completion process is very easy to understand and we collect only the required data from the customers.

  • Quick Loan Application In 10 Mins

    Through PrimeLoan's Quick Apply process, you can complete your loan application well under 10 mins

  • 40+ Banking Partners to Choose from

    PrimeLoan has partnered with 40+ leading banks and lending institutions to provide you the best loan offer with lowest possible interest rate.

  • Instant Loan Eligibility Check

    Know whether you are eligible for loan processing or not even before submitting your application, without any wait.

  • 100% Online Application Process

    Our loan application process is fully digital and secure, you don't have to make any physical visits to any banks.

  • No Annoying Phone Calls

    Know whether you are eligible for loan processing or not even before submitting your application, without any wait.

Ready to get started ?

Speak to a PrimeLoan specialist at +91-81-7700-7070