Top 5 Fixed Deposit Schemes

When you have a surplus amount in hand, you might look for various options to invest your money. While some of the investments can be scary, Fixed Deposit is a safe method of investment with a guaranteed return after the date of maturity. It is one of the most popular and traditional investment instruments.

There are several banks and NBFCs that give good interest rate on your fixed deposits. You might be wondering which is the best one. CreditMantri has picked up the top 5 financial institutions that provide the best interest rate on fixed deposit schemes.

Top 5 Fixed Deposit Schemes

The banks and NBFCs change the interest rate according to the years of investment and plan. The following best 5 financial institutions are chosen based on 5 years of plan.

1. Shriram Transport Finance Fixed Deposit

·         Cumulative Deposit: The interest is paid at the time of maturity along with the principal amount. The minimum deposit is INR 5000. You can get up to 9.72% of interest per annum which is the highest interest rate when compared to other lenders. The senior citizens can get up to 10.08% interest rate per annum.

·         Non-Cumulative Deposit: Under this scheme, the interest is paid monthly, quarterly, half-yearly and annually intervals. The minimum deposit amount is INR 10,000. You can get up to 8.25% of interest per annum and the senior citizens can get 8.50% of interest per annum. Interest is paid through ECS/NEFT.

·         The deposits are accepted in multiples of INR 1000 subject to a minimum amount with respect to the plan.

2. Mahindra Finance Fixed Deposit

·         Dhanvruddhi Cumulative Scheme: You can get interest up to 8.56% and senior citizens get addition of 0.10% under this scheme.

·         Samruddhi Cumulative Deposits: Interest rate up to 8.78% and senior citizens get additionally 0.25% and Mahindra employees and relatives of the employees get 0.35% extra under this scheme. 

·         Samruddhi Non-Cumulative Deposits: Interest rate up to 7.35% and senior citizens get additionally 0.25% and Mahindra employees and relatives of the employees get 0.35% extra under this scheme. 

·         Your Fixed Deposit gets a high level of safety with ‘FAAA’ Crisil rating.

3. Bajaj Finance Fixed Deposit

·         The interest rate is up to 8.10% and senior citizens get 0.25% additional interest.

·         The tenure ranges between 12 to 60 months.

·         You can access the FD account online.

·         Fixed deposit calculator to check the returns after the maturity date

·         The minimum amount to open a Fixed Deposit account is INR 25,000.

4. HDFC Fixed Deposit

·         The interest rate ranges between 4.00% to 7.45%.

·         Senior citizens get the high-interest rate.

·         The interest accrued on the fixed deposit is taxable.

·         The rates are subject to change from time to time.

·         The interest is paid as per the rates for the respective tenors and dates.

·         Separate interest rate for Non-Resident Indians

5. ICICI Fixed Deposit

·         For less than a crore, you can get up to 6.75% of interest on your fixed deposit and the senior citizens get up to 7.25% of interest.

·         For investing more than a crore, you can get up to 6.50% interest.

·         You can withdraw after the maturity date or prematurely, but your interest rate is subject to change according to your withdrawal.

·         The minimum tenure for Non-Resident Indians is 1 year and the maximum is 10 years.

·         Penalty will be levied on pre-mature withdrawal.

Conclusion

Fixed Deposit can be placed in the single or joint name. Senior citizens across all banks get a good rate of interest. This investment scheme is one of the safest and risk-free ways to multiply your wealth. Choose the best financial institution matching your investment plan.