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Fixed Deposit – Features of Best Fixed Deposit Rates in India

In the current times of recession, The Best Fixed Deposits are one of the most preferred investment alternatives, especially for the risk-averse section of investors including housewives and senior citizens. From banks to NBFCs0=to post office time deposits, investors have a wide scope of choices to opt from.

Best Fixed Deposits

However, other than best Fixed Deposit rates in India there are certain elements that make an FD plan worthy. You should be aware of all such factors and features before investing your funds in any particular scheme. You should know how to calculate fixed deposit interest and FD maturity amount and then make a viable decision keeping an account of all your financial objectives.

Let’s take a look at the features of best Fixed Deposit rates in India:

First and foremost factor on which the best Fixed deposit rates in India depends is your choice of FD provider as every provider offers different interest rates based on the tenure you choose. Later in this article, you can have a look at the best Fixed deposit rates in India offered by different banks, NBFCs and post offices.

Your principal amount or deposit: High interest comes from high deposits.

Deposit tenor: Longer the tenor higher would be the FD interest rates.

Rate of interest: A high percentage of FD interest rate offers a big amount of interest.

Type of deposit (Cumulative or non-cumulative): Cumulative FDs are preferred for greater interest.

Frequency of interest payout: You can compound your interest on per month, quarterly, half-yearly or on an annual basis with Bajaj Finance Fixed Deposits. However, compounding your FD interest rates frequently might decrease the amount of interest you earn.

Type of customer (Senior citizen, new or existing customer): FD interest rates for senior citizens are always higher as compared to regular customers. For instance: Bajaj Finance Fixed Deposits offer an additional 0.25% interest to senior citizens.

How to Calculate Fixed Deposit interest using Bajaj Finance FD calculator?

Bajaj Finance FD calculator is an automatic instrument with the help of which you can easily determine the interest earned on your deposits. Using it is very simple, all you need to do is:

  1. Choose your customer type – New or Existing Customer or Senior Citizen
  2. Select the type of Fixed Deposit you want – cumulative or non-cumulative
  3. Select the amount of your fixed deposit
  4. Select the preferred term of fixed deposit

And done, you can see your FD interest calculated automatically. With the help of Bajaj Finance online FD calculator, you can easily comprehend which bank or NBFC provides the best interest on tenure chosen by you and thus make sure you get the best out of it.

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Best Fixed deposit rates in India offered by Small finance banks
Fixed deposit accounts are offered by almost all the banks. In the past, depositors had rushed to co-operative banks as they offered higher returns but the interest offered by small finance banks are competitive and at par with the bigger banks now.

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
AU Small Finance Bank 6.75 7.3 7.53  7.25 15-Apr-20 
Equitas Small Finance Bank 7.25 7.75 8 6.75 06-Apr-20
Fincare Small Finance Bank 6.75 7.75 8.5 9 23-Mar-20
Jana Small Finance Bank 7.5 8.15 7.75 8.25 03-Mar-20
Suryoday Small Finance Bank 7.75 8 8.25 9 02-Apr-20
Ujjivan Small Finance Bank 7 8 8.1 7 19-Dec-19

 

Best Fixed deposit rates in India offered by Public sector Banks

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
Bank of Maharashtra 5 5.75 5.5 5.5 07-Apr-20
Bank of Baroda 5 5.7 5.7 5.7 09-Apr-20
Bank of India 5.5 6 5.9 5.9 10-Apr-20
Canara Bank 5.5 5.85 5.85 5.8 07-Apr-20 
Central Bank of India 5.15 5.7 5.7 5.7 01-Apr-20
IDBI Bank 5.5 5.85 5.8 5.9 01-Apr-20
Indian Bank 5.5 5.9 5.8 5.8 01-Apr-20
Indian Overseas Bank 6.1 6.2 6.1 6.1 01-Apr-20
Punjab National Bank 5.6 5.8 5.8 5.8 01-Apr-20
Punjab & Sind Bank 5.75 5.85 5.85 5.85 06-Apr-20
State Bank of India 5 5.7 5.7 5.7 28-Mar-20
UCO Bank 5.55 5.85 5.85 5.8 10-Apr-20
Union Bank 5.5 5.9 5.75 5.8 31-Mar-20

 

Best Fixed deposit rates in India offered by Private sector banks

Bank Names <1 Year >=1 to <=2 2 to <=3 3 to <=5 W.E.F
Axis Bank 6 6.1 6.1 6.1 20-Apr-20
Bandhan Bank 5.4 6.75 6.75 6.6 13-Feb-20
Catholic Syrian 5.5 6 6 6 01-Apr-20
City Union Bank 5.8 6 5.9 5.9 06-Apr-20
DCB Bank 6.65 7.5 7.6 7.5 09-Mar-20
Dhanlaxmi Bank 5.75 6.4 6.25 6.15 08-Apr-20
Federal Bank 5.75 6.25 6.25 6.25 20-Apr-20
HDFC Bank 5.5 5.8 6 6 15-Apr-20
ICICI Bank 5.5 5.8 6 6 03-Apr-20
IDFC First Bank 7 7.5 7.25 7.25 01-Jan-20
IndusInd Bank 6.25 6.75 6.75 6.75 24-Mar-20
J & K Bank 5.25 5.75 5.75 5.5 31-Mar-20
Karnataka Bank 5.8 6 5.9 5.9 04-Apr-20
Kotak Bank 5.5 5.8 5.5 5.5 20-Apr-20
Karur Vysya Bank 5.9 6.25 6.3 6.3 12-Feb-20
Lakshmi Vilas Bank 6.5 7.25 6.75 6.5 01-Apr-20
RBL Bank 6.65 7.2 7.25 7.15 01-Mar-20
South Indian Bank 6 6.55 6.4 6.4 21-Feb-20
Yes Bank 7.15 7.5 7.5 7.25 25-Oct-19

 

Best Fixed deposit rates in India offered by Post Office

Deposit tenure  Post Office FD rates (p.a)
1 year 6.90%
2 years 6.90%
3 years 6.90%
5 years 7.70%

 

Best Fixed deposit rates in India offered by NBFCs 

Apart from all the banks and post offices, Non-banking financial companies ie.NBFCs also provide the facility of opening an FD account. Below is the list of highest FD rates offered by top NBFCs in India. 

Name Rating Period Rate of Interest
Bajaj Finance Ltd FAAA by CRISIL, MAAA by ICRA 4 years and above 7.85%
GRUH Finance Ltd AAA by CARE and FAAA by BWR 1 year 7.25%
DHFL Aashray Deposit Scheme FAAA by CRISIL, MAAA by ICRA 1 year 7.70%

 

With ICRA’s MAAA (stable) rating and CRISIL’s FAAA (stable) rating, Bajaj Finance Fixed Deposits tops the list of company FDs in terms of credibility and reliability. Also, it is the only Indian NBFC with an international rating of ‘BBB’ by S&P Global. 

Apart from one of the highest interest rates in the market, Bajaj Finance FD provides you with several value-added features and benefits such as flexible tenor options, the facility of loan against deposit, online application process etc. 

You can start investing in Bajaj Finance Fixed Deposits with a minimum deposit of Rs. 25,000 and enjoy interest rates up to 7.85%.

Author Bio:

Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story.

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Guhur Muktar

I am an SEO expert, writer and blogger with a strong passion for writing. I shares opinions and opinions on a range of topics such as technology, reviews, design, Android, gadget and many more...

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