Fixed Deposit for Women

Along with earning a paycheck, women must look for investment options and increase their savings for the future. Of all the investment options available, fixed deposits remain one of the preferred options for their guaranteed returns during its term.

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  • Tax Free Returns Unlike FD+

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At the end of the term, you will receive the principal amount along with accrued interest. Other benefits like overdraft, loans against FD, premature withdrawal, and tax exemptions add more value to fixed deposit schemes. 

Some reputed banks have launched lucrative fixed deposit schemes specifically designed for women to help them earn more income and inculcate saving habits.    

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Top Fixed Deposit Schemes for Women

  1. DHFL Swayamsidha Deposit for Women

    DHFL offers a unique fixed deposit scheme for women, ‘Swayamsidha,’ with an interest rate of 7.80% p.a. This scheme is only offered to women customers. The scheme details are provided in the table below:

    Details for deposits less than Rs 50 Lakhs

    Tenure in Months  Minimum Deposit in Rs   Cumulative Non-Cumulative Privilege customers
    Monthly Quarterly Half Yearly Annual
    18 10,000 8.85% 8.45 8.50 8.65 8.85 Additional 0.25%

    Details for deposits less than Rs 50 Lakhs and above

    Tenure in Months  Minimum Deposit in Rs   Cumulative Non-Cumulative Privilege customers
    Monthly Quarterly Half Yearly Annual
    18 10,000 9.10% 8.70 8.75 8.90 9.10 Additional 0.25%

    Privilege customers: Senior Citizens (Women), Widows, loan borrowers, and armed forces personnel.

    1. Eligibility for availing DHFL Swayamsidha Deposit:

      • Deposit is available for women customers only.

      • The deposit can be made for a girl child (minor) with a guardian.

      • In the case of the joint holder, the female is the primary beneficiary, and the other can be a male. The maximum number of joint account holders allowed is three.

    2. Benefits for availing DHFL Swayamsidha Deposit:

      • Privilege customers such as senior citizens (women), widows, loan borrowers, and armed forces personnel can enjoy an additional interest rate of 0.25%.

      • Women account holders can get a loan against DHFL Swayamsidha Deposit of up to 75% of the deposited amount.

      • There is a free accidental death insurance coverage of Rs 1 lakh under this scheme.

      • A tax exemption of Rs 5,000 is availed on the interest earned under this scheme.

      • Customers can renew their Swayamsidha Deposit at maturity, provided a request is made before 6 months from the date of maturity.

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  2. Bharatiya Mahila Bank Fixed Deposit Scheme 

    Bharatiya Mahila Bank was established in 2013 with a vision of empowering women along with weaker sections of India. There are three types of FD schemes available - BMB Tax Benefit, BMB Simple FD, and BMB Cumulative FD. 

    The below table provides different tenures and interest rates on Bharatiya Mahila Bank Fixed Deposit Scheme.  

    Tenure Rate of Interest on Deposit for Rs 1 Crore and above  Rate of Interest on Deposit less than Rs 1 Crore
    7-14 Days        5.00%  5.00% 
    15-29 Days      5.00%  5.00% 
    30-45 Days      5.00%  5.00% 
    46-60 Days      5.00%  5.00% 
    61-90 Days      5.00%  5.00% 
    91-179 Days    6.50 6.50
    180-270 Days  6.50% 7.00% 
    271 days to below 1year            6.50% 7.00% 
    1 Year  7.00% 7.25% 
    Above 1 Year to below 3 Years   N A 7.25% 
    3 Years to below 5 Years            N A 7.00
    5 Years to 10 Years     N A 7.00

    1. Eligibility for availing Bharatiya Mahila Bank Fixed Deposit Scheme: 

      • Any working women (private or government), business owners, housewives, etc.

      • The fixed deposit has to be made in the name of a woman account holder.

      • Any girl child (minor) with a guardian

      • Any trust where women are trustees and have signing authority

      • Non-Resident Indian (NRI) Women

    2. Benefits of availing Bharatiya Mahila Bank Fixed Deposit Scheme: 

      • Higher interest rates with flexible tenure are available.

      • A nomination facility is available for women.

      • Loan against Bharatiya Mahila Bank fixed deposit scheme of up to 85% of the deposited amount.

      • Tax benefits up to Rs 1.5 lakhs are applicable for women account holders.

      • Senior women citizens can get an additional interest rate of 0.50% on FD.

      • Partial withdrawal and auto-renewal options are available.

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  3. Bajaj Finance Fixed Deposit for Women 

    A woman investor can invest in Bajaj Finance Fixed Deposit with tenures ranging from 12 months to 60 months. 

    Tenure  Minimum Investment  Rate of Interest 
    12-60 months Rs 25,000 5.65% - 6.50%

    1. Eligibility for availing Bajaj Finance Fixed Deposit for Women

      • Any woman investor working in private or government, running a business, trust, and proprietorship can open Bajaj Finance Fixed Deposit for Women account.

      • A girl child (minor) with a guardian can open a Bajaj Finance FD account for women.

      • Female senior citizens, widows, and ex-service women can avail of this scheme at an additional interest rate.

    2. Benefits of availing Bajaj Finance Fixed Deposit for Women

      • Tenor adaptability is there as women can choose the FD term based on their requirements.

      • A minimum investment of Rs 25,000 is enough to open an FD account.

      • Tax exemptions are applicable under Section 80C of the Income Tax Act, 1961.

      • A hassle-free loan facility is available, and women FD account holders can avail of loans up to 75% of the deposited amount.

FD interest rates India have fallen consistently over the last 12 years.
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FAQs

  • What are the percentages of loans available against a cumulative and non-cumulative fixed deposit in Bajaj Finance Fixed Deposit for Women?

    The percentages of loans available against cumulative and non-cumulative fixed deposits in Bajaj Finance Fixed Deposit for Women are 75% and 60%, respectively.
  • Is TDS applicable for homemakers having an FD account?

    Yes. For income of Rs 10,000 or more, TDS will be applicable for homemakers having an FD account.
  • Can a nominee break a Women’s Fixed deposit in a bank?

    If the women FD account holder is alive, then a nominee cannot break and get the FD amount. 
  • Can only women open an FD account in Bhartiya Mahila Bank?

    No. Women are given preference, but now anyone can open an FD account in Bhartiya Mahila Bank.
  • Are the tax exemption rules similar for women FD account holders?

    Yes. Presently, there are no specific tax exemptions rules made for women.

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^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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