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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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.    

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.
  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.
  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.

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Written By: PolicyBazaar - Updated: 09 November 2021

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