Minimum Deposit Amount for FD in Top Banks

Fixed Deposits are considered as one of the safest investment methods compared to other investments. Fixed Deposits help their customers to safeguard their money while earning some interest over it. Many people do not know the importance of fixed deposits and other details related to them. Top Banks are a priority among customers when it comes to fixed deposits.

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Among various Bank FD Rates, customers can choose the best one depending upon their convenience. 

Minimum Deposit Amount Interest Rates

When it comes to Fixed Deposits, there is an impression among customers that an individual must have a huge amount for fixed deposits. That is not true. In fact, the Bank FD Rates provided for minimum deposit amounts are lower in many top banks. With minimum fixed deposits, the customers can earn higher interest amounts, which can be given as monthly payout or annual payout. 

Some of the bank’s minimum deposit amounts, interest rates and other related details including that of Canara Bank FD Rates are discussed in detail below:

  1. Axis Bank

    Axis bank keeps its minimum fixed deposit amount as low as Rs.5,000. Customers can earn an interest of 5.75% on their minimum deposit amount. Customers can choose their payout term among various options provided by the bank.

  2. Canara Bank

    Canara Bank FD Rates are higher than other bank’s interest rates. The minimum fixed deposit amount in Canara Bank is Rs. 1,000. Yes, that’s true. Customers can earn an interest of 4% on their minimum deposit amount. The payout can be chosen by the customer depending on their convenience. 

  3. HDFC Bank

    HDFC bank provides a minimum amount for a fixed deposit of Rs 2 Lakh. The interest rate for this minimum amount depends on the period that is chosen by the customer. Various terms available for fixed deposits are – Short term, Monthly Payout, Quarterly Payout, Reinvestment. The payout can be chosen by the customer depending upon their convenience. Interest rates start from 3%.

  4. ICICI Bank

    ICICI Bank provides interest for a minimum fixed deposit amount starting from Rs.10,000. Customers can earn an interest of 5.50% for their deposit. Customers can select the period for their deposit and even choose interest payout as per their convenience.

  5. Kotak Mahindra Bank

    Kotak Mahindra Bank allows its customers to have fixed deposits starting from Rs.5,000. Customers can earn an interest of 2.50% on their minimum deposit amount. Customers can choose their payout among various payout options provided by the bank. 

  6. State Bank of India

    State Bank of India provides interest for a minimum fixed deposit amount starting from Rs.1,000. Customers can earn an interest of 5.40% for their deposit. Customers can select the period for deposit and even choose interest payout as per their convenience. Various payout options are available, among which the customer can choose from. 

Why Fixed Deposits?

Fixed deposits are useful for individuals who get a sudden inheritance or have a surplus amount. Such individuals may not know how to utilize that money. Fixed Deposits give a quick rescue to such individuals. With the help of fixed deposits, individuals can safeguard their money while getting a chance to earn more interest on already existing money. Customers can choose fixed deposits as a risk-free investment method.

Bank FD rates differ based on certain terms and conditions of the bank. If a customer is not satisfied with one bank’s terms and conditions, they can always choose from various other banks. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Tenure of Fixed Deposits:

Tenure of Fixed Deposits differs in each bank based on the bank’s terms and conditions and other policies. Tenure starts from 7 days to a maximum period of 10 years. Some bank’s maximum tenure period has no limits. The customer can earn respective interest rates on their fixed deposit amount depending upon the interest rates offered by the bank for a particular tenure period.

The tenure period on Fixed Deposits is decided based on the bank’s policies and other terms and conditions provided by the bank. Each bank’s policy differs from the other. 

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Tax Saver Fixed Deposits

Some fixed deposits offered by banks are exclusively for tax-saving purposes. The details of tax saver fixed deposits in some top banks are discussed in detail below:

  • State Bank of India – Offers tax saver fixed deposits under reinvestment and quarterly payout options. The tenure for tax-saving fixed deposits is 5 years. The customer can earn up to a 6.9% interest rate per annum. Senior citizens can have even higher interest amounts up to 7.4% per annum.
  • ICICI Bank – ICICI Bank also provides tax saver fixed deposits under certain terms and conditions. The lock-in period for fixed deposit amounts is 5 years. Customers can invest a minimum amount of Rs.10,000 as a fixed deposit. FD allows only a one-time lump sum amount.
  • Canara Bank – Canara Bank FD rates start from 5.50% for tax saver fixed deposits. Canara bank also has a 5-year fixed lock-in period under their tax saver fixed deposit schemes. 
  • HDFC Bank – HDFC bank offers tax-saver fixed deposits which offer interest rates starting from 6% per annum for normal people and 6.5% per annum for senior citizens. The minimum investment amount for a tax saver fixed deposit is Rs.100. The Lock-in period is 5 years.
  • Axis Bank – Axis bank also offers tax saver fixed deposits under reinvestment or quarterly basis. The Lock-in period for this bank is also 5 years. Interest rates for tax saver fixed deposits starts from 6.9% per annum and for senior citizens, the interest rate is 7.4%.

Fixed Deposit Benefits

There are various benefits to fixed deposits. Fixed Deposits are used as Investments, Auto-renewal and some other benefits are given in detail below:

  • Investment – One of the major benefits of a fixed deposit is a risk-free investment. Fixed deposits safeguard customer’s money while earning some interest amount as an investment. 
  • Monthly payouts – Customers can get interest payouts as monthly payouts while their fixed deposit amount stays safe. 
  • Renewal – Banks provide an automatic renewal on some fixed deposits after maturity dates. Customers will not lose their interest amount by auto-renewal facility.
  • Online process – Fixed deposits can be taken online. Customers can transfer a particular amount as fixed deposits to banks. This saves the process that is taken while the customer goes to a branch for a fixed deposit process. 
  • Clear to use – This process is clear to use and easy. Fixed deposits are transparent to undergo. Unlike other investment processes, there are no market risks in this process. The amount is secured while the customer gains a regular interest rate.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility for Fixed Deposit Investment:

  • Individual and Undivided families, senior citizens are eligible for investing in fixed deposits. 
  • Anyone above the age of 18 with a minimum fixed deposit amount is eligible for undergoing a fixed deposit.
  • Basic details about the customer are enough for getting a fixed deposit.

Final Verdict

Among various Bank FD Rates from which the customer can choose Canara Bank FD Rates are higher when compared. Canara Bank FD Rates even provide higher interest rates for senior citizens. Banks offer minimum fixed deposit amounts for their customers to feel convenient and safe. Customers can undergo a fixed deposit process without any hesitation and earn a lot at interest rates. 

Fixed Deposits are safe and profitable businesses, which anyone can undergo depending upon their money and convenience. 

Written By: PolicyBazaar - Updated: 24 June 2021
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