Top Fixed Deposit Schemes in India
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Updated date : 05 June 2020
Best Fixed Deposit Schemes
Money, just like oxygen, has become one of the most essential needs to survive. We do jobs and earn money to live a good life and wish to have a secure future which brings the word ‘investment’ in this scene. One can invest his/her money in various ways and for the different time period. Few popular modes of investment are – purchasing gold and silver, RDs, share market, etc. Fixed Deposits (FD) are one such investment plan wherein a large number of people like to invest their money. It is a safe option as returns are predefined and available at a fixed price with minimal scope of risk. The interest rates may differ from one bank to the other. Taking into account people’s interest in this investment method, we are here with different types of best-fixed deposits –
Corporate Fixed deposit schemes
Corporate or company fixed deposits generally offer higher interest rates which may vary from 9 to 16%. The company fixed deposits are generally carried by investors who are reluctant to invest in the stock market.
Here are few high return company fixed deposits of government and other finance companies –
1. NHB (National Housing Board)
Owned by Reserve Bank of India, NHB is intended to make housing credit affordable. With a minimum deposit of Rs. 50000, there is no TDS deduction up to 5000 interest income. It provides an interest rate of 9.25 percent and gives an option of premature cancellation which is subjected to a few conditions.
HUDCO is a techno financing institution which is owned by Govt. of India. The minimum amount to have a fixed deposit is Rs. 50000 with no TDS deduction up to Rs. 5000 income interest. It has a variable rate of interest:-
- 1 Year – 9% p.a.
- 2 Year – 9.10%p.a.
- 3 Year - 9.20%p.a.
- 3 year to 6 years - 9.005p.a.
Two of the added advantages are the availability of a loan facility and 0.25% extra interest for senior citizens.
3. Mahindra and Mahindra Financial Services Limited
MMFSL is one of the best fixed deposit scheme from the house of Mahindra. Leading NBFC, it provides personalized finance for car and other vehicles depending on the urban or rural sector. The minimum amount to be submitted is of rupees 50000. Rate of interest available is as stated below –
- 1 year – 9.25% p.a.
- 2 years – 10.08% p.a.
- 3 years - 10.25% p.a.
- 4years to 6 years – 9.75% p.a
- For senior citizen – 0.25% extra
4. Plethico Pharmaceuticals
Plethico Pharmaceuticals have decided their interest rate keeping every age group in mind. For a fixed deposit of 3 years, one gets an interest of 12 percent whereas the senior citizens are entitled to 0.50 percent extra interest.
5. DHFL Aashray Deposit
DHFL Aashray Deposit is a corporate fixed deposit scheme that offers an attractive rate of interest and gains a high return on investment. This FD scheme is considered as a top fixed deposit scheme in India, which is specifically designed to cater to the various requirements of the customers. The tenure of the scheme ranges from a minimum of 12 months to a maximum of 120 months. DHFL Aashray Deposit scheme offers a maximum rate of interest of 8.00% per annum.
|Tenure||Minimum Deposit||ROI (Per Annum)|
6. Shriram Transport Finance Company Fixed Deposits
This is a popular commercial vehicle non-banking finance company, which offers a fixed deposits scheme at a lucrative interest rate of 7.95% and 8.88% per annum. The tenure of the FD scheme ranges from a minimum of 12 months to a maximum of 5 years.
|Tenure||Interest Rate on Cumulative(p.a.)||Senior Citizen (p.a)|
|3 years-5 years||8.65%-8.88%||8.90%-9.13%|
7. ICICI Home Finance Fixed Deposits
This is an offshoot of ICICI Bank which majorly deals with home financing. ICICI Home Finance Fixed Deposits are offered for a tenure of a minimum of 1 year to a maximum of 5 years. To provide higher returns to the customer, the scheme applies cumulative interest. Let’s take a look at the interest rates.
|Tenure||General Public (p.a.)||Senior Citizen (p.a)|
|1 year- less than 2 years||7.40%||7.65%|
|2 years- less than 3 years||7.55%||7.80%|
|3 years- less than 4 years||7.60%||7.85%|
|4 years- 5 years||7.60%||7.85%|
Bank Fixed Deposit Schemes
Bank FDs are offered by the bank or non-banking finance companies regulated by RBI. Amount up to Rs. 1 lakh in an account is guaranteed by RBI. With a lower interest in comparison to corporate fixed deposits, bank Fds even provide lower risk probability.
Few popular bank fixed deposits are -
1. ICICI Bank – Dream retirement plan
It is an investment or retirement planning scheme which contains investment and benefit period. Some annual amount is paid during benefit period; the rest amount is paid at the time of maturity. The minimum amount to be paid is Rs. 2000 with an interest rate of 8.50%. The time period is of 10 years.
2. ICICI Bank – Dream education plan fixed deposit scheme
When focusing child’s education, this is the unique and best-fixed deposit scheme to buy. It comprises of investment and benefit period where investment should be paid monthly. During the benefit period, annual amounts are paid whereas the total amount is received during the time of maturity. One can invest from 1 year to 10 years at an interest rate of 8.50% with a minimum deposit of Rs. 500. Need to have ICICI Bank Youngstars Account.
3. Vijaya Bank – V Vaibhav Scheme
This short term fixed deposit of 1 year offers a huge interest rate of 9.1% p.a. There is no auto-renew option. The minimum amount to be deposited varies from one region to other i.e. –
For residents of rural areas – Rs. 10000, semi-urban residents – Rs. 25000, urban residents – 50000 and metro residents- Rs. 1lakh.
4. J&K Bank – Super Earner Deposits Scheme
This fixed deposit scheme offers floating interest rates which is determined by the bank periodically. Interest rates are always seen to move from low to high which makes it a good investing option. One can invest from Rs. 1000 to a maximum of 10 lakh per month for 6 months to 10 years. Interest rate – 9% p.a.
5. HDFC Bank- Regular Fixed Deposits Scheme
The regular fixed deposits scheme offered by HDFC Bank provides an easy investment with higher returns. The scheme offers the combined benefit of profitable interest rate, flexibility, and safety in investment. The interest rate of HDFC regular fixed deposits scheme ranges from a minimum of 3.50% to a maximum of 6.90%. The individual and groups who are eligible for regular FD are:
- Indian residents
- Hindu Undivided families
- Partnership firms
- Sole proprietorship firms
- Limited companies
- Trust accounts
6. SBI Bank- SBI Term Deposits
SBI term fixed deposits scheme offers by SBI bank is one of the best fixed deposit scheme that provides an easy investment with a profitable rate of interest. The rate of interest in term deposits schemes ranges from a minimum of 4.50% to a maximum of 6.75%. The minimum amount of deposits allowed under the scheme is Rs.1000, whereas there is no limit on the maximum amount of deposits. For the deposits above Rs.10,000 senior citizens get an additional interest rate of 0.25%. Moreover, SBI term deposits also allow for premature withdrawal.
7. IDBI Bank- Suvidha Tax Saving Fixed Deposits
Suvidha Tax Saving Fixed Deposits Scheme offered by IDBI is one of the top fixed deposit scheme in India, which offers the combined benefit of tax exemption under Section 80C of IT Act and profitable returns in investment with an interest rate of 6.00% per annum. Any individual or Hindu Undivided Family (HUF) can invest in IDBI Suvidha Tax Saving Fixed Deposits Scheme. Under this FD scheme, an individual can invest up to Rs.1.5 lakh for 5 years.
There are many other fixed deposit schemes in both bank and corporate FDs wherein you can invest for your future and avail better returns.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. Tax benefit is subject to changes in tax laws. *Standard T&C Apply
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