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 secured future which brings the word ‘investment’ in this scene. One can invest his/her money in various ways and for 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 in account people’s interest in this investment method, we are here with different types of best fixed deposits –
(A) Corporate Fixed deposit schemes
Corporate or company fixed deposits generally offer higher interest rates which may vary from 9 to 16%. Company fixed deposits are generally carried by investors who are reluctant of investing in stock market.
Here are few high return company fixed deposits of government and other finance companies –
- NHB (National Housing Board)
Owned by Reserve Ban k 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 few conditions.
HUDCO is a techno financing institution which is owned by Govt. of India. The minimum amount to have a fixed deposit is of Rs. 50000 with no TDS deduction upto 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 loan facility and 0.25% extra interest for senior citizens.
- Mahindra and Mahindra Financial Services Limited (MMFSL)
MMFSL is from the house of Mahindra. Leading NBFC, it provides personalized finance for car and other vehicles depending on urban or rural sector. The minimum amount to be submitted is of rupees 50000. Rate of interest available is as stated below –
1 years – 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
- 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 per cent whereas the senior citizens are entitled to 0.50 per cent extra interest.
(B) Bank Fixed Deposit Schemes
Bank FDs are offered by bank or non-banking finance companies regulated by RBI. Amount up to Rs. 1 lakh in an account is guaranteed by RBI. With lower interest in comparison to corporate fixed deposits, bank Fds even provide lower risk probability.
Few popular bank fixed deposits are -
- 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; rest amount is paid at the time of maturity. The minimum amount to be paid is of Rs. 2000 with an interest rate of 8.50%. Time period is of 10 years.
- 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 where as 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.
- Vijaya Bank – V Vaibhav Scheme
This short term fixed deposit of 1 year offers 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.
- J&K Bank – Super Earner Deposits Scheme
This fixed deposit scheme offers floating interest rates which is determined by 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.
There are many other fixed deposit schemes in both bank and corporate FDs wherein you can invest for your future and avail better returns.
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