Fixed Deposit is a secure way to save money in India, and FD is a safe investment scheme to earn higher interest.
What is a FD Account?
Fixed Deposit is the best scheme to grow your funds in fixed terms. This type of Deposit is also called FD, and banks pay a specific interest rate for parked money for a fixed period.
Features and benefits of Fixed Deposit accounts
- Assured Returns:- User will get the same interest rate that was agreed upon when opening FD.Â
- Interest rate:Â The interest rate on an FD is based on the plan you choose. However, banks pay fixed interest rates on FDs.
- Flexible Tenure:- Banks offer different FD Plans that start from 7 days to 10 years.
- Investment Return:- In Fixed Deposit, the interest you will earn is based on the selected scheme of FD. If you choose a higher term of FD, you get a higher return.
- Loan against FD:- Instead of closing FD in dire need of money, you can get a loan against Fixed Deposit.
Top 10 Indian Banks Fixed Deposit Interest Rates in 2022
| Banks Name | Interest Rates for General Citizens | Interest Rates for Senior Citizens |
| State Bank of India FD | 5.30% to 5.40% | 5.80% to 6.20% |
| ICICI Bank FD | 2.50% to 5.50% | 3.00% to 6.00% |
| HDFC Bank FD | 2.50% to 5.60% | 3.00% to 6.35% |
| Punjab National Bank FD | 2.90% to 5.25% | 3.50% to 5.75% |
| Canara Bank FD | 2.90% to 5.40% | 2.90% to 5.90% |
| Axis Bank FD | 2.50% to 5.75% | 2.50% to 6.50% |
| Bank of Baroda FD | 2.80% to 5.25% | 3.30% to 6.25% |
| IDFC Bank FD | 2.50% to 6.00% | 3.00% to 6.50% |
| Bank of India FD | 2.85% to 5.05% | 3.35% to 5.55% |
| Punjab and Sind Bank FD | 3.00% to 5.30% | 3.50% to 5.80% |
FAQ
1. Is FD better?
Ans: Yes, FD is better. Customers earn higher interest than savings accounts in a short-term scheme.
2. What are the documents required for Fixed Deposit?
Ans: following documents are required for FD:-
- PAN card
- Passport
- Aadhaar card
- Driving license
- Voter ID card
3. Is PAN compulsory for FD?
Ans: People who cash deposit or withdraw more than 50,000 rupees in an FD account need a PAN card.
