Fixed Deposit Chennai

About Chennai

Chennai is the capital of Tamil Nadu in India. Situated on the Coromandel Coast off the Bay of Bengal, and is considered to be one of the biggest cultural, economic and educational centres in South India. The city is a pivotal point of industrial houses such as automobile, computer, technology, hardware manufacturing, and healthcare sectors. It is the second largest exporter of information technology and business process outsourcing services. The city recorded its per capita GDP at $ 3,000(as in 2014-15), the third highest in India. Chennai is one of the fastest growing cities in the world and is ranked in the “Forbes -Top 10 Fastest Growing Cities in the World”.

About Fixed Deposit

Fixed deposit is a deposit with a prescribed period of maturity upon which interest is earned. The customers can only withdraw it once the maturity period is over or held it for another term. Tax is deducted by the banks on fixed deposit if the interest amount exceeds ₹ 10,000 in a financial year. Nowadays, several banks provide the facility of Flexi or sweep in FD, wherein you can withdraw your money through ATM via cheque or through funds transfer from your FD account. In such context, whatever interest is accumulated on the amount you have withdrawn will be added to your savings account(the one which is linked to your FD) and the remaining balance will automatically be converted in your new FD. This system helps you to obtain funds from your FD account during the emergency without wasting your time.

Fixed Deposit Chennai in a nutshell

Particulars Details
Interest Rate

3.00% - 8.10%

Minimum Investment Amount₹ 1,000
Tenure7 days – 10 years

Fixed Deposit Eligibility Criteria

  • Individuals

  • Hindu Undivided Families (HUFs)

  • Minor represented by parents/guardian

  • Guardian on behalf of societies, clubs, trusts and associations

  • Associations

  • Clubs

  • Trusts

  • Sole proprietorship firms

  • Partnership firms

  • Limited Companies

Documents Required For The Fixed Deposit

Category Documents
An Individual, Hindu Undivided Family, Sole Proprietorship ConcernID Proof – Passport, PAN Card, Driving Licence, Voter ID, Government ID Card, Senior Citizen ID Card
Address Proof - Telephone Bill, Electricity Bill, ID Card Issued by Post Office, Bank Statement with Cheque,
A photograph
TrustsCopy of the Trust Deed
Copy of the registration certificate
Copy of the Resolution of the Trustees authorizing the members concerned to open and operate the account
Photographs of the members operating the account
Associations/ClubsBy-laws of the Association
Copy of the Resolution by the board authorizing the members concerned to open and operate the account
Photographs of the members operating the account
Partnership FirmPartnership Deed
Letter from partners approving the persons concerned to open and operate the account
Photographs of the persons operating the account
Public or Private Limited CompaniesBoard Resolution / Authority Letter
Memorandum & Articles of Association
Certificate of Incorporation
Certificate of Commencement of Business (Public Limited Company)
Form 32 in case list of directors are not original subscribers to Memorandum & Articles of Association (in case of Private Limited Cos) Duly acknowledged by ROC
Governing Act / Rules and Regulations(PSUs) (certified true copy)

Top Banks Fixed Deposit Interest Rate and Address

Bank NameMain Branch AddressInterest Rate
SBI Dhandeeswaram main road, Dhandeeswaram nagar, Velachery, chennai 6000425.75% - 7.35%
Bank of Baroda252 A, Ttk Road, Alwarpet, Chennai 6000184.00% - 6.85%
Bandhan Bank40,South West Boagh Road, T Nagar, Chennai, Tamil Nadu 6000173.50% - 7.40%
Canara Bank4/1, Gandhi Mandapam Main Road, Kotturpuram, Chennai - 6000854.20% - 8.44%
HDFC Bank 759, ITC Center, Anna Salai, Chennai -6000023.50% - 7.75%
Allahabad Bank41, Anna Salai, Mount Road, Chennai - 24.00% - 6.60%
Andhra BankA1, Senthil Towers, I Avenue, Ashok Nagar, Chennai -6000834.00% - 7.00%
Axis Bank82 Dr. Radhakrishnan Salai Mylapore, Chennai 6000043.50% - 7.95%
ICICI Bank1, Cenotaph Road, Chennai- 6000184.00% - 7.55%
PNB17, Rajaji Salai, Chennai- 6000015.70% - 7.41%

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