Fixed Deposit Chennai
Last Updated : Jan. 16, 2017, 5:14 p.m.
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 In such context, whatever interest is accumulated on the amount you have withdrawn will be added to your savings account(the one which is linked to your FD) and the remaining balance will automatically be converted in your new FD.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% - 9.25% |
| Minimum Investment Amount | ₹ 1,000 |
| Tenure | 7 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 Concern | ID 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 |
| Trusts | Copy 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/Clubs | By-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 Firm | Partnership 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 Companies | Board 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 Name | Main Branch Address | FD Interest Rates |
|---|---|---|
| SBI | Dhandeeswaram main road, Dhandeeswaram nagar, Velachery, chennai 600042 | 2.90% - 6.20% |
| Bank of Baroda | 252 A, Ttk Road, Alwarpet, Chennai 600018 | 2.90% - 6.30% |
| Bandhan Bank | 40,South West Boagh Road, T Nagar, Chennai, Tamil Nadu 600017 | 3.00% - 5.75% |
| Canara Bank | 4/1, Gandhi Mandapam Main Road, Kotturpuram, Chennai - 600085 | 2.90% - 5.75% |
| HDFC Bank | 759, ITC Center, Anna Salai, Chennai -600002 | 2.50% - 6.25% |
| Allahabad Bank | 41, Anna Salai, Mount Road, Chennai - 2 | 2.90% - 5.65% |
| Andhra Bank | A1, Senthil Towers, I Avenue, Ashok Nagar, Chennai -600083 | 3.00% - 5.40% |
| Axis Bank | 82 Dr. Radhakrishnan Salai Mylapore, Chennai 600004 | 2.50% - 6.50% |
| ICICI Bank | 1, Cenotaph Road, Chennai- 600018 | 2.50% - 6.30% |
| PNB | 17, Rajaji Salai, Chennai- 600001 | 2.90% - 5.75% |