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Are Fixed Deposits in Private Banks a Suitable Option for You?

Highlights

  • Looking to open a Fixed Deposit scheme in Private Banks?
  • Know about interest rates, tenure and other features of FDs offered by top private banks

Fixed Deposits (FD) are one of the most popular investment options popular among individuals who want to earn a regular income without any risk involved. Provided by both public and private banks, Fixed deposits are considered to be safe among individuals as the maturity amount is usually unaffected by any fluctuations in the market. Also known as term deposits, as with this facility, individuals deposit the amount in the bank for a fixed period called as the tenure. Anybody can open a fixed deposit in a bank whether he/she has a savings account in the bank or not.

FD @ 8.00%* Rate

The interest rates on fixed deposits generally tend to vary from one lender to another. Individuals, who want to open a fixed deposit in banks generally have this question: will it be okay to open fixed deposits in private banks? Well, there can not be a definite answer to this question. Like, there are many factors that contribute to the answer to this question. Some of them are interest rates, minimum and maximum investment amount, interest payout frequency, etc. We are providing you details about some of the top private banks that let individuals open fixed deposits in their banks. After having enough knowledge about them, you would be able to make a suitable decision. Keep reading!

Top Private Banks Providing Fixed Deposits

You can look at important aspects such as interest rates, payout frequency, etc, of some of the top lenders below.

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Axis Bank

Interest Rate – 2.50% - 6.05% per annum

Tenure – 7 days to 10 years

Axis Bank is one of the leading private banks of India that provide seamless fixed deposits schemes with which you can grow your savings safely and conveniently. You can open a fixed deposit with Axis Bank via both online and offline methods. There is one thing that you need to remember that the minimum investment amount changes according to the way you are applying for an FD. Like, it is INR 5,000 if you are opening an FD via Online and INR 10,000 if you are opening via branch. Also, interest rates change according to the length of the deposit. Individuals aged above 60 years can get an additional 0.50% interest rate per annum.

ICICI Bank

Interest Rate – 2.50% - 6.30% per annum

Tenure – 7 days to 10 years

You can open an ICICI Bank FD account with a minimum investment amount of INR 10,000. The minimum amount can reduce further to INR 2,000 if you are a minor. The interest rates range from 2.50% - 6.30% per annum and it may vary from individual to another according to the tenure chosen by them that range from as low as 7 days to 10 years. You can withdraw the matured amount before the tenure but for this you have to pay applicable charges. Or, you can also opt for the loan against your FD with the loan amount upto 90% of your FD value.

HDFC Bank

Interest Rate – 2.50% - 6.25% per annum

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Tenure – 7 days to 10 years

HDFC Bank is the leading private bank of India that provides an amazing set of banking products to the customers. Fixed Deposit is one of the products which is quite popular among the individuals due to high-interest rates on the deposits. Available at interest rates of 2.50% - 6.25% per annum, you can grow your income by getting compound interest via reinvesting the principal and interest amount. You can also apply for the nomination facility for your HDFC FD scheme via an online method. You have the freedom of choosing tenure according to your investment goals and requirements.

Kotak Mahindra Bank

Interest Rate – 2.50% - 4.90% per annum

Tenure – 7 days to 10 years

With the facility of flexible interest payout, Kotak Mahindra FD Schemes are one of the most popular banking products among its customers. You can choose to receive the interest amount on your FD every month, quarterly, or you can keep it as it is till the maturity of your FD scheme. The minimum investment amount for opening an FD in Kotak Mahindra Bank is INR 5,000 for everyone. You can also avail of the overdraft facility against your FD scheme. To know the maturity amount, you can use the Kotak FD Returns Calculator by feeding a few basic details such as types of interest payout, deposit amount and tenure.

YES Bank

Interest Rate – 3.50% - 7.75% per annum

Tenure – 7 days to 10 years

YES Bank is one of the leading private banks that provide one of the best Fixed Deposit products that help you in earning a stable and high return value over a period of time. The most important thing about YES Bank FD is that, in case you need funds at any point in your tenure, you can have the accessibility to not break the entire FD and use the amount according to your convenience. Senior citizens can get an additional 0.50% interest rate on deposits less than INR 2 crore.

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Fullerton India14.00% - 24.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 17.50%
IndusInd Bank11.00% - 23.00%
Kotak Bank10.99% - 20.99%
RBL17.50% - 26.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 19.75%
Home Loan Interest Rates November 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 8.25%
Citibank7.13% - 8.03%
HDFC6.90% - 7.65%
ICICI Bank6.90% - 8.05%
Indiabulls Housing Finance Limited8.99%
Kotak Bank6.75% - 8.45%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.65%
PNB Housing Finance7.50% - 9.20%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital7.50% - 8.75%