Top 5 Best Fixed Deposit with Higher Interest Rates

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According to research, Fixed Deposit is one of the best and renowned investments route in India. The fact that return earned from a fixed deposit is fixed and known at the time of investing has made FDs preferable than other investment avenues.

But due to the current recession and consequent RBI measures fixed deposit interest rates are falling down of late. And so is the maturity value on these deposits. But don’t worry…we got you covered. Listed below are the top 5 FDs in India providing higher interest rates still. 

Best 5 Fixed Deposit Interest rates

Bank

FD Interest rate for Regular Individuals FD Interest rate for Senior Citizens

Bajaj Finance 

7.60%

7.85%

IDFC First Bank 

7.50%

8.00%

Yes Bank

7.25%

7.75%

DCB Bank

7.60%

8.10%

RBL Bank 7.50%

8.00%

Also, Best FD Offers from Small Finance Banks in India

Bank

FD Interest rate for Regular Individuals

FD Interest rate for Senior Citizens

Fincare Small Finance Bank

9.00%

9.50%

Suryodaya Small Finance Bank

9.00%

9.25%

Jana Small Finance Bank

8.25%

8.75%

Utkarsh Small Finance Bank

9.00%

9.50%

Equitas Small Finance Bank

8.00% 8.60%

As shown in the table above, small finance banks are currently offering higher rates of interest as compared to commercial banks. However, the customers who prefer commercial banks should know that investors in Small Finance Banks too are covered by the Depositor Insurance Program of Deposit Insurance and Credit Guarantee Corporation (DICGC) as in case of the commercial banks. 

However, it may become quite difficult for you to pick the best FD scheme provider. But with the help of an FD interest calculator, you can differentiate the FD interest rates offered by different banks and NBFCs. You can easily fathom which bank provides the best interest on tenure chosen by you and thus make sure you get the best out of it. An FD interest calculator would not only help you in saving time but would also help you plan efficiently by knowing your exact returns.

Bajaj Finance FD Interest Calculator

Bajaj Finance FD Interest Calculator is an online tool designed to help you determine your FD interest and maturity amount in only a couple of minutes. Besides, FD Interest Calculator also helps you calculate and compare your receivable interest amount conditioned to different combinations of deposit amount, tenure and interest payment frequency.

How can you utilize Bajaj Finance FD Interest Calculator?

Using an FD interest calculator is a very simple process. All you need to do is;

  1. Choose your Customer type: New or Existing Customer or Senior Citizen
  2. Select Cumulative or Non-cumulative option: types of Fixed Deposit 
  3. Enter your Investment amount
  4. Choose the tenure of the deposit

And Bingo! You now know all your amount exactly for the specific combination of data you entered. Using Bajaj Finance FD Interest Calculator is a wonderful method to ascertain the returns even before you begin to invest.

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Why invest in FD?

Over and above the perks of guaranteed return, flexible tenure and FD being a risk-free avenue for investors, we have a couple of more reasons why a fixed deposit is an ideal approach to meet your Financial Goals.

Helps in liability crunch

In certain situations, liabilities rise due to unpredictability and you might have urgency of having cash by then. In any such situation, you can take a loan against your fixed deposit. Credit advancement is accessible up to 90% of the principal amount.

In preference of taking an unsecured loan at a higher rate, fixed deposit holders have an alternative, choosing which they will be able to fund their crisis themselves. For instance, on taking a loan against FD, a little rate (0.5% – 2%) of interest is charged over the applicable fixed deposit rate. 

Thusly, one doesn’t need to pay robust interest rates. Correspondingly, there is no convincing reason to break an FD too. 

Bajaj Finance Fixed Deposit allows you to avail 75% of your deposit amount as a loan while you keep earning interest on the rest of it. 

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Partial Withdrawal is allowed

Partial withdrawal is allowed in units of Rs 1,000. The balance amount procures the original rate of interest. Choices like a Bajaj Finance Fixed Deposit permits you to make partial withdrawals according to your prerequisite.

Backed with Deposit Insurance of Rs. 5 lakh 

Bank Fixed deposits are backed with an insurance of Rs. 5 lakh. This cover is given by DICGC: Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the Reserve Bank of India. 

Furthermore, if it comes to safety that you consider, the post office provides different kinds of fixed deposit schemes for the individuals who want to invest their money. These are otherwise called small saving schemes. The USP of these schemes is their sovereign assurance of being backed up by the central government.

Tax Saving FD Option

Tax saving FD is another type of Fixed Deposit where customers have the option to cut down their taxable income. Investors can put in up to Rs 1.5 lakh of the amount in a tax-saving fixed deposit which can be stated in deductions u/s 80C of the Income Tax Act, 1961.

Bajaj Finance is now offering interest rates of up to 7.85% on Fixed Deposit. Get guaranteed returns on your investment.

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Fixed Deposit is one of the best and renowned investments route in India. The fact that return earned from a bank FD is fixed and known at the time of investing has made Bank FDs preferable than other investment avenues. Listed below are the top 5 FDs in India providing higher interest rates still. 

Best 5 Fixed Deposit Interest rates

Bank

FD Interest rate for Regular Individuals

FD Interest rate for Senior Citizens

Bajaj Finance 

7.60%

7.85%

IDFC First Bank 

7.50%

8.00%

Yes Bank

7.25%

7.75%

DCB Bank

7.60%

8.10%

RBL Bank

7.50%

8.00%

However, it may become quite difficult for you to pick the best FD scheme provider. But with the help of Bajaj Finance FD interest calculator, you can differentiate the FD interest rates offered by different banks and NBFCs. You can easily fathom which bank provides the best interest on tenure chosen by you and thus make sure you get the best out of it. 

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