Fixed Deposit
A Fixed Deposit is a financial instrument provided by Society which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.
Things to Remember Before Opening a FD Account
- Check deposit receipts carefully to ensure that all details have been properly and accurately filled in. Do not leave the renewal column unfilled. Otherwise, on maturity the fixed deposit amount will go back into an FD. Before investing in a FD it is important to consider the rate of interest and the inflation rate. A high inflation rate can eat into your real returns. So, it is vital to have a look at the inflation rate before arriving at the real rate of interest.
Documents Require For Opening a FD Account
- Two passport size photographs
- Proof of residence i.e. Passport/driving license/Gas / Telephone / Electricity Bill/ Ration card/voters identity card
- An introduction of the person from an existing account holder.
- PAN number / Declaration in form no.60 or 61 as per the Income Tax Act 1961.
Fixed Deposit Interest Rate
| Sr . No. |
Period |
Normal
As On 13/07/2020 |
Senior Citizion
As On 18/07/2020 |
| 1 |
30 to 45 Days |
3.75% |
4.00% |
| 2 |
46 to 90 Days |
4.25% |
4.50% |
| 3 |
91 to 180 Days |
4.75% |
5.00% |
| 4 |
181 to 365 Days |
5.25% |
5.50% |
| 5 |
1 to 2 Years |
6.00% |
6.35% |
| 6 |
2 to 5 Years |
6.25% |
6.60% |
| 7 |
5 to 10 Years |
6.25% |
6.60% |
