Miska

Highest Interest Rate on Fixed Deposits

Fixed deposit rates in India

Fixed deposit (FD) is a long-term financial instrument that helps investors to generate wealth over a period of time. It’s a traditional investment plan and perhaps the safest means to park your money. Fixed deposit rates in India vary between institutions. Since FDs are eligible for tax deductions under section 80C of the Income Tax Act, many investors prefer them for saving taxes. FDs offer the highest rate of interest compared to a savings account and recurring deposits.

Fixed Deposits and why you should invest in them

An FD account can be opened with any bank or a non-banking financial company (NBFC) like Bajaj Finance. While the interest offered on an FD fluctuates depending on market trends, the rate remains constant all through the tenure once you have invested in the instrument. Investing in FDs is the perfect way to grow your financial assets sans the risks involved in market volatility. An FD, as the name suggest, can’t be withdrawn before maturity. However, in case of an emergency, you can liquidate it by paying a nominal penalty, i.e. a cut in the interest earnings. You can also go for a loan against FD by paying a marginal rate of interest, over and above the interest you are earning on your FD.

Features of FD

Here are some the key features of an FD

After you open an online FD account, you will get an electronic receipt which will mention that amount invested, the duration, rate of interest and the sum assured. You can earn an additional interest rate benefit of 0.10% when you invest online with Bajaj Finance FD.

Fixed deposit rates in India

The highest fixed deposit rates in India, up to 7.35%, are currently being offered by Bajaj Finance. This is much higher than average bank FD rates, which go up to 6.5%; and post office FD rates which go up to 6.7% currently.

For different tenors, interest rates being offered by Bajaj Finance FD are given in the following table.

Additional Rate Benefit:

How to open an FD account?

The FD Calculator

An FD calculator, as the name suggests, is a tool which helps you to calculate how much you will earn from your FD at the time of maturity. The FD calculator uses data like the investment amount, duration of the investment and the rate of interest applicable as per the tenor of the investment and the customer category.

The main aim of an FD is to keep your money safe for the longest period of time despite the downward movement of fixed deposit rates in India, in the wake of the current market volatility.

Which one is the best Personal Loan or Credit Cards?

Exit mobile version