Fixed Deposits
Fixed Deposit:
Fixed income securities are crucial part of an investment Portfolio. Fixed deposits represent investments that provide income largely in the form of fixed periodic payments and repayment of the increased amount at the time of maturity. Along with this, it helps in increasing your returns without even exceeding your risks.
Eligibility and documentation required:
Avalid identity proof and an address proof are required by the depositor for opening a fixed deposit account.
Here we have detailed some facts for you, which your relationship manager might hide from you:
FACT 1
Akin to banks, companies also offer fixed deposits
FACT 2
Bank deposits are more secured than company fixed deposits
FACT 3
Avoid involving with those who promises to offer you high rate of interest
FACT 4
Higher interest frequency not only guarantees higher returns every time
FACT 5
Due to any reasons if you withdraw prematurely, your deposits will bring lower than promised returns
FACT 6
Penalty as well as premature withdrawals can be negotiated
FACT 7
Interest on fixed deposits will be charged before it is paid out to you
FACT 8
Not all 5 years deposits guarantee you to enjoy section 80C income tax exemption
Fact 9
You can raise a loan or overdraft facility against your FD
Fact 10
Sweep- in excess cash deposit facility from your savings account into fixed deposits
The below mentioned table shows, the best fixed deposits at the top. On the basis of this, you can select, which bank is paying the highest rate of interest on fixed deposits.
| Bank | Duration | Rate % | Investment (Rs.) | Maturity (Rs.) |
| United Bank of India | United Bank Tax Savings Deposit Scheme | 10.10 | 100000 | 161784 |
| Karnataka Bank KBL | Tax Planner | 10.00 | 100000 | 161051 |
| IDBI Bank | IDBI Suvidha Tax Saving Fixed Deposit | 10.00 | 100000 | 161051 |
| Union Bank of India | Union Tax Saver | 9.90 | 100000 | 160320 |
| State Bank of Bikaner and Jaipur | SBBJ TAX SAVER TERM DEPOSIT SCHEME | 9.80 | 100000 | 159592 |
| Dena Bank | Dena Maha Tax Bachat Yojana | 9.75 | 100000 | 159229 |
| State Bank of India | SBI Tax Saving Scheme | 9.75 | 100000 | 159229 |
| Bank of Maharashtra | Bank of Maharastra (Tax Saving Scheme) | 9.75 | 100000 | 159229 |
| State Bank of Mysore | SBM Tax Saver | 9.75 | 100000 | 159229 |
| Indian Bank | Ind Tax Saver | 9.75 | 100000 | 159229 |
| The Lakshmi Vilas Bank | Lakshmi Tax Saver Deposits | 9.75 | 100000 | 159229 |
| Canara Bank | Canara Tax Saver | 9.50 | 100000 | 157423 |
| Corporation Bank | Corp Tax Saver | 9.50 | 100000 | 157423 |
| State Bank of Hyderabad | (SBH Tax Saver) 5 YEARS to less than 8 years | 9.50 | 100000 | 157423 |
| Andhra Bank | AB Tax Saver | 9.50 | 100000 | 157423 |
| City Union Bank | Tax Saver Scheme | 9.50 | 100000 | 157423 |
| Axis Bank | Axis Bank Tax Saver | 9.25 | 100000 | 155634 |
| The Karur Vysya Bank Limited | KVB to Tax Shield | 9.25 | 100000 | 155634 |
| ICICI Bank | Tax Saver FD 80C (5 year) &ndash Upto Rs. 1 lac | 9.25 | 100000 | 155634 |
| ING Vysya Bank | Ing Tax Saver | 9.25 | 100000 | 155634 |
| Indusland Bank | Indus Tax Saver Scheme - 5 years | 9.25 | 100000 | 155634 |
| Allahabad Bank | Allahabad Bank Tax Benefit Term Deposit Scheme | 9.00 | 100000 | 153862 |
| Central Bank of India | Cent Tax Saving Deposit | 9.00 | 100000 | 153862 |
| Citi Bank | 5 years (Citi Bank Tax Saver Deposits) | 8.00 | 100000 | 146932 |