Fixed Deposit in the bank gives a fixed rate of interest for the whole period and it does not vary for us if once done it. These days bank is continuously changing their Fixed Deposit Interest Rates. Currently, in the month of Oct 2019, banks are offering fixed Deposit Interest Rates between 5% to 8%.
Those people who do not want to take risks with their money, they can easily put their money in FD. It is good for low-risk profile people but its interest rate is very low as compared to mutual funds or SIP. Find out about quick small loans.
Today we will provide you a list of top 5 Bank Fixed Deposit Interest Rates along with some other important data. So before selecting a bank for your FD, do not forget to do proper research about their interest rates, Minimum and maximum balance requires to do FD.
Even you can also take monthly interest on your Fixed Deposit but for that, you have to choose the option for periodic interest payouts and opt for monthly interest on FD. Have a look at given below table and see which bank is providing the highest interest on Fixed Deposit.
Top 5 Fixed Deposit Interest Rates for 1 year
|Bank Name||Interest rate (%)||What Rs 100000 will grow into|
|IDFC First Bank||8.00||108043|
|Lakshmi Vilas Bank||7.50||107714|
Important points which you should know before going to FD
There are some important points which you should keep in mind while going to any FD. First of all, you have to select a bank in which you can do FD.
- Opening an FD account:- You can easily make a Fixed Deposit in a bank where you have already opened your normal bank account. Few of the bank allows you to Do FD without having saving account in that bank but for that, you have to complete your KYC and some other formalities.
- Minimum and Maximum amount for FD:- Minimum amount to do FD is totally varying from bank to bank. But there is no maximum limit to do an FD.
- Tenure of FD:- You can easily do your Fixed Deposit for minimum 7 days and for a maximum of 10 years. You can easily choose your tenure of FD.
- Loan Facility on FD:- You can easily use your FD to take a loan. The maximum amount of loan you can take on your FD is only a certain percentage of your total Fixed Deposit.
- Nomination Facility:- Almost every bank provides the facility of nomination on FD.
- Premature Withdrawals:- One can easily withdraw their money from their FD before the maturity date. But for that, you have to give some small amount of penalty to the bank.
These are the few points which you should keep in mind before opting Fixed deposit in any bank. nowadays, every bank provides an online facility to do Fixed deposit with the help of Net banking. Even you can also do Andhra bank balance enquiry on your mobile also. So select any bank which fulfills your requirement along with high Bank Fixed Deposit Interest Rates.