Banks with High Interest Rates on Fixed Deposits

by Nikita Verma on January 14, 2011

in Fixed Deposits

Updated: May 24 2013

After I did the post on Indus Ind Bank offering 9.5% for 400 days, I received emails from readers Suresh Jain, and Vijay Dongre to tell me about a couple of other banks that are also offering good rates, so I thought I should do a small post to inform other readers about these banks that are offering high interest rates on fixed deposits.

I’ve also added to the information emailed to me by compiling a list of bank fixed deposits that are offering more than 9% right now.

Although I’m sure I would’ve missed some banks, I think this list constitutes some of the best fixed deposit rates that are currently being offered by Indian banks. If you know of any banks outside this list then please leave a comment, and I’ll update the post with your suggestions.

Some of you have asked about banks because they are safe, but there are plenty of other safe places to invest your money in India too, and you can opt for one of those instead of a bank. (Read: List of 10 Safe Investments in India)

S.No. Bank Tenure Interest Rate
1 Tamil Nadu Mercantile Bank 20 month 20 days 9.50%
2 Lakshmi Vilas Bank 1 year 9.50%
3 Karur Vysya Bank 2 years to 3 years 9.50%
4 City Union Bank 2 – 5 years 9.25%
5 Yes Bank 15 months 9.25%
6 Punjab and Sind Bank 500 days 9.25%
7 Central Bank of India 555 days 9.25%
8 Dena Bank 750 days 9.25%
9 Allahabad Bank 1 year to less than 2 years 9.15%
10 South Indian Bank 1 – 3 years 9.00%
11 Bank of India 1 year to 8 years 9.00%
12 Oriental Bank of Commerce 1 years to 10 years 9.00%
13 Canara Bank 1 year to 2 years 9.00%
14 State Bank of Patiala  555 days 9.00%
15 Indian Bank 9 months to less than 3 years 9.00%
16 Kotak Bank 700 days 9.00%
17 Andhra Bank  1 year to 10 years 9.00%
18 Corporation Bank 1 year to 5 years 9.00%
19 IDBI Bank 500 days to 5 years 9.00%
20 Indian Overseas Bank 1  – 5 years 9.00%
21 ICICI Bank 390 days to 2 years 9.00%
22 Syndicate Bank 1 year 9.00%
23 Axis Bank 15 months to less than 5 years 8.75%
24 Dhanalaxmi Bank 200 days 8.75%
25 State Bank of Travancore 1 year to 1000 days 8.75%
26 Bank of Baroda 1 year 8.60%
27 J&K Bank 1 year – 10 years 8.50%
28 Vijaya Bank 1 year to less than 3 years %
29 Karnataka Bank 1 year to 3 years %
30 Federal Bank 1 – 3 years %

As you can see these are some great rates, and the good news is that the tax saving fixed deposits have also got some great rates these days. If you haven’t done your tax saving investments yet then you can take advantage of those rates.

Fixed deposits aren’t the only thing that help you save tax – there are plenty of other instruments that help save tax and you can visit this page to understand the nuances of Section 80C tax saving investments in an easy to understand graphic.

Update: There was an error in the post where I said HDFC is offering 9.50%, but a couple of readers emailed me to let me know that the higher rate was for senior citizens only. I have corrected that, and apologize for the error. Thank you to Anil Kumar Kapila, and Rakesh Jain for their emails. Also, the list of senior citizen’s bank interest deposits didn’t include quite a few names in the above table which I have done now. Update 2: Added ICICI Bank’s 990 days interest rate for senior citizens. Update 3: Added Indian Bank on the comment of P.T Palani Update 4: Removed the list of senior citizens interest rates from this post because I’m finding it hard to keep the list current.

{ 385 comments… read them below or add one }

Deepesh January 15, 2011 at 7:51 AM

The interest rate for 2 years 16 days in HDFC Bank is 9% only. For senior citizen its 9.5% .

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Manshu January 15, 2011 at 7:53 AM

Thanks Deepesh – I realized that earlier today, and have updated the post accordingly. You perhaps saw the email but not the update on the site itself.

Thanks

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shekhary2k January 16, 2011 at 9:02 AM

Can an individual with demat a/c invest in the script CRISIL Limited
what are your views about the company

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Manshu January 18, 2011 at 2:21 AM

You will need a trading account to buy any share, and I don’t have any opinions to offer on CRISIL.

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P.T.PALANI January 17, 2011 at 1:56 AM

Indian bank is offering 9.25% for one year and one day for senior citizens

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Manshu January 18, 2011 at 2:26 AM

Thanks for that info, so it must be 8.75% for other residents? A bit less than the 9% which is the least I have used to include in this list.

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Steven Fernandes January 19, 2011 at 5:27 AM

Good Job. This compilation will help a lot of people in getting the best deal.
regards

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Rattan January 25, 2011 at 1:15 AM

Hi ;

Can I have the latest bank interest rates ,
thanx…

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Manshu January 26, 2011 at 6:56 PM
Rajinder saini January 25, 2011 at 1:19 AM

Dear Sir,
I think the ICICI bank the interest rate as of today for senior citizen shows 9.75%. Can you pls confirm this.

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Manshu January 26, 2011 at 7:02 PM

Dear Rajinder – thank you for pointing that out. You’re right, and I have also included this rate which is available on a 990 days deposit in the post.

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P.T.PALANI January 26, 2011 at 11:10 PM

INDIAN BANK IS OFFERING 9.75% FOR SENIOR CITIZENS AND 9.00% FOR OTHERS FOR A PERIOD OF 555 DAYS.

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Manshu January 27, 2011 at 8:44 AM

Wow! Thanks! – So Indian bank pays 0.75% extra to senior citizens instead of 0.50% like other banks? I didn’t know that – thank you!

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Jayagopal January 27, 2011 at 5:37 PM

I guess TMB is also offering 10% for both senior citizens and otherwise for 555 days.

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Manshu January 28, 2011 at 5:34 AM

Thanks Jayagopal – I’ve started seeing those ads today, so I guess this is a recent development. Thank you for bringing this to my notice, and I’ll update my post.

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P.T.PALANI February 1, 2011 at 4:31 AM

CORPORATION BANK REVISED INTEREST RATES WEF 1ST FEB 2011. THE RATES ARE 9.75% FOR SENIOR CITIZENS AND 9.10% FOR OTHERS FOR A TERM OF 1 YEAR.

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P.T.PALANI February 1, 2011 at 4:34 AM

SOUTH INDIAN BANK ALSO REVISED INTEREST RATES WEF 1ST FEB 2011. THE RATES ARE 10% FOR SENIOR CITIZENS AND 9.25% FOR OTHERS FOR A TERM OF 1 YEAR

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Manshu February 1, 2011 at 8:33 AM

Thanks for the info – I’ll update the post a little later in the week.

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Rajinder saini February 1, 2011 at 7:06 AM

Dear Sir, I have an FD with ICICI bank for 5 years at 8.25% interest. I want to break the FD and want to make a new FD for 990 days at Interest rate of 9.75. The FD as of today is 10 months & 5 days old. The bank says if I break it after 10 months & 5 days which is less than an year in that case we the bank shall pay me interest only at 6% for 10 months & 5 days and will recover 2.25% (which have paid me for 10 months & 5 days) + 1% penalty charges that is a total of 3.25% of the total interest paid to me so far. I think he is wrong in saying this. The bank can charge only 1% towards penalty charge and can not pay me lesser rate of interest for 10 months and 5 days. Could you please tell me what exactly the rule says. thanks and best regards Rajinder

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Manshu February 1, 2011 at 8:24 AM

The rule is that they will give you interest at the rate that the actual tenure is for. So, if you kept it for 10 months, then they will see what the rate would have been if you initially said that you’re going to take FD for 10 months and pay you that rate of interest.

Then from that rate of interest they will deduct the penalty, else everyone will have an incentive to keep the FD for the highest interest rate regardless of the period, and then break it.

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Vikash Jain February 1, 2011 at 9:43 PM

can you confirm the maximum limit of interest on FD after which the interest is taxable?

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Manshu February 5, 2011 at 1:04 AM

As far as I know interest on FD is fully taxable. I’m not sure about this though because my tax knowledge is limited.

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Radhakrishnan February 9, 2011 at 2:56 AM

If the aggregate interest income from fixed deposits that you are likely to earn for all your deposits held in a branch is greater than Rs 5,000 in a financial year, you become liable for TDS.

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Benu Leeberson February 11, 2011 at 1:08 AM

Thanks for the update , As on 1 Feb 2011, interest rates at Tamilnad Mercantile Bank
10% for 555 days.

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Manshu February 11, 2011 at 4:37 AM

Thanks for that info Benu.

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anil February 11, 2011 at 8:26 AM

Karnataka bank is offering 9.75% for 1-2 years deposit

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Manshu February 11, 2011 at 6:04 PM

Thanks for the info Anil.

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Vikash Jain February 11, 2011 at 9:33 PM

Dear Radhakrishanan, thanks for information of TDS on FD. But i think TDS is applicbale on interst more than 10000/-in palce of 5000/-on FD in a financial year.

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Anup kumar Srivastava February 15, 2011 at 1:01 AM

I had invested rupees 20,000.00 (twenty thousand ) only in IDFC Trancha II application no 16347120. kindly mail me my certificate in my mail id anup897@gmail.com also, so that i may avail tax exemption benefites for the financial year 2010-2011.

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Manshu February 15, 2011 at 4:36 PM

Anup – use this link to download your allotment advice:

http://karisma.karvy.com/investor/jsp/IDFC-APP.jsp

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Ganesh February 18, 2011 at 9:19 PM

Karur Vysya bank is offering 10.25% for 555 days and 10% for 2 years (Ordinary citizen)

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Manshu February 20, 2011 at 5:24 PM

Thanks Ganesh for that info.

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Dr. Pramod Kumar Chhajed February 21, 2011 at 3:50 AM

Bank of Baroda is offering the 9.10 % interest rate on FD of 444 days. Under the scheme of bank of baroda UStave scheme.

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Manshu February 21, 2011 at 4:52 PM

Thanks for that info Dr. Pramod.

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Vikash Jain February 21, 2011 at 9:56 PM

please give your comments on 10-15 years SBI BOND.

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Manshu February 22, 2011 at 7:06 PM
ankeet gala February 22, 2011 at 4:44 AM

karur vysya bank has
10.25% for general
10.50% for senior citizens
both for 555 days

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Manshu February 22, 2011 at 6:59 PM

Thanks for that info Ankeet.

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lucky February 23, 2011 at 8:44 PM

Indian Bank Deposite Rate for 555 days is 9.5% and 10.25 for Sr. Citizen. Plz correct.

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V K Aggarwal February 24, 2011 at 4:10 AM

Hi
Thanks for sending the max rate of interest paid by Banks to Sr Citizens I will also like to add That State Bank of Patiala has also revised up to 10% interest rates for Sr Citizens on fix deposits.
Another thing IDBI bank do not imposed any penalty on premature FDs or partial premature FDs. likewise some other banks may also be giving this facility.
Thanks.
V K Aggarwal

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Manshu February 24, 2011 at 7:21 PM

Thanks for that info – I’ll update this post during the weekend to reflect the SBP interest rate.

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P.T.PALANI February 25, 2011 at 1:49 AM

INDIAN BANK REVISED INTEREST RATES UPWARD WEF 18TH FEB 2011, FOR ALL DEPOSITS RANGING FROM 9.1 %FOR 111 DAYS TO 9.5% FOR 555 DAYS. ADDITIONAL 0.75% SHALL BE PAYABLE FOR SENOR CITIZENS.

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Manshu February 25, 2011 at 5:10 PM

I appreciate the fact that you’re posting all these updates here – thanks a lot. I will be updating this post during the weekend.

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krishan kumar February 26, 2011 at 7:20 AM

Sir, I have made a fixed deposit at a rate of 8.75% as a senior citizen in Yes Bank about six months back. I want to break this FD and invest in a FD with higher rate of interest. I want to know whether there is possibility of further interest rise. Should I wait for some time for further revision of interest. Or rates prevailing today are at peak rates. Please advise me through my email ID. kkdewani1@indiatimes.come.

Krishan Kumar.

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Manshu February 26, 2011 at 2:27 PM

To be honest I don’t have any insight on whether to expect a further rate hike or not. Please wait till the budget is out, as that will give a sense of the government’s borrowing programs, which in turn affect interest rates.

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arif kamaal February 27, 2011 at 6:41 AM

please send me detail which bank give high interest on FD. for non seniar citizen

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shaila February 28, 2011 at 11:55 PM

pls. update your records as fixed deposit rates have been revised from 25th Februaty 2011.

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Manshu March 3, 2011 at 8:36 AM

I’ll update the post this coming weekend.

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Krishan Kumar March 8, 2011 at 4:43 AM

State Bank of Bikaner and Jaipur is offering 10.25% on fixed deposits to Senior Citizens and 9.75% in others for various period option ranging between 2-5+ years. Can we expect further rise in interest rates on fixed deposit in near future.

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Manshu March 8, 2011 at 2:58 PM

Let’s see the monetary policy is going to be declared on 17th March, and most people are talking about some increases, so I won’t be surprised if there is a rate hike in a month or so.

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Fixed Deposits March 8, 2011 at 11:14 PM

I have heard that according to a study conducted by Care Ratings, the banks in India might have to raise the fixed deposit rates by around 100 basis percent or 1 percent in the next one year.So can anyone provide me with latest interest rates.

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Rajinder saini March 9, 2011 at 6:31 AM

Dear Sir,
I have FD for 5 years at interest rate 8.25
The period completed is one year (12 months)
I want to break the FD prematurely and make fresh FD at interest rate 9.75 (for senior citizens)
Pls tell me what will be the deductions for breaking the FD prematurely.

Best Regards
Rajinder saini

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Manshu March 10, 2011 at 5:35 PM

Which bank is this? Please check with them if they will deduct a penalty or not. Some banks don’t charge a penalty if you deposit the money with them again. Also, you will get the interest rate as if you created the FD for the time frame that you kept it. So if you break it after 12 months – they will see what the interest rate would have been if you initially made it for 12 months and pay you an interest for that.

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Radhakrishnan March 9, 2011 at 8:51 AM

You will get prevailing interest rate of 1 year minus 1percent is deducted as penalty. Also,please check with your bank.

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MGM March 14, 2011 at 6:28 PM

FYI – HDFC revised rates to 9.25% (9.75% for sr. citizens) for 2 yrs 16 days. Other banks have done this also to boost up books before year end. Can you please update the table so people can take advantage as always? Thanks.

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Manshu March 15, 2011 at 5:01 PM

Thanks MGM – I appreciate the comment – I had updated the post a little while ago, but it got dated again – I will update it this weekend.

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radha March 21, 2011 at 6:53 AM

I am planning to invest 10 lacs in FD in karur vysya bank for 590 days, I am a tax payer at 30% tax slab ,

what will be the IT that will be deducted if I make the above deposit and say if the interest accrued p.a = 105000,

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Manshu March 21, 2011 at 10:38 AM

TDS will be deducted at 10% of interest.

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radha March 22, 2011 at 6:38 AM

what suppose If i can split my deposit into 10 different branches of KVB , will the tax still be deducted as the FD will be just 1 lac per branch ,

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Manshu March 22, 2011 at 4:02 PM

Sorry Radha – I don’t know what will happen in that case.

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RS April 1, 2011 at 12:41 PM

LAXMI VILAS BANK IS ALSO OFFERING 10.10% FOR 180 DAYS TO 1 YEAR TENURE FD
CAN WE EXPECT RISE IN FD INTEREST RATE IN BANKS IN THE NEW FINANCIAL YEAR. WAITING FOR YOUR REPLY

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Manshu April 3, 2011 at 3:52 PM

Rates are expected to continue to rise with RBI saying they want to fight inflation. By how much and when I do not know.

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Radha Krishnan April 4, 2011 at 10:01 PM

Do we need to open an account in the bank in order to open a fixed deposit?

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ramu April 11, 2011 at 9:01 AM

For NRI’s below are the interest rates… iam confused on why 590 days (which is less than two years) has more rate compared to other days show in the chart below. Any ideas ?

590 days
9.25

591 days to less than 2 years
8.25

2 years to 789 days
8.50

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Manshu April 11, 2011 at 4:11 PM

This has happened in the past 4 or 5 months where you see short term rates higher than longer rates.

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ramu April 12, 2011 at 10:49 AM

Is there any Reason ??

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Anshuman April 11, 2011 at 9:43 PM

Dear Sir,

How banks calculate interest rates on FDs. As ICICI Bank offers 9.25% for 790 days and 8.50% for 791 days to 989 days. Normally, for higer period of deposits, interest rates should be on higher side.

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Manshu April 12, 2011 at 4:19 AM

That is usually true, but not always. In the last few months every bank has changed their rates to give a higher rate on the lower duration.

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Rahul April 19, 2011 at 10:50 PM

Is the interest rate calculated per year or is it fixed for the duration?
What I mean here is – suppose Bank A proposed a FD scheme like this: 10% for 555 days. So do we get 10% of deposited amount at the end of the tenure or we get 10% compound interest calculated on yearly basis?
I guess it should be latter, but just want to confirm it.

Thanks!

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Manshu April 20, 2011 at 11:25 AM

You’re right Rahul – the rates that banks advertise are annual rates.

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Ganesh April 23, 2011 at 5:31 AM

Karur Vysya bank reduced the interest interest rate from 10.25% to 9.5% from 18th April 2011

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pradeep April 23, 2011 at 5:25 PM

Which is the bank which offers maximum interest rate for 180 days to below 366 days tenure?

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Manshu April 24, 2011 at 10:14 AM

Thanks Ganesh – I will update the post.

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Dhivyan April 26, 2011 at 2:41 AM

Dear Sir,

I must first appreciate your wonderful efforts on helping people make better financial decisions. I need a little advise here, I have INR 10,000 with me right now and what can be a good investment option with the highest return possible ? I can invest it for a very long time period as I do not need the money right now but for the future. I am just a student so I’m quite naive in this regard, kindly help.
Many thanks ,
Dhivyan.

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Manshu April 26, 2011 at 6:08 PM

Hi Dhivyan: Talking about returns without talking about risk is not a wise thing to do. There are things that offer high return like shares but then there is high risk as well. You need to think about how much risk can you handle – will you be okay if you lose half of this money in shares? (It has happened many times before).

If you’re just starting out then I’d recommend taking advantage of the current high fixed deposit interest rates and study more about the financial markets, make yourself familiar with various options and then be more adventurous.

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Ganesh April 26, 2011 at 8:11 PM

Tamil Nadu Mercantile bank is offering 10.25% for 555 days .

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Manshu April 27, 2011 at 2:01 PM

Thanks I’ll update the post.

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Dhivyan April 27, 2011 at 1:28 AM

Thanks Manshu for the suggestion . I guess I can handle some risk, as you rightly pointed out being adventurous is the key ! Is there any good option to save money in India from abroad ? As far as I know, all the NRI savings schemes offer a very poor rate, are there other investment options ?

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Manshu April 27, 2011 at 1:47 PM

I mean I’m not recommending that you be adventurous, just saying that you have to be cognizant of risk.

You can open a NRO account and then get the same interest rate as resident accounts. You can also open a demat account from abroad or invest in mutual funds as a NRI.

http://www.onemint.com/2011/03/29/nro-and-nre-account-how-to-open-it-when-youre-abroad/

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V K Aggarwal May 5, 2011 at 9:44 AM

Thanks for providing up to date information regarding maximum rate of interest on fixed deposits, In this regards i will like to add that State Bank of Patiala is giving 10.25% for Senior Citizens.

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Indranil Sarker May 9, 2011 at 4:29 AM

State Bank Of Bikaner and Jaipur – Interest Rates of upto 9.75% for deposits between 5 and 10 years. 0.5% extra for Senior Citizens.

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Manshu May 9, 2011 at 11:04 AM

Thanks Indranil. I plan to update the post in a few days – will include this then.

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gulabrai samtani May 12, 2011 at 10:25 PM

pl keep me updated for best interest rates for sr. citizen

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Sudip May 13, 2011 at 3:53 AM

Once again very useful information, Thank you.

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Ganesh May 13, 2011 at 4:58 AM

City Union bank is offering 10.4% and 10.6% for general and senior citizen respectively for 400 days with effect from 8th May 2011.

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SANTOSH BANGAR May 16, 2011 at 3:17 AM

SIR
i want to know the interest rate of premature F.D.IT IS FOR 1000DAYS11%
i witdraw in2years 6 month. it is my husband name and ofter the death of my husband bank official said that there is not any deduion so i think i get them and reinvest bec interest rates are high they calculate at the rate of9%pl advice me it is right or wrong
bank is SBI of india

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Manshu May 17, 2011 at 12:14 PM

Madam – if the bank is not charging you any penalty for closing your earlier FD and re-opening the new one at a higher rate then that’s a good option for you. I’m not sure if I understood the question correctly, but if they are willing to do this then you should take advantage of the higher interest rate.

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Kapil May 18, 2011 at 8:16 AM

updated fixed deposit rates are available at http://allinfoindia.com/Fixed%20Deposit.htm with detail of tax deduction – Good post should read

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RAMBABU SHARMA May 28, 2011 at 7:17 AM

DEAR SIR
PLEASE ADVICE ME IN BANK FD IN FUTURE RATE MAY BE GO HIGH SO I INVEST SORT TIME AND LONG TIME WHICH IS THE BEST TIME TO DEPOSIT 555 DAYA AND 1001 DAYS AND ANEY YEAR PLEASE SPECIFY PL. GIVE ANSWER MY E-MAILID

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Manshu May 28, 2011 at 10:15 AM

Don’t know about that. Sorry.

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Dharmendra Bishnoi July 26, 2011 at 1:40 PM

Dear Sir,
Small Industries Development Bank of India (SIDBI), a financial institution, offers 9.50% p.a. on quarterly compounding basis for 12 months period on fixed deposits. ITs a AAA rated institute and has been rated by CARE rating agency.

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Vish June 16, 2011 at 2:41 AM

Excellent compilation. One suggestion though – If you had ordered/categorized the table by “tenure” it would have given a good comparison. Since some readers might be interested only in short tenures and would like to compare rates on short tenures between banks

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Manshu June 17, 2011 at 12:49 AM

Thanks for your input Vish – I had created this list a long time ago, and looks like it’s dated as well. I’ll update it and sort it as well. Thank you!

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Sandeep kumar October 1, 2011 at 11:32 AM

Dear Sir,

We are providibg best Fixed Deposit rate,& our rate is For 480 days is 9.60% & for senior citizen is 10.60%

thanks
Sandeep kumar
M#9899934750

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Manshu October 4, 2011 at 6:07 AM

Which bank?

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Sandeep kumar October 10, 2011 at 4:17 PM

Dear Sir,

We are providibg best Fixed Deposit rate,& our rate is For 480 days is 9.60% & for senior citizen is 10.60%

thanks
Sandeep kumar
M#9899934750

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Manshu October 11, 2011 at 5:23 AM

Yes Sandeep – I will include Yes Bank in this comparison in a day or two – I just haven’t gotten around to updating the list, and when I do update the list – Yes Bank will be there.

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Sandeep kumar October 12, 2011 at 3:57 PM

Dear Manshu,
i am banker and I want sourced fixed deposit and a/c also.

so please if you have some customer for tht same pls send me his/her no.

Thanks
Sandeep kumar
M#9899934750

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Manshu October 13, 2011 at 5:15 AM

I’m sorry Sandeep – this is just a blog where people come to source information – I don’t have any customers so I’d recommend not building any hopes of building a clientele from here.

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Hardev Singh June 21, 2011 at 5:57 PM

Sir, I want to know that What is the meaning of 555 /590/ 999 days of FD ?
how much interest I will get if I invest Rs 100000.o0 @9.25% for 590 days ?

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Manshu June 22, 2011 at 9:34 PM

Hardev,

The days are just the maturity. So, 555, will be one year plus 190 days, so about one and a half years. The interest rate is always per year. so you will get paid 9.25% per year on your money.

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Garima June 25, 2011 at 3:54 PM

Hi Manshu,
If you can guide me that presently which bank is paying the higest interest rates for the Fixed Deposit for the senior citizens.

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Srinivasan Sankaran June 27, 2011 at 2:11 PM

kumbakonam mutual benefit fund is offering 12% for limited period offer. They are reliable services and can yeild good results

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shankar August 5, 2011 at 5:54 PM

Dear sir,

Let me know K.M.B offer good services and whether it is reliable,.please give me their address in Mylapore or tambaram (Chennai)

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Dheeraj June 27, 2011 at 5:09 PM

Dear Sir,

I wish to invest s.5 lakh for a period of 6 months. Plz let me know in which Nationalised bank shud i despost

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Praveen July 3, 2011 at 12:01 PM

Lakshmi Vilas Bank offers 10.5% for 1yr . Rates are attractive for shorter tenures as well.
Checkout on their website for more information.

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sundaram July 4, 2011 at 9:51 AM

Pl note that for senior citizens, IDBI is offering 10.3% while Yes Bank is giving 10.6%.

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Manshu July 10, 2011 at 12:11 AM

Thank you Sundaram – I’ll update the post with more recent numbers today!

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Garima Upadhyaya July 10, 2011 at 12:51 AM

Thanks sundaram but if you can even tell me that these interest rates will be applicable only if we take an FD for more than 1 yr or for even lesser period of time.

Garima

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P P GUPTA July 7, 2011 at 10:17 PM

Sir,
On how much interest per year TDS is to be deducted.?Does this apply if the person has more FD in the same name

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Santosh July 11, 2011 at 5:29 PM

Hi

I want to do fixed deposit for around 7-8 lacs for one year. could you please let me know what would be my best bet. After seeing this link, I decided to take Karur Vysya Bank.
Will the interest amount will be tax free?

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Manshu July 12, 2011 at 7:17 PM

No, interest will not be tax free. It will be taxed by adding it to your other income, and taxing it at your tax rate.

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Raj July 13, 2011 at 12:52 PM

Mogaveera Co-Op Bank is offering 10.25% for normal customers and 10.50% for senior citizens. These are for a tenure of 13-18 months. Excelent yied of around 10.93% and 11.21% respectively.

They do have some Tax benifit scheem.

These guys are in the market since 1946 and are doing well.

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Manshu July 14, 2011 at 5:53 AM

I see that the bank’s chairman was arrested about 7 years ago, and it was fined in 2006 for lending to directors.

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Narendra Kapadia September 28, 2011 at 2:45 PM

The bank has put so many co-oprative banks and c0-0perative societies into trouble some time in late ninties. I do not think it is advisable to park fund in such banks. However, I feel some reputed co-operative, such as Shamrao Vithal Co-operative, Abhyuday Co-operative Banks or NKSGB Co-operative Bank which offer more than 10 % are better bets. Alternatively, State Bank of Travncore or State Bank of Patiala also offers better rates than State Bank of India. You may go for these banks too.

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Nagarajan July 16, 2011 at 2:13 AM

You missed out on City Union Bank which is offering 10.4% on 400 days deposit and Lakshmi Vilas Bank offering 10.5% on deposits less than 2 years. TAICO(Tamil Nadu Industrial Cooperative) Bank is offering 11.5% for senior citizens for a period of deposit upto 5 years.

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Manshu July 18, 2011 at 4:00 AM

Thank you for pointing those Nagarajan, I will update the post with these banks.

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Sujeet Punjabi July 18, 2011 at 1:45 AM

Hi,

Would you suggest fixed deposits by companies ?
for example :
United Spirits _ 11% on tenure of 12 months
Mahindra Finance_10% tenure 24 mnth (CRISIL FAAA)
Elder Pharma _10.5% tenure 3 yrs
STFC_10.75% tenure 3 yrs (CRISIL FAA+)

Sujeet.

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Manshu July 18, 2011 at 3:52 AM

Hi Sujeet,

In the past when I’ve written reviews for these I’ve said that about 5% of your total portfolio is enough in these deposits as it doesn’t expose you too much to just one company, and can help you juice up yields as well.

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Mitalee M July 18, 2011 at 1:45 PM

I want to get atleast a fixed amount of return for child’s education. I wish to deposit a amount in safe but secured institution. For monthly receipt of 3500 ,how much amount I have to deposit for four years.

Any body can help me.

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Manshu July 19, 2011 at 4:12 AM

If you want a secure place which you should given that this is for your child’s education you should invest the money in a bank fixed deposit. Some of them are giving close to 10% right now, and those are pretty good returns with very little risk.

Here are some banks that offer high returns right now.

http://www.onemint.com/2011/01/14/banks-with-high-interest-rates-on-fixed-deposits/

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Tashina July 21, 2011 at 5:06 AM

I am from the US and just now looking into possible Fixed Deposit accounts or just semi safe investing plan that will have a decent return. Savings accounts in the US are under 2%, could anyone give me advice on investing in India.

Thanks
Tashina

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Arvind July 22, 2011 at 10:47 AM

pl. update me on the same

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Awet Gaim July 23, 2011 at 12:31 AM

Dear sirs,
I am from East Africa formerly did my studied in India .Can I benefit from Fixed Deposit accounts .
could anyone give me advice on this.
Thanks
Awet

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Narendra Kapadia September 28, 2011 at 3:00 PM

Accordingly to my views, if you are Indian Origin and then moved to East Africa, you would be called Non-Resident Indian and can have your Non-Resident Ordinary Account or Non-Resident External Account and accordingly you can have Fixed Deposits. However, if you are not Indian Origin, then you can not park fund in Fixed Deposit in India. Though you can have an NRO account to operate for your expenses when you visit here and the balance amount can be repatriated provided the money was received through banking channel only. I hope this helps.

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heart bedre July 26, 2011 at 6:24 AM

I’m thinking to invest my money rs. 90,00,000 lakhs in SBI fixed deposit for more than 5years, could you plz.tell me what interest will i get monthly on this and also give other best plans for big
returns on this money ..
Thanks,

Heart b.

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S G Subramanian July 26, 2011 at 5:11 PM

Please note SOUTH INDIAN BANK , for deposits between 1-2 years the interest rate is 9.75%, interest payable quarterly

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Dr. Jayaraman July 27, 2011 at 1:01 PM

You missed City Union Bank (CUB), headquartered in Kumbakonam, TN.

For a 400 days FD, they offer 10.4% (10.6% for senior citizens).

See http://cityunionbank.com/home/interest.htm

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Manshu July 27, 2011 at 6:26 PM

Thank you Dr. Jarayaraman – I’ll update the list with their name next time.

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Kalyani July 27, 2011 at 2:39 PM

Manshu, these rates look attractive, but the banks these days demand that we have an SB a/c to be even eligible to apply for these FDs? Is this mandatory ? For eg: Say I have an a/c with ICICI bank, BoB doesnt accept my application for opening an FD with them – they need an SB A/c. Do enlighten us.. Would appreciate if you can drop in a reply liner to my Email ID too.

thx
Kalyani

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Manshu July 27, 2011 at 6:25 PM

Kalyani, No, this is not mandatory at all, and I have a full post on this with several people commenting and sharing their experience of opening a FD without a SB account. Do give it a look here.

http://www.onemint.com/2011/05/19/can-i-open-a-fixed-deposit-without-opening-a-savings-account/

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Kartavi Dave August 10, 2011 at 11:57 PM

Dear Manshu,
followings are MAX. TERM DEPOSIT RATES as on 09-Aug-11 of 34 banks.

Please write FRESH article on this subject. This is since people are advising that for next 1 year investment in Bank FD will give better return than investment in GOLD or M.F.

Tamil Nadu Mercantile Bank 10.50
cityunionbank.com 10.40
FEDERAL BANK 10.00
Karur Vysya Bank 10.00
South Indian Bank 10.00
Karnataka Bank 9.75
State Bank of Patiala 9.75
Syndicate Bank 9.75
Dena Bank 9.60
Punjab and Sind Bank 9.55
Canara Bank 9.50
Corporation Bank 9.50
IDBI Bank 9.50
Indus Ind Bank 9.50
J&K Bank 9.50
Kotak Bank 9.50
State Bank of Travancore 9.50
Andhra Bank 9.40
Central Bank of India9.40
PNB 9.40
State Bank of Hyderabad 9.40
Union Bank of India 9.40
Bank of Baroda 9.35
Vijaya Bank 9.35
Axis Bank 9.25
Bank of India 9.25
HDFC Bank 9.25
ICICI Bank 9.25
Indian Bank 9.25
Indian Overseas Bank 9.25
State Bank of India 9.25
UCO Bank 9.25
Bank of Maharashtra 9.00
Allahabad Bank 8.75

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Manshu August 11, 2011 at 4:45 AM

Dear Kartavi – Thanks for taking the trouble to collect this data and then sharing it here. Please give me some time, and I will create a fresh post. Most probably on Saturday.

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Kartavi Dave August 21, 2011 at 3:14 PM

Manshu, we are awaiting your new post.
Please also keep in mind following points:
In India, What General (Middle Class) ppl should do ?
• Interest rates on Bank Deposits are around 10% .
• Gold Prices are rising like any thing. one article says that it will rise for 2 to 3 years and thereafter the GOLD BUBBLE may burst and may show bottom. So, long term investor should avoid GOLD.
• Some News Paper articles said that this year share market (and hence Mutual Funds) will not give better return than Prevailing Fixed Deposits ( around 10% )
A small investor cry out … Aare bhai…. Kare to Kya kare ? !!
1. Should one ( in India) Sell out all our M.Funds / Share holdings and invest in Bank Fixed deposits.
2. Should one go for a SIP for Gold ETF (purchasing fixed units every month) for 10 Years for a good purpose (say child marriage or mere investment).
3. Should one buy a house (for investment) ?
My humble request to address all above points in your next post.
With regards.
Kartavi.

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Manshu August 21, 2011 at 10:06 PM

Hi Kartavi,

I had updated the post last weekend, and I thought I had replied to your earlier comment as well, but if I have not then I apologize. If you look at this list then that’s the updated one. I don’t think anything drastic has happened in the last few days that hasn’t happened over and over again in the last decade, if not longer. There is no reason to change the strategy of owning a diversified portfolio and sticking to it for the long term. Chasing asset classes that have given good returns in the past won’t do much good. I did write a post about a week ago about the current uncertainty. You may want to read that, and I will write one addressing all the things you are saying in a new post as well.

This is the link to the old post.
http://www.onemint.com/2011/08/09/thoughts-on-the-current-uncertainty/

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rv arora July 29, 2011 at 10:40 PM

state bank of Patiala is also providing 9.75% 555 days..

and trend suggest they gonna revise is very soon for depositor benefit.

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SAT PAUL GUPTA August 2, 2011 at 5:47 PM

I want deposit the amount of Rs.5 Lac for FDR .So pl tell me the maximum rate of interest in banks.

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raj August 3, 2011 at 8:30 PM

Federal bank is offering 10% on 333days deposits

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Kartavi Dave August 9, 2011 at 7:33 PM

Dear Anshu,
followings are MAX. TERM DEPOSIT RATES as on 09-Aug-11 of 34 banks.

Please write FRESH article on this subject. This is since people are advising that for next 1 year investment in Bank FD will give better return than investment in GOLD or M.F.

Tamil Nadu Mercantile Bank 10.50
cityunionbank.com 10.40
FEDERAL BANK 10.00
Karur Vysya Bank 10.00
South Indian Bank 10.00
Karnataka Bank 9.75
State Bank of Patiala 9.75
Syndicate Bank 9.75
Dena Bank 9.60
Punjab and Sind Bank 9.55
Canara Bank 9.50
Corporation Bank 9.50
IDBI Bank 9.50
Indus Ind Bank 9.50
J&K Bank 9.50
Kotak Bank 9.50
State Bank of Travancore 9.50
Andhra Bank 9.40
Central Bank of India9.40
PNB 9.40
State Bank of Hyderabad 9.40
Union Bank of India 9.40
Bank of Baroda 9.35
Vijaya Bank 9.35
Axis Bank 9.25
Bank of India 9.25
HDFC Bank 9.25
ICICI Bank 9.25
Indian Bank 9.25
Indian Overseas Bank 9.25
State Bank of India 9.25
UCO Bank 9.25
Bank of Maharashtra 9.00
Allahabad Bank 8.75

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Regi August 11, 2011 at 12:25 PM

Hi Guys,

Please research before you are putting money into some small time operators like kumbakonam mutual benefit fund – I hope they will not run away with your money just like UTI etc done couple of years back. So don’t just look for the highest % interest while depositting your hard earned money.

Regards,
Regi

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Siva September 13, 2011 at 2:54 PM

CityUnionBank (based at Kumbakonam since 1921) is highly reliable than modern ICICI and CITI banks. Right from my grand father days they used to put FD and get returns. Never seen failed even once since 1970s.. FYI

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Umesh August 17, 2011 at 4:09 PM

Mitalee M July 18, 2011 at 1:45 pm
I want to get atleast a fixed amount of return for child’s education. I wish to deposit a amount in safe but secured institution. For monthly receipt of 3500 ,how much amount I have to deposit for four years.

Any body can help me.

Hi Mitalee

If you want a fixed amount (Rs 3500 in your case) after a certain period (4 years in this case) the safest investment is bank FD. And this goal can be achieved in 2-3 ways, depending on the funds available at present or in future. (please note that all calculations and discussions are approximate and no calculations are made for the payment of income tax payable on interest earned)

First way, if you have sufficient funds then you can get a Bank FD (presently at 9-10%) for approx Rs 325000 for 4 years, which on maturity when reinvested in a new FD will earn you approx 3,500 per month or 10500 in a quarter (depending whether interest payable by bank is monthly or quarterly). This is more or less like a monthly income plan.

Second way, if you do not have large amount of money to invest in hand, then invest every month, an amount in FD that will give you Rs. 3500 after 4 years (approx Rs 2300-2400)

Third way, if you have funds somewhere in between then beside investing every month for a 4 year FD, you can start investing monthly for the fifth year (in a 5 year FD) say for 13th month of your requirement (61st month from now), 14th month and above, investing even lesser amount, which not only will give you required money but also qualify for 80C deduction for the year of investment (subject to DTC provisions)

It will be better if you contact your bankers who will be a better position to let you know the exact amount to be invested in 4years or 5 years FDs

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Akila August 18, 2011 at 11:42 AM

Hi,

I have planned to invest around 1.5L in KVB for 1 to 2 yrs for the rate of 10% pa. Is the KVB FDs a safe investment?? What CRISIL ratings does the fd have??

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Manshu August 21, 2011 at 10:45 PM

FDs are not rated by CRISIL Akila – up to Rs. 1 lakh is guaranteed by RBI, and generally they are much safer than bank fixed deposits.

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Mike August 20, 2011 at 8:04 AM

I have a question on your fixed deposit rates. I like a previous poster is from the U.S. and would like to know what is the safest bank to deal with in India. Your rates are very attractive and I would like a some information. Here in the U.S. are banks are FDIC insured, do you have anything like that, that protects your money in the event of a bank failure. I’m interested in something for three years or so. I would appreciate any information you can give me.
Thanks,
Mike.

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Kartavi Dave August 21, 2011 at 3:24 PM

Safest Banks : all nationalised banks viz state bank of india, bank of baroda etc.
Insurance: Deposits in banks are insured under policy by DICGC upto Rs. 1 lac.
Tax Implications: if interest amount go beyond Rs.10,000 in a financial year.
Online Txn : Few banks allows to open fixed deposit accounts Online. Viz state bank of india, HDFC Bank, IDBI Bank, ICICI Bank.
Online Pre-mature closure : State Bank of India allows to do it. Other banks require manual visit to the branch.

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Mike August 21, 2011 at 6:55 PM

Thanks for your reply. I just have a question regarding the tax implications you wrote about. Is it $10,000.00 the limit you can make without any penalty? If so could I open one account in my name and one account in my wife’s name to avoid going over the limit. I wasn’t sure if Rs.10,000 was the same as $10,000.00? The State Bank of India is the bank I would be most interested in. As a nationalised bank, it sounds to be a very solid institution from what I have read. Thanks again for your reply.

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Manshu August 21, 2011 at 9:54 PM

Mike, in order to open an fixed deposit in India – you have to be a resident Indian.

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Manshu August 21, 2011 at 10:26 PM

Hi Mike,

These deposits are for resident Indians only, and to the best of my knowledge, there is no way for an American to get a fixed deposit in India, and avail of these rates. Kartavi has already responded about insurance and that’s Rs. 100K so about USD 2400 or so, but again, that might be irrelevant for you.

Let me know if you have any other questions.

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vishal August 22, 2011 at 8:50 PM

Laksmi vilas Bank actually tops the list with 10.5% for 1 yr and less than 2 yrs.

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Lavanya August 25, 2011 at 12:23 PM

i want to know the best way of getting some income by investing some amount.

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Manshu August 25, 2011 at 10:03 PM

Do a fixed deposit – safest.

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ashok August 28, 2011 at 7:34 PM

latest deposit interest rates for senior citizen

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Amirap August 29, 2011 at 9:59 PM

Thank you very much for compiling the information.

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Manshu August 30, 2011 at 4:55 AM

oh wow you are very welcome – haven’t seen this kind of comment in a long time 🙂

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kritik August 31, 2011 at 2:14 PM

Whts noticeable is that the south based banks are offering the best interest rates

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Amar September 2, 2011 at 9:15 PM

I want to know , whether opening a FD in Tamil Nadu Mercantile Bank, is safe? I checked the website, it look likes bank gives simple interest on FD. Please clarify.

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Manshu September 4, 2011 at 3:30 AM

RBI insures up to Rs. 1 lakh so that should give you some comfort.

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Purna September 3, 2011 at 11:54 PM

Hi,

Dhana lakshmi bank is also offering 10% interest rate on 300 days FD.Please update it

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Manshu September 4, 2011 at 3:04 AM

Thanks – I have updated it now.

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Umesh September 6, 2011 at 8:37 PM

Hi Manshu

I hope that the readers of onemint will find following links useful

A. Get the Highest FD Interest Rates
1. For Fixed Deposits
2. Tax Savings Fixed Deposits
3. NRI Fixed Deposits

http://www.ratekhoj.com/fixed-deposits/index.php

A (a) Fixed Deposit Rates
You can get FD rates based on institution types like banks (Public Sector / Nationalized Banks, Indian Private Sector Banks, Foreign Banks, Cooperative Banks, Post Office Savings Schemes, Companies etc.). You can get interest rates selecting as per deposit period range or you can select specific deposit period for your fixed deposit. You can also search for senior citizen and non senior rates as well. Many banks pay different rates of interest for large deposits, you can select this criteria as well.

The search is broadly categorized in 4 types:

1. FD rates based on institution type/deposit period range
2. FD rates based on institution type/specific deposit period
3. FD rates in selected institutions/deposit period range
4. FD rates in selected institutions/deposit period range

You then fill your search criteria and the resulting table can runs into hundreds of pages. In many cases you have to narrow your search or you have to be specific in your search so that the table may not run in many pages.

You can sort this table as per you choice as per alphabetical list of institutions, period of deposit and rate of interest (highest to lowest) by clicking on the first row of the table.

http://www.ratekhoj.com/fixed-deposits/fixed-deposit-rates/index.php

B. Calculators

Fixed Deposit Interest Calculator – Calculate how much interest payments you can get based on your fixed deposit amount, interest rate and interest payment period.

FD Maturity Calculator – Calculate the maturity amount and effective yield (compound interest rate) of your fixed deposit based on your deposit amount, interest rate and duration

http://www.ratekhoj.com/calculators.php

C. Find Bank IFSC Codes, MICR Codes, Postal Addresses

http://www.ratekhoj.com/banks/index.php

Umesh

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Kartavi September 8, 2011 at 7:27 PM

ENDEVOUR ATwww.ratekhoj.com IS GREAT BUT REQUIRE CONSTANT UPDATION ELSE IT WILL MISLEAD INVESTORS.
Example:
TAX SAVINGS FD RATES
IDBI BANK PROVIDE 9.5% the SITE SHOWS 9.25%.
SBBJ GIVES 9.5 the SITE SHOWS 9.3
SBHYDERABAD GIVES 9.25 the SITE SHOWS 8.75

YOUR
REGARDS

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Manshu September 11, 2011 at 5:10 AM

Thanks for the comment Kartavi – I don’t think anyone is tuned on to the rates the way you are 🙂

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k.vignesh September 10, 2011 at 4:07 PM

in which bank high rate of intrest

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Amardeep September 16, 2011 at 12:54 PM

hi, i am in service and my income tax slab is 20%. My husband falls in 30% income slab. I just want to know whether i can open FD in my name from my husband’s account. Since the FD interest will add to my income which is 20% slab. but this is legally or income tax evasion.

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Manshu September 18, 2011 at 10:45 PM

I don’t know the answer to that Amardeep – sorry.

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venkat September 18, 2011 at 5:21 PM

Hi

I want to do fixed deposit for around 3-4 lacs for one year. could you please let me know what would be my best bet.
Will the interest amount will be tax free?
if it is not tax free how much they will cut from interest for tax for current year 2011?
Is there any monthly income scheme in the fd ?

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Manshu September 18, 2011 at 10:19 PM

The table above shows some of the better rates and you can choose one based on whether the bank is close to you and the time duration is suitable for you or not. Tax is deducted from the interest and is calculated based on your tax bracket. This is not tax free income.

There are monthly schemes (by that I think you mean they pay interest monthly) but not every bank offers them so you will have to check with the bank to see if they give that or not.

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Manoj pandey September 21, 2011 at 6:58 PM

I want to do fixed deposit for around 1-2 lacs for one year. could you please let me know what would be my best bet. After 1 year how much amount i will get with interest

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Mohan September 25, 2011 at 11:50 AM

My question regarding the PAN card. Some expert advise to deposit in different branches to avoid the income tax. now a days Banks are asking the Pan card number if any one wants to deposit. My question, if anyone deposit in different branches, does the income tax department can find out their total deposit by the PAN CARD number. I need your advise on this case. Why the Banks are asking the PAN CARD. Is it the right way to avoid the income tax. Please let me know your openion.

Thanks and best regards.

Mohan

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Ashok September 25, 2011 at 7:29 PM

Hello Mr. Mohan,

The income from interest amount is not tax free. If the interest income from a single branch is less than Rs. 5000/- per year, then the bank does not deduct tax ( that is, there is no tax deduction at source). Otherwise the bank will deduct tax at 10% rate ( 20% if you have not provided PAN number). Remember, you have to declare all the income from interest amount and pay tax for those amounts, whether you put it in single branch or many branches. In summary, you CANNO T AVOID TAX on interest income.

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Manshu September 25, 2011 at 8:57 PM

That’s a great response – the limit for the TDS exemption has been increased to Rs. 10,000 from 5k a few years ago.

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krish September 26, 2011 at 11:30 AM

REPCO BANK 10.5% AND 10.6% (for 22 month FD)

its a Govt of India undertaking. Best rates. But I need feedback from consumers on how reliable, good they are.

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Manshu September 27, 2011 at 7:08 AM

Oh thanks – didn’t know that about this rate – will check it out, and leave a comment or a post.

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VRT October 4, 2011 at 12:55 AM

SBI is offerin 9.25 % from 1 to 10 years…

canara bank is no longer offering 9.5, its back to 9.25 %

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Manshu October 4, 2011 at 5:45 AM

Thanks for that info VRT – I will update this post again shortly – latest by the weekend.

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MAnju October 9, 2011 at 1:18 PM

Which bank gives the highest rate of Intrest of FDs

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D. sanghvi October 10, 2011 at 12:29 PM

is it safe if i deposit 10 lacs in one fixed deposit
plz reply

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Manshu October 11, 2011 at 5:26 AM

Well, it depends where you invest it – most big banks and PSU banks – its quite safe – if you buy a company fixed deposit or a NBFC FD then that may not be so wise.

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Aparna October 11, 2011 at 12:40 PM

Hi Manshu,

Very useful info for ppl like me who have no idea about FDs n stuff. It would be more helpful if u could explain a bit more abt tax on the interest amt we get back. I am into job for less than one year now & planning to deposit my savings as FD. I liked KVB as an option. Wud love to have any advise from u & Kartavi.

Thanks.
Aparna

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Manshu October 12, 2011 at 5:20 AM

Yes, I’d say go for it – save money, invest it and grow it – great job. Interest is taxable per your tax slab, and they will deduct TDS if your interest income is going to exceed 10,000 in a year.

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Subanshu October 11, 2011 at 7:22 PM

now SBT gives 10% for 500 days. for senior citizens it is 10.5%

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giri October 12, 2011 at 11:25 AM

I checked the website of karur vysya bank & it shows only 9.75% interest on fd. Is anyone sure if its 10%? Pls reply soon

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Manshu October 13, 2011 at 5:19 AM

This list has become dated since the interest rates have changed in the past few days – the bank website shows the most accurate results. I will update the result shortly. Sorry for the confusion.

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VRT October 12, 2011 at 11:52 AM

shamrao vithal 10.25 for 500 days…. normal citizens

i dont trust the tranvacores & laxmi vilas who offer highers rates… instead HDFC ltd offer are attractive on platinum series with many options… hdfc is also very strong & less risky than the other smaller banks offering 10.5

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Subanshu October 12, 2011 at 12:33 PM

@VRT State Bank of Travancore is the nationalised bank and is more trust worthy than new generation banks. And their interest rate is higher than HDFC. check with banks before you post. And if you can, please explain how SBT is not trust worthy compare to HDFC.

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VRT October 12, 2011 at 12:57 PM

@subanshu: I do check, have you been to the bank (SBT) ? you seen their breakup / their loan grades, do not post wise comments thinking others are ignorant… Nationalized banks you think are safe cause they are nationalized ??? max 1 lac insurance is what applies to all..

dint I write that their rates are higher…but… so whats the purpose of telling me they are higher than HDFC ?

What is an insurance of 1 lac… megre amount if we are parking much bigger sums & if some scam were to happen good luck recovering that 1 lac also,,, yes these small bank whether nationalized or not are prone to under the table activities…

Also I would rate shamrao which is a coop bank much higher than SBT

do your own reseach b4 you question other… If you think SBT is better go ahead i dont need to explain…good luck

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Subanshu October 12, 2011 at 4:17 PM

@vrt. Im not talking that this bank is bad or that bank is bad or this bank is good etc. i said the fact that SBT is giving 10% & 10.50% for 500 days. thats it my dear. please check my post above giri.

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Manshu October 13, 2011 at 5:18 AM

That’s one of the most measured and mature responses I’ve seen in a while Subanshu – impressive 🙂

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Bhagath October 12, 2011 at 4:43 PM

As an Investor I would go with SBI/SBT over HDFC/ICICI. no idea about shamrao.

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Nimisha October 12, 2011 at 8:05 PM

so if i deposit 1,00,000 for 1 year and the interest rate is 10%, will i get 1,10,000 after 1 year?
or will it be more?

what is mean by Interest Compounding Period? how the above listed banks are calculating it on fixed deposits? is there any accumulation with in 1 year time? can anybody explain it in detail please…

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Manshu October 13, 2011 at 5:13 AM

There may be tax, and the interest is usually compounded semi annually so the interest itself will be a bit higher.

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Kavita October 15, 2011 at 9:41 PM
Roshan October 17, 2011 at 11:28 AM

hi manshu
i have a doubt. why banks are giving more interest for a lesser period and less interest for a greater period. for example SIB (south indian bank) gives 10% for 300 days and 9.25% for 1-2 years. so in SIB people can deposit the money on 10% for 300days and when it is matured they can redeposit for another 300 days and get more interest. then what is the benefit of depositing the money for 2 years for only 9.25% interest?

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Manshu October 18, 2011 at 11:03 PM

They expect the rates to go down in a couple of years Roshan – so they don’t want you to lock on to a high rate for a long period. Because if interest rates fall and you are locked on to such a high rate for a number of years – they won’t be able to charge a high enough rate to cover the old fixed deposits.

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Abir November 2, 2011 at 9:42 AM

This is the trend of late that is to give less on a longer period of deposit.It appears to be result of frequent fluctuations in the lending rates as governed by the RBI and the cascading effect thereof. This is a reverse situation from older times and it is true for most banks.

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Prashant Kumar Jha October 19, 2011 at 11:23 PM

I want to invest in Lakshmi vilash bank , But unfortunatly there are no branch of this bank in my home town i.e. in Biharsharif, Nalanda (Bihar). How it will possible to invest in this bank.

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Prakash October 21, 2011 at 7:01 AM

Repco bank which is a Govt.of India undertaking is offering 11% for 22 Months for Senior Citizens & the deposit is known as REPCO 22 .

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Manshu October 21, 2011 at 8:14 PM

Thank you for your comment – I have updated the senior citizen post with that input.

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Bhavin October 22, 2011 at 2:17 PM

If i put 100000 rs in sbi for 1 year in fix.howmany rs i get after 1 year?

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Manoj October 29, 2011 at 10:38 AM

so if i deposit 1,00,000 for 1 year and the interest rate is 10%, will i get 1,10,000 after 1 year?
or will it be more?

what is mean by Interest Compounding Period? how the above listed banks are calculating it on fixed deposits? is there any accumulation with in 1 year time? can anybody explain it in detail please…

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Manshu October 30, 2011 at 11:05 PM

No, they will deduct TDS on it at 10% and then pay that to you.

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anand November 13, 2011 at 11:40 PM

Iam getting 5 lakhs personal loan from some bank and the EMI will be 12500/-If I take the loan and deposite it in the form of fix deposite to any bank for the same tenure of refund, will I be in profit to some extent…………?

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Manshu November 15, 2011 at 12:21 AM

Quite unlikely, but you didn’t say the term of the loan – how long is it – 5 years?

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Rajesh Duggriala November 13, 2011 at 11:49 PM

Hi,
this is my first posting , my question is it good option for going for FD in this present situation or go for MF’s? or any other for Tax savings as well for money growth.If for TDR how Lakshmi vilas bank is rated? it is new to me ….or shall i go for state bank group or BOB? Please tell me how LVB is secure?

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Manshu November 15, 2011 at 12:20 AM

FD and shares or equity mutual fund are two different things – you can’t compare one with the other because in mutual funds there is a risk that you might lose all your capital as well. Now, for LVB – I don’t know particularly about that bank but in general you have an insurance from RBI for Rs. 1 lakh FD amount, and it’s always good to spread out your investments and not have all your eggs in one basket.

If I were in your position I would open two or more FDs.

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Krishna Kumar Sinha November 14, 2011 at 6:05 PM

I am a senior citizen and want to deposit in fd.kindly intimate maximum rate of interest payable.

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Krishna Kumar Sinha November 14, 2011 at 6:12 PM

I am a senior citizen and desirous to keep my 5l of amount in f/d. kindly intimate at earliest.

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Manshu November 15, 2011 at 12:09 AM

You need to contact a bank at the earliest, writing a comment here will not get you closer to opening an account as this is like a news website.

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NARAYAN November 22, 2011 at 12:57 PM

Sir, at the moment REPCO Bank a Govt. run bank pays the maximum. Their interest rates for Senior citizen is 11% for 22 month period.

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gurumurrthy November 15, 2011 at 12:00 PM

If i deposit 1,00,000 for 1 year and the interest rate is 10%, will i get 1,10,000 after 1 year?
or will it be more?

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gurumurrthy November 15, 2011 at 12:00 PM

so if i deposit 1,00,000 for 1 year and the interest rate is 10%, will i get 1,10,000 after 1 year?
or will it be more?

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GURUMURRTHY.J November 15, 2011 at 12:17 PM

i want to know the best way of getting some income by investing some amount.

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bhavin shah November 20, 2011 at 7:01 PM

Axis bank has launched Guaranted Monthly Income Plan?
How it is?

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Manshu November 21, 2011 at 11:47 PM

I have never looked at it – let me see what that’s all about and I’ll write about it. Thanks for the idea Bhavin and thanks for leaving a comment.

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deepa yadav March 16, 2012 at 3:27 PM

Axis bank has launched Guaranted Monthly Income Plan?
How it is ?

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sanjeev arora December 5, 2011 at 8:02 PM

Presently Oriental bank of Commerce is also offering 9.75% for a deposit for 1 year to less than 2 year

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Jeetesh December 8, 2011 at 12:15 PM

I want to invest for double money scheme & have benefit of Tax also which bank or other scheme is preferable

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sreenivas December 9, 2011 at 4:03 PM

SBI is offering 9.25 % Fixed deposit for 1yr

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Manshu December 9, 2011 at 7:25 PM

Thanks Sreenivas – I’ll update this post shortly.

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Hardik December 13, 2011 at 9:53 AM

IDBI Bank offers the highest interest for TAX Saving Deposits @9.5% p.a.. TAX Saving Deposits are generally locked in for 5 years. It also gives a free Cheque book account and a free ATM cum Debit Card.

I am sure this would be usefull to people looking to invest in TAX Saving Deposits.

Hardik

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roshan December 15, 2011 at 10:07 AM

state bank of travancore is not giving 10% interest rate on fixed deposit of 500 days. It had been decremented to 9.5% w.e.f 01\12\2011.

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pradip shah December 16, 2011 at 9:33 PM

you have published list of fixed deposit rate of bank
but actually, dena bank 1 yr rate 9.60
syndicate bank 364 days fd rate differe

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Manshu December 16, 2011 at 11:06 PM

Thanks for pointing that out Pradip – I will take a look at all these rates again – must be time to update this post.

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Ravi Parmar December 21, 2011 at 12:03 PM

i want to open a fd. but i am confused it is better then any long time investment in any bank. and how many year money will be double by deposit.

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Shalini December 27, 2011 at 12:51 PM

One newbie question…if tomorrow RBI cuts rate and FD rates fall..will the old FDs done @ higher rates get effected or not ?

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Manshu December 29, 2011 at 12:12 AM

Old FDs will continue to get the rates they promised you.

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Shalini December 29, 2011 at 5:19 PM

Thanks Manshu,

How about Tax angle for senior citizen, I believe 15H can avoid TDS but what about cases like..huge sum for longer time.. that too will tax free ?

For example 10 L for 10 year in SBI for 9.75 will yield ~26 L …is the entire amount tax free ?

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Manshu December 29, 2011 at 9:22 PM

You need to take the interest earned every year and show that as part of income even if you are reinvesting it. If that crosses the exemption limit then yeah you need to pay tax on it – if not then you don’t.

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balraj December 30, 2011 at 10:45 PM

i want to invest few lacks , so that i get good return amount by doing that .
can you help me out for the best option?

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TCB January 1, 2012 at 6:02 PM

Dear Manshu,

Bank is saying that Form-15G should be signed only by the first holder. According to the bank, Second holder cannot sign this form even in case of deposits with ‘either or survivor’ as operating instructions. Is this correct ?

If yes, is there any way to avoid TDS for a fixed deposit for which the first holder has expired ?

If there is no way to avoid TDS, how to get refund of the TDS for a deceased person ?

Thanks

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Manshu January 2, 2012 at 2:02 AM

I don’t know the answer to any of these questions I’m afraid.

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TCB January 2, 2012 at 10:10 AM

Dear Manshu,

Can you please tell me from where can I get answer to these questions ? I would prefer to get the answers on the internet if possible.

Thanks

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Manshu January 2, 2012 at 11:14 PM

Since these are tax related questions, I think a forum like the CA Club forum might help because they deal with tax all the time.

http://www.caclubindia.com/forum/default.asp

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Manish January 3, 2012 at 11:04 AM

The first holder is the beneficiary & liable to tax, irrespective whether the deposit is held in single/joint name with the clause as E or S.
In case form 15G is required to be submitted, details of the first depositor is to be mentioned & signed by him/her.
In case the first depositor has deceased, necessary changes is required to be made to the original deposit receipt by deleting the name of the first holder, & then the deposit becomes held by a single individual. Then that sole holder becomes liable to tax, & can submit the requisite 15G, if required.

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Shalini January 3, 2012 at 10:42 PM

How about the case of nomination…in case of deceased ..will the nominee get the entire amount tax free or he has to give tax on that ?

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Manish January 4, 2012 at 1:19 AM

In case of deceased, the nominee gets the entire amount, & TDS would be deducted in case the interest amount exceeds Rs.10000/- & form 15G is not submitted.
He has to pay tax according to the slab in which he is liable to tax while filing his return of income, as it will be considered as part of his/her income liable to tax.

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Shalini January 4, 2012 at 8:41 AM

Thanks,
Opening FD in name of parents > 60 seems to be good option with form 15H , look like RBI is going to cut rate cut soon…

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vignesh January 2, 2012 at 10:57 PM

i come to know that REPCO bank, a govt. of india enterprise, is offering 10.6% for general and 11% for senior citizen for a period of 22 months. Same may be confirmed from http://www.repcobank.com/

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pankaj January 5, 2012 at 10:36 AM

Hi,
I want to ask if i want to deposit some lakhs in FD , can i do it in parts, like 1 lakh in 1 month, another 1 lakh after 2-3 months. And Secondly if i withdraw amount in parts from FD before maturuty did i need to pay some penalty or still i can enjoy the same rate that was comitted initially by banks??
Is there any bank providing this flexible RD ?

–Pankaj

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Manshu January 5, 2012 at 9:11 PM

Hi Pankaj,

You can always do multiple FDs in the way you are mentioning. You will get the rates present at that time, but that’s the only way. If you break the FD before maturity then the bank will pay you interest for the time you kept the FD with them.

So, if the FD was for 3 years at 9.5% but you broke it in 6 months and the six month interest rate is 6% they will give you 6% for six months. Some banks also charge a penalty by reducing the interest rate by a percentage or two and that will also reduce your interest rate.

If banks didn’t do this then everyone would just make the FD at the tenure which gives the highest interest rate and then break it when they want.

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pankaj January 9, 2012 at 10:45 AM

Hi Manshu,
Thanks for the information. One more thing i want to ask that nowadays some banks is giving option of opening a Saving Max account with minimum amount of 25K and when the amount => 1,250000 the amount 1L is turned to FD with 9.25% and giving facility to deposit and withdraw amount without any additional cost in FD. Is it good to invest in that plan or rather go for simple FD.

Thanks
Pankaj

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Manshu January 9, 2012 at 8:52 PM

Hi Pankaj,

You mean the auto sweep account, right?

I did a post on that some time ago and a few people commented on some hassles and restrictions on this so you may be surprised by some bank terms when you actually go to use the facility.

And on top of that there is really no benefit of doing such a thing. If you know that you won’t need the money in future, then just do a FD and take full advantage of their best rates. For most banks the best rate are on odd days of 390 days or 690 days or something like that and the auto FD will not get you that rate.

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Jeff January 6, 2012 at 1:11 AM

Please forgive my ignorance of the Indian banking system, but those interest rates seem incredibly high considering that it is difficult to find a US or European bank paying more than 1% annual interest on fixed deposits. Yet you seem to be reporting quite a few Indian banks paying as much as 10% per annum. Why don’t american and european citizens make deposits to these Indian banks and earn 10X more than they are currently earning from their current banks? Are there laws in India to prevent that? Do Indian banks have “deposit insurance” that protects all depositors, citizens or otherwise, from loss up to a certain limit? Where can I learn more? TIA.

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Manshu January 6, 2012 at 2:48 AM

Hi Jeff – yes, you guessed correctly, there are rules to prevent foreigners from depositing money in Indian banks. Deposits up to 100,000 are insured and the government guarantees them, but in general – it is very rare to find any Indian banks failing. Not that it never happens, but in general they are rare.

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Jeff January 6, 2012 at 6:48 PM

Hi Manshu,
It’s too bad for us then, but congratulations to you guys! We would love to earn a decent return on our savings over here. It seems that saving for our future is no longer rewarded.

One other factor regarding foreign investment that occurred to me after my post: currency exchange rate risk. I believe that the value of the rupee has dropped almost 20% against the US dollar in the past 6 months. So someone who converts dollars to rupees to purchase an FD would have to hope that, when it is time to redeem their investment and convert back to dollars, the exchange rate will have remained the same or better.

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Manshu January 6, 2012 at 7:31 PM

Hi Jeff,

I should have probably mentioned this in my earlier comment – the inflation in India is very very high compared with western countries, and even though the nominal interest rates are 9% or above, the inflation rate has also been lingering at about the same level from a couple of years so even though the 9% or 10% sounds high, the real rate of interest is much lower.

And you’re right about the exchange rate, if someone converts $ to INR, then they’re hoping INR doesn’t depreciate more than the interest rate in the future because that will defeat the whole purpose.

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Rakesh Mishra January 8, 2012 at 9:56 AM

Please also mention a column of interest rates of senior citizens ………………………Rakesh Mishra

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Manshu January 9, 2012 at 3:08 AM

I’ll create a new article for that – thanks for the comment.

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moniki January 8, 2012 at 12:57 PM

i come to know that REPCO bank is offering 10.6% for general and 11% for a period of 22 months.

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ritesh sahu January 11, 2012 at 6:16 PM

allahabad bank , FD interest rate is 9.50% bet 1 – <2 yrs

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Manshu January 12, 2012 at 2:30 AM

Thanks Ritesh – added that in the list.

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Kumar January 11, 2012 at 8:57 PM

I understand Reserve Bank of India has relaxed rules for NRI of NRE deposits in Indian Rupees if the amount exceeds 1 Cores one can enjoy interested rate as high as 9% and above. How do I check which bank is offering a higher rate of interest on Fixed deposits is there website that has this latest information. What other secure investments can I look for which will give me a higher rate of interest. Thanks you for your assistance.

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Manshu January 12, 2012 at 2:26 AM
karthick January 12, 2012 at 3:56 PM

i have 5000 rupees fixed deposit to save the bank how to doposit

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Manshu January 12, 2012 at 9:18 PM

Go to the bank where you have a savings account, and they will help you set it up. It’s very simple but you will have to go there to get it done.

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KSD January 13, 2012 at 4:56 PM

Can you also list companies that offer fixed deposits. Also suggest whether is it safe to invest in these companies. Some I found are: Jaypee Group that gives 11.75% / 12.25% / 12.5% for 1 /2 /3 years respectively on a minimum deposit of 20000. Sriram Transport Finance Company Ltd. that gives 9.25% / 9.75% / 10.75% for 1 / 2 / 3-5 years respectively on a minimum deposit of 25000. United Spirits that gives 11% / 11.5% for 1 /2 years respectively on a minimum deposit of 25000.

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Manshu January 14, 2012 at 9:39 PM

I”ll try to collate that info – I’ll have to see were I can find that info such that it can be updated regularly. Let’s see.

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Jokula January 17, 2012 at 7:20 PM

Manshu..thats a nice post.
Can u throw some light on the Monthly income plans that are in the market eg Metlife, Axis etc.
On a query regrding this with Axis, i gt the following reply for a 15K monthly premium “The policy premium payment period is for 6 years. and the guaranteed monthly income will start from the 7th year to next 10 years. You will get Rs.15000/- for the first 5years(ie 7th years to 12th year) and Rs.21150/-will be added to your monthly income for the remaining 5years. This is to considering the rate of inflation. On completion of the monthly guaranteed income, you will get refund of your first year and 50 % of the second year premium.Your annual premium will be Rs.322,426/”
I dont understand the math behind this, is it a good scheme to invest.? Can u pls advice?

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Jitendra P.S.Solanki February 22, 2012 at 2:35 PM

Jokula,

Monthly income plans by life insurance are costly affairs.They are primarily endowment plans where the investment of your premium is inclined towards debt. As such the returns are not very high.Also considering the high commission and other expenses the contribution you have to make to fetch a good monthly income is very high and most of the time beyond your means.

I will recommend you to avoid such schemes and invest through other cost effective instruments.

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Mohammed Ali January 19, 2012 at 4:15 PM

Dear Sir,
I Have 3.5 Million US$
can u please tell me this amount are Converted into Indian Rupee and deposited into Andhra Bank.
it is Possible are Not.
Please Tell Me its Urgent Please.

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AnantharamaiahBN January 31, 2012 at 5:31 PM

Sir,
I am aware Repco bank is offering 11% interest for senior citizens and no form 15 G/H need be submitted and ofcourse there will not be any TDS. But I am told that it is a GOI enterprises. I want to make sure how safe it is to deposit in Repco bank.

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Kavitha February 8, 2012 at 2:25 PM

I enquired about FD with LVB, They are saying that its locked for 5 YEARS and the rate of interest is 9% only.

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Rana kedar February 18, 2012 at 8:23 PM

i want to know the best way of getting some monthly income by investing some amount.
how much amount of money i should invest so i could get 10000.00Rs every month??

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Jitendra P.S.Solanki February 22, 2012 at 1:08 PM

Rena,

It solely depends on how much return you are able to make on your investment and the time horizon of your invest. Today a long term FD is fetching you 9-10% interest.So if you invest Rs 12 lakh you can expect Rs 10000 every month. But here taxability will play a major role as interest income above Rs 10000 from all sources in a financial year is taxable as per your income tax slab.Hence, the more viable option is to invest through multiple instruments with some giving you fixed returns and some variable with good growth.

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Umesh February 24, 2012 at 1:23 PM

“……… as interest income above Rs 10000 from all sources in a financial year is taxable as per your income tax slab”

Sorry Sir.

Who says that interest income upto Rs 10,000 in a FY is tax free!!!!!!!!

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Jitendra P.S.Solanki March 5, 2012 at 2:47 PM

Umesh,

As per IT act interest income from all sources up to Rs 10000 in a financial year is exempted from tax.

You can visit http://www.incometaxindia.gov.in for more info on this.

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Umesh March 5, 2012 at 5:16 PM

@ Jitendra

I shall be thankful if you please post the complete website address or the relevant section/sub section of the IT Act, that mention this information. (as I did not get any such information in the website, to the extent I can search)

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Umesh February 20, 2012 at 4:36 PM

The return you get for your FD depends on many factors like period for which you require such amount, FD tenure, choice of bank, interest rate of the bank in which you make a deposit, interest payout period, whether senior citizen or not etc. etc

Roughly, you have to make FD(s) for approx 13,00,000 so as to get 10,000 per month for an individual who is not a senior citizen (the amount is pre tax and subject to TDS). FD tenure over 1-2 years, interest rate @ 9.25 of a nationalised bank. Normally interest is paid quarterly but many banks accept for monthly payout for FD of such amount. So it is better if you contact nearby banks.

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jalajaraj February 21, 2012 at 9:15 PM

Thanks,

why the list does not showing co-operative banks intrest rates

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AnantharamaiahBN February 22, 2012 at 1:18 PM

Some banks have higher rate of interest for short term deposits and low rate for longer periods. How is that For eg SBI offers less interest for 5 years and more.
Also Repco bank is offering 10+ percentage of interest. There is no necesity of filing 15G and 15H forms. Only problem is there is no ATMs.

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Save Money India March 1, 2012 at 11:23 AM

9.5% for 5 years is better than 10% for 1 year.

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kumar March 1, 2012 at 6:05 PM

Hi
I am an NRI who wants to put money in India now that the fixed deposits rates offered to NRI is much higher will I be entitle to a higher rate of interest as a a senior citizens gets in India as I understand Senior citizens in India are entitle to a higher rate of interest. Can anyone provide me with some information on this issue.

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Manish March 2, 2012 at 2:52 AM

No, U would not be entitled to a higher rate of interest as a a senior citizens gets in India in case of any NRI deposits, & the same is available only to resident Senior citizens in India. NRIs only get the basic rate & not any extra, even though he might be a Senior citizen resident outside India.

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Gaurav March 4, 2012 at 4:53 PM

Hi,

I have some 4 lacs piled up in my salary account of ICICI for which am getting 4% interest.
Should I switch to Yes bank for 7% interest or ICICI can revise its rates too. ??

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Manshu March 4, 2012 at 8:42 PM

Since ICICI hasn’t raised the rates yet and hasn’t made any noises about raising then in the future it doesn’t seem likely they will raise savings rate in the future as well. You could either make a fixed deposit or move the money, that’s up to you with what you’re comfortable with.

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Radhakrishnan March 5, 2012 at 12:28 PM

These interest rates are not fixed anymore, so tomorrow some other bank may look better. A good option for you is to move the money to an bank account with sweep-in facility, such an account automatically transfers amounts that exceed a certain level into a fixed deposit. If at any point you make a debit on your account, your latest flexi deposit will be broken to the extent of extra amount required.

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mushi March 7, 2012 at 1:42 PM

Will it be a problem i believe if we invest our funds in Repco bank coz we declare our IT returns to save tax & wen we invest here it wld surely be a problem, coz most of the private banks dont publish all the infor @ FD….

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Saumya March 10, 2012 at 2:20 PM

Solanki Sir/Umesh Sir

With reference to your posts dtd. 5.3.12 above, I am eagerly awaiting for the necessary details, as it will help me in saving some rs 2700, that otherwise I have to pay as income tax on bank interest for the current year.

Please clear the position as even my office IT persons are unaware of any such exemption.

Thanks

Saumya

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Umesh March 17, 2012 at 5:18 PM

I am sorry Saumya, you can’t save tax on your interest income, and your office IT persons are right, as even a single rupee earned as bank interest is taxable and it will be included in your total income.

I, myself put a question to Jitendra Solanki (in a post above) when he said “As per IT act interest income from all sources up to Rs 10000 in a financial year is exempted from tax.” but he has no reply, perhaps he has no relevant section/sub section of the IT Act on his support.

However FYI, FM proposes that saving bank interest income upto 10K will be tax free from next year.

Now a question arises, if 10K will be tax free from next year then how it was exempted from tax in previous years, as claimed by JS.

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Nirmal March 14, 2012 at 10:53 AM

Nimisha it will depend on compound interest period.if it is semi-yearly then first interest for 6months will be 5000,then it will be added to the main principal and the total of 1,05,000 will be the principal for the rest semi-year.hence the total amount at the end of one year will be 1,05,000+5,250.5,250 is the interest for the second semi-year.

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gyan March 19, 2012 at 8:22 PM

Hi, I would like to do a FD, request you to suggest me the best bank where I can do my FD
also kindly let me know the tenure I am from bangalore. Thankyou…

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Manshu March 20, 2012 at 5:56 AM

The table above has got a list of some of the best rates and the tenures as well, so you can select one that suits you from the list.

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Suresh Ghag March 20, 2012 at 12:28 PM

Sir, i have invested 1,05,000 and drawn interest around 9975 as FD interest, i am male tax payer in 10% bracket, whether this amount is exempted from income tax.

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Umesh March 22, 2012 at 4:28 PM

No. It is taxable.
No TDS deducted doesn’t mean, interest income is tax exempt.

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chethan April 20, 2015 at 3:00 PM

What is the interest amount i will get monthly if i deposit Rs 150000 for 3 years as a fixed deposit.

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GeekDude March 20, 2012 at 6:14 PM

Hi Manshu, Nice post on interest rates. By reading entire post i came to know that only “Dhanlakshmi Bank” and “Syndicate bank” are offering high interest rate in less Tenure. These are the best banks to deposit our money.

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Jerry March 30, 2012 at 4:30 AM

Hi geek dude,
First of all, this blog is THE BEST answering lots of my financial question that was not addressed in any other finance websites.

And just want to point out that there is a risk in investing money in FD with less tenure. This is called as “Risk of Re-investment”. Remember, all these interest rates are calculated on ‘per annum’ basis (i.e., for 12 months). So once, your investment that matures in lower tenures (say 300 days in dhanalaxmi bank), and if you want to re-invest the principal and interest income into some other FD ot the same FD – yoo need to know that interest rate at that time will not be as competetive as now. Meaning, after 300 days of your FD, you may end up re-investing your money back to a lower FD scheme (with may be 7-8% p.a)

So if you can invest for longer tenure say 3 to 5 years, this is the best time, as you will get competetive interest rate that is going to be reduced. Else, if you want to make some quick bucks, and no plan of re-investing that money, then you can go for schemes like 300 days FDs like mentioned above.

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Manshu April 2, 2012 at 4:06 AM

Thanks for your great comment Jerry!

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Jerry April 5, 2012 at 12:03 PM

Hi Manshu,
You are doing awesome job in this blog.
Also, it would be great if I get further more information on the other interest rate schemes.
Meaning, I have come across this following link, where Kerala State Transport Corporation is accepting FD, and paying interest rate of 10.25% for one year. More options are available here:
http://www.ktdfc.com/index.php?option=com_content&view=category&layout=blog&id=11&Itemid=21

This FD is backed by Kerala State Government, so risk will be very minimal.
I am trying to collect these kind of FD schemes, but no so successful as of now.

Would you be able to post a blog on this kind of FD schemes from Government (State or Central) and other entities, it would be very useful for people like me.

Thanks,
Jerry.

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Manshu April 5, 2012 at 6:54 PM

Thanks Jerry, someone had left a comment about this earlier as well, but I’m not really knowledgeable enough about these things to write about it. I can try researching some info on KSRTDC specifically but then I don’t know how comprehensive it will be. I’ll give it a try. Thanks for the suggestion.

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pankaj March 21, 2012 at 5:29 PM

Hi,
If i have some x amount but not sure whether i need them in next 6-8 months, but also don’t want to keep it in low interest rates saving account.
Is it good to keep them in FD (break FD if i need money) or some banks are providing penalty free FD where i can withdraw money anytime. ?

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Umesh March 21, 2012 at 6:59 PM

Hi Pankaj

There are few ways and you can select the most suitable one at that point of time. But please check with the bank before you put your money in FD

1. Some banks have “sweep in sweep out” facility, may be in some other name. I think this is exactly what you want. I remember Manshu made a post on this.
2. Some banks allow to withdraw money anytime after some period without penalty eg SBI for 7-180 days deposit (please check with SBI)
3. Otherwise you can take loan upto 90% (depends on bank) of your FD amount.
4. You always have the option to break your FD prematurely, with penalty.

You can make some calculation to find out the most economical option, if you have to choose between 3 & 4

If you think you may need money before FD period, it will be good idea to divide the amount in 4-5 or more smaller FDs instead of 1-2 FDs, eg get 4 FDs of 10K, 20K, 30K, 40K instead of 1 FD of 100K and encash the FD as per your requirement.

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Manshu March 25, 2012 at 1:05 AM

I think Umesh has laid out all reasonable options to you and the only thing I’ll add here is that even if banks don’t impose penalty on your fixed deposit – they will give you that rate of interest which is applicable for the duration you kept the money in.

So, if a bank offers 10% for 1 year and 5% for 6 months, and you make a FD for a year , but break it in 6 months, the bank will give you 5% for 6 months and not 10% for 6 months.

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Anand March 21, 2012 at 10:42 PM

Hi, could you clarify my doubt.
An Housewife would like to invest in 5L in fixed deposit to generate 10% p.a return. She would receive 50,000. Assuming, Bank will deduct TDS @ 10.3% so she would effectively earn 44,850. No additional income for her. Since the tax slab rate is 1,60,0000, would she get her 5150 deducted as TDS when she declares she has only income of interest with income tax or TDS gone is gone?

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Manshu March 24, 2012 at 11:53 PM

Since she is not liable to pay any tax – what you need to do is file form 15G with the bank when you open the FD so that they don’t deduct the TDS. This is a fairly simple process and if you ask them they will guide you through it.

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Sahil March 27, 2012 at 5:38 PM

Sbi increased deposit rates. flash on cnbc. one suggestion. make a fresh post on prevailing income tax saving fd for late latifs . still 4 days for this fd

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chirag March 27, 2012 at 11:45 PM

Hey friends i want tio know fd interest rates of yes bank tell me any one?

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Manshu April 2, 2012 at 4:26 AM

Chirag – here is the page with the interest rate of Yes Bank.

http://www.yesbank.in/index.jsp?navigationUrl=%2FYES+Bank+Repository%2Fen%2FBranch+Banking%2FBranch+Banking+-+Personal%2FFixed+Deposits

What is it that you’re trying to do? If you could give more details, perhaps you could get more information.

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Tanya March 28, 2012 at 12:11 PM

Hi,

Please clear my doubt. I have invested in tax saving fixed deposit for this financial year. I have to submit xerox copy of the receipt advice in order to obtain form 16. Since CUSTOMER ID is mentioned in the FD receipt advice, is it safe to submit as it is or should I strike out CUSTOMER ID in the xerox copy??
Awaiting for your reply.

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K Farooq April 2, 2012 at 12:11 PM

Hi,

I want to know the x account can i with draw monthly interest amount. If possible please suggests which bank (and account) is best interests rates for monthly withdrawing interests.

Awaiting for your reply.

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Elda Mary April 9, 2012 at 4:44 PM

Hi
I would like to invest Rs. 50000 in corporation bank as fd for 5 or 10 years.

I would like to know whether tax will be deducted? In such case how much?

Elda

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Naresh V April 15, 2012 at 2:54 AM

10% on NRE accounts for 7 years at Deccan Grameena Bank

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Naresh V April 15, 2012 at 2:55 AM

Deccan Grameena bank is a govt bank. It is sponsored by State bank of Hyderabad.

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mushtaq April 15, 2012 at 10:16 AM

well u dint add Ing vysya bank which is offering 9.75 for 366 days & interest paid is monthly quarter yearly & on maturity….

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Naveen April 16, 2012 at 3:16 PM

Hi Manshu,
I have retired recently & received lump sum retirement benefits( Total 35 lakhs).
I have no need for monthly income.
I would like to invest this amount in low risk instruments with liquidity& decent returns.
I see that some banks SBI, Corporation bank are offering FDs with no premature penalty.
Corporation bank http://www.corpbank.com/asp/showNews.asp?news_id=215
seems particularly attractive with 9.75 % rate.

I am little doubtful about the bank though, i have no experience with corporation bank, i know its a nationalized one .
Whats are your thoughts if i invest my whole kitty with their FD?

Can you suggest some other safe investments with liquidity & capital appreciation?

Regards,
Naveen

Reply

Jitendra P.S.Solanki April 30, 2012 at 10:28 PM

Naveen,

FDs are surely an attractive proposition in today’s scenario. If your interest income is non taxable then investing entirely is not a bad idea if it is meeting your desired income requirement.

However, the investment does not cover inflation and to counter it some part of your surplus you should park in high growth instruments. A mix of debt and equity will be a good option.This will cover the risk of inflation.

Reply

Ram Narain April 29, 2012 at 9:39 PM

Interest Rate of FDR on 1yr has been reduced to 10% by Lakshmi Vilas Bank w.e.f. 20.04.12.

Reply

JAY KAPADIA May 10, 2012 at 1:10 PM

Hi Manshu,
Your information is really very helpful. Kindly include Saraswat Bank in your list which is giving 10% interest on 3-4 years fixed deposit.

Reply

Manshu May 10, 2012 at 7:11 PM

Thanks Jay – that’s a co-op bank is it not? I’m not inclined to add co-operative banks to this list at the moment.

Reply

Rao May 15, 2012 at 2:06 PM

Hello,
Much appreciate if you could let me know the following:
1.Which bank in Bangalore gives the highest FD returns.Total investment may be 50L.
2. If we ned to run the family on the interest gained through FD,how do we avoid TDS.

Reply

Kotapati Ravi Kumar October 21, 2012 at 10:38 PM

I think it will be better if you open multiple FD accounts with different bank so that at least TDS will be reduced

Reply

SHYAM June 6, 2012 at 7:25 PM

The interest rate of Dhanlaxmi bank is attractive obtusely but is this bank trustable?

Reply

JAY KAPADIA June 8, 2012 at 4:49 PM

Hi Manshu,
Kindly include Oriental Bank of Commerce in your list which is giving 9.5% interest on 12-23 months fixed deposit.

Reply

Bala June 8, 2012 at 10:30 PM

Hi, If we deposit some amount in FD for a particular period, shall we withdraw the interest amount every month ?

Reply

ankurm June 21, 2012 at 10:07 AM

Have 1 question wrt tax applicable to FD. Lets say i open an cumulative 2 year FD in August 2011 for 10,000 at 10%; in June 2012 i prematurely break the FD and applicable rate (net of interest penalty & duration) is 8%; now will I pay tax on interest for the PY 2011-12 as per 10% or 8%. If at 10%, for 2012-13, I will downward adjust my taxable interest?

Reply

saji joseph June 25, 2012 at 11:57 PM

i would like to know about fixed deposit, i mean multyply inhow many years?

Reply

Kala July 28, 2012 at 8:24 AM

Hi,

My husband is retiring from service and would like to invest the benefits, so that the returns can help us to pay back the Home Loan EMI. Which would be better whether a short term / long term FD’s in banks or in Post Office deposits? what are the interest rates going on as of now?

Reply

Manshu July 29, 2012 at 1:23 AM

Right now some banks offer more than 10% on FDs for senior citizens so that is one option you can look at.

Reply

Kala July 30, 2012 at 7:54 AM

I am so sorry my husband is not a senior citizen. He is just 38 and retiring from his defence service after 20 yrs of service. Plz confirm details. Thankyou

Reply

JAY July 30, 2012 at 12:05 PM

Hi Manshu,
Kindly include Oriental Bank of Commerce in your list which is giving 9.25% interest on 12-23 months fixed deposit.

Reply

Manshu July 31, 2012 at 5:50 AM

Thank you for the suggestion Jay – I have included OBC at the bottom of the list. Next time I update the list, I’ll sort it to descending order.

Reply

JAY July 31, 2012 at 2:15 PM

Thanks Manshu for considering my suggestion. United Bank of India is also offering 9.25% interest on 1 to 5 years Fixed Deposit. You may include it in your list.

Reply

Rajeev August 1, 2012 at 12:12 AM

Dear,
Can you plz let me know the interest rate of sbi for saving account.
I am getting 2% interest in every 6 months.

Reply

Manshu August 1, 2012 at 5:45 AM

It is 4% per year.

Reply

Rajeev August 1, 2012 at 5:16 PM

Dear,
Can you plz let me know how much interest is given by HSBC bank for a saving account.

Reply

Rajeev August 1, 2012 at 5:17 PM

Dear,
I want to take a FD for 2 lacs.
Which bank is better for this and how much interest will be given?

Reply

Ravikumar October 30, 2012 at 10:48 PM

Hi,
There is one type of FD in SBH where you amount will be doubled in 7 years 3 months

Thanks
Ravi Kumar .K.

Reply

R Sivam August 13, 2012 at 10:32 AM

Dear Sir,
The city union bank gives 10% for 2 years for senior citizens from 1st Aug 1012. Your table does not explicitly mention this
Sivam

Reply

venkatesh August 23, 2012 at 6:45 PM

I have a request – when or wherever a rate of intererst is shown Pl. also mention the date – and/or time of validity. So I will know whether it is valid for today or not. and increase the column width so with less scolling I can see more.
If an option is also kept sorting by banks name or by rate would be more beneficial.
Pl do the needful.

thanks

Reply

Murali Sunkara August 29, 2012 at 1:26 AM
Manshu August 29, 2012 at 4:55 AM

That’s not a bank, this page is only for bank interest rates.

Reply

Murali August 29, 2012 at 7:22 PM

Hi Manshu,
I don’t know the differance between bank and DHFL, I think it is housing finance, when I am checking for best FD interest rates, one of my friend suggested about DHFL and he said it is safe in investing DHFL also. When I checked in google I got this page. What do you think, FD in DHFL is not safe ? ? Do you have any idea about other best FD rates which will give more than bank FDs like DHFL ?

Reply

anupriya October 19, 2012 at 12:48 AM

this article is very helpful… i m planning some fd investments and this helped tremendously… thanks.

Reply

Kotapati Ravi Kumar October 21, 2012 at 10:27 PM

Hi,

Please let me know if any specific FD’s for childrens

Thanks
Ravi

Reply

Ganapathi October 29, 2012 at 11:24 AM

Are you excluding cooperative banks though there a scheduled cooperative bank? Bharath Bank offers 10.30% for 333 days

Reply

Manshu October 29, 2012 at 5:05 PM

Yes, this list doesn’t include co-operative banks.

Reply

Ganapathi November 2, 2012 at 4:02 PM

But you can include ‘scheduled cooperative banks’ though not all cooperative banks

Reply

anil November 16, 2012 at 12:33 PM

hi,

in ICICI bank provides a PF account in latest will u pls update that details.

I heared that 8.8% is given. every month u should pay 500(rural), 1500(urban) people due to the period of 180 days(6months). before 6 months u can’t draw the money. after 6 months only possible. after that, how much amount is there in u r a/c on that amount only 8.8% is appilicable and one more thing is bank provided saving a/c in zero balance. in this 180 days u should deposit min 500 – max. unlimit . and if u have interest to continue is also possible.

thanks and i know some details only so pls send the clear details of that pf a/c.

Reply

Kumar November 17, 2012 at 11:31 AM

Hi, I am NRI I would like to deposit some funds in India can anyone recommend which banks are now offering the highest fixed deposit rates at present moment for long term deposits minimum 5-7 years. Thank you for your assistance.

Reply

BHARGAVI November 24, 2012 at 12:53 PM

Hey ,
My mom wanted to invest her savings in FD (say about 50k) , she is a house maker , there is no other source of income so she wants to use/withdraw the intrest every month for the expenses.Can anyone assist me which bank is suitable for her to invest her savings and wat should she opt for the long term deposits or the short terms ??

Thanks!

Reply

Manshu November 24, 2012 at 9:56 PM

Please look at the above table, and select 3 or 4 banks that have a high interest rate and are conveniently located from your mom and then you can open a FD in one of those banks.

Reply

RAju December 26, 2012 at 5:41 PM

Hi buddy,

This is a very informational post, thank you. 🙂

I had a doubt:

Suppose I opened an FD of total amount of 1 crore with Corporation Bank. Now, assume that they are giving 10% interest yearly. Now, after an year, Corporation Bank changes its interest rates to 8% – my doubt is, I will still be getting 10% yearly interest from Corporation Bank because when it was 10% I signed up for the fixed deposit, right?

Let me know buddy, thanks!

Reply

Umesh December 26, 2012 at 8:13 PM

Yes, You are right.
You will get 10% interest for the period of FD, irrespective of change of interest rate during FD period.

Reply

Manshu December 26, 2012 at 8:48 PM

Thanks for the clarification Umesh!

Reply

RAju December 26, 2012 at 9:17 PM

Hello Umesh,

Thank you for answering my question.

I had an other one – all the fixed deposits have maximum of 10 year maturity period. Do we have maturity period of more than 10 years? Like perhaps 20 or more?

Reply

Umesh December 26, 2012 at 9:35 PM

IMO, no.
Banks do not have maturity period of more than 10 years.
But why want a maturity period of longer duration.
Banks are smart enough and they do not pay higher interest on longer duration FDs.

Reply

RAju December 26, 2012 at 9:41 PM

Wow, okay.

I was just thinking about more maturity period because I thought it would be good to have FDs as a good monthly income scheme plan for at least 20 years or so (well, I can forget about 20 years now…).

Are there any bonds or something which offer 8% guaranteed annual return for more than 20 years or so?

Oh god I am so confused with all this finance world, childhood was much easier lol. 😀 However, I thank you very much for answering my queries buddy. 🙂

Reply

Umesh December 26, 2012 at 9:54 PM

You want 8% annual return.
Here is one tax free bond and you can get 7.90% on annual basis.
For details you may visit
http://www.investitude.co.in/
http://www.onemint.com/2012/12/21/iifcl-tax-free-bonds/
This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR.

Mr. Shiv Kukreja writes regularly for OneMint and he has written many articles on savings and finance planning in OneMint.

Reply

Rahul H January 8, 2013 at 3:35 AM

Hi Nikita,

Thanks for this post. It is really very helpful. I have a query for you, can you please tell me whats the Interest rate given by UCO bank? I want to fix deposit a sum for around 5 years.

Thanks in advance,
Waiting for your reply.

Reply

rahul January 11, 2013 at 11:23 AM

vijaya bank now gives 9.75 % for senior citizen
and yes bank gives 10 % for senior citizen for 15 months

so can u please tell me which is better ..??

Reply

kuldeep singh January 17, 2013 at 7:18 PM

Uco bank is offering 9.10% rate of interest for one year deposit.
Thanks& regards
kuldeep singh

Reply

Ramamurthy March 19, 2013 at 2:39 PM

NHB Savriddhi FD – GOOD for investment for following reasons
1.National Housing Bank is owned 100% by RBI
2.Investment up to Rs 1 Lac is exempt from Tax under Sec 80C
3.Rate of Interest 9.25%(9.85% for Senior Citizens)
4. Lock in Period 5 Years
5.Under non cumulative option interest to be paid once in Half Year or Annual
Furthur details at http://www.nhb.org.in

Reply

Mahesh kumar March 30, 2013 at 10:22 AM

Sir What is rate interest of Fixed deposit As on 1st April 2013 if Increase any basic % what ? Plz tel me

Reply

Nailesh May 27, 2013 at 2:26 AM

Hi,

Yes Bank offers an account with an AQB of 25000 wherein money above 25000 is auto transferred to an interest account and the rate of interest is lined to the FD rate for 12 months- 9 % . Interest is paid out monthly and the money is not blocked nor is there a prepayment penalty. So it is similar to a savings account with an interest rate of 9% for the days money above 25000 remains in the account.

Reply

Ramamurthy May 28, 2013 at 12:25 PM

Thank You Nailesh.Very valuable piece of info.I dont know why the Bank does not give publicity to such news.With more publicity the Bank will collect more Deposits.Or perhaps the does not want much funds under this scheme

Reply

PS July 18, 2013 at 10:29 AM

Do banks in India pay interest on Fixed Term Deposit compounded monthly or quaterly

Reply

Manshu July 18, 2013 at 5:37 PM

Interest is compounded quarterly.

Reply

Hot Indian Dealz August 29, 2013 at 12:16 AM

Allahabad Bank is better for deposit. I like Dena Bank but i think, it is private bank, right?

Reply

Gopinath September 7, 2013 at 11:03 PM

This article is a bit out dated and there a few changes to the interest rates offered by the banks since the article is posted.

Compilation of latest fixed deposit interest rates offered by various banks is available at – http://www.coziie.com/fixed-deposits/banks-paying-high-interest-rates-india. May this is helpful to those who are looking for high interest rate fixed deposits.

Reply

Viswandh mathi October 26, 2013 at 3:00 PM

Dear sir,
I am dreawing salary 7 lacs /anum. for tax saving purpose I want to save 3000/month – 5yrs fixed deposit in “Karur Vysya Bank”.Is this correct way bcoz i have no knowledge about tax saving.

For tax saving,which option is better i.e LIC,mutval funds,FD,–etc Pls clarify

Reply

Rajeev November 17, 2013 at 9:16 PM

Hi,
I want to open a MIS(monthly interest scheme) for 10 lack for 3 years in State bank of india.
can you pls let me know the monthly interest i”ll get……….!

Reply

Ramamurthy November 17, 2013 at 9:36 PM

I dont think any public sector Bank accepts deposits on which interest is paid monthly.
There is proposal to do so.As far as I understand YES BANK pays monthly interest on fixed Deposits at interest of about 9%.

Reply

Rahul December 20, 2013 at 9:55 AM

idbi bank offering9.40 for400days fd

Reply

BALAJI April 20, 2014 at 10:24 PM

hi

mail me any change in int rates

Reply

Saptarshi May 19, 2014 at 7:02 PM

Hi,
My father is retiring next year and he will be getting an amount of 20 lakhs after retirement. Can you suggest any plan of investment to him which will help him to get around 12-15K /month with those 20 lakhs. He want the monthly income to start within 1-2 months of his retirement

Reply

Manshu May 20, 2014 at 2:00 AM

I think a senior citizen FD is probably a good bet for him since it is safe and convenient.

Reply

Sameer Modi April 8, 2015 at 6:37 PM

Visit the website once and please free to call on 8692966666 for more details. You can also call on toll free number 1800 3000 3100.

Thank You !

Reply

sukhraj aswal July 5, 2014 at 1:05 PM

hi,just now i started working outside india and wanted to know what is the best way to invest my money with good returns as well as interest,reply me asap as am highly confused,thanks

Reply

Bachatmela September 5, 2014 at 10:49 PM

Hello, I also like to do FD suggest me Good Bank for the same

Reply

mamta September 11, 2014 at 5:01 PM

I want to invest money for my 8 yr and 2yr old children.
plz suggest me

Reply

mamta September 11, 2014 at 5:02 PM

nsc or fd which is a better option?

Reply

yaman October 16, 2014 at 4:19 PM

Which bank is best for deposit money now in karnatak

Reply

vishwas November 22, 2014 at 5:01 PM

State Bank Of Mysore is offering interest rate of 9% for 1 to 3 years.

Reply

sandip January 2, 2015 at 1:23 AM

how much TDS i will hv to pay – i hv a fixed deposit in kotak bank NRE account of worth 18 lacs rupees for 390 days.

Reply

suman April 8, 2015 at 1:11 AM

Hi,
I would like to put 5000000 inr in fd for 10 years,quarterly how much interest i can get from bank.

Reply

danishpreet singh April 10, 2015 at 11:13 PM

How I make my money doubled or tripled

Reply

Harshit May 31, 2015 at 1:41 PM

http://Www.five natinalised bank like PNB,BOB,BOC,SBI,BOM

Reply

kalpagam May 31, 2015 at 4:42 PM

Old information. it needs to be updated

Reply

rashmikant darji June 13, 2015 at 8:26 AM

Pla give suggestion my1lacs in fd planbut which bank rate of high.,

Reply

Hardik Challa August 7, 2015 at 6:56 PM

Hello…please give some information about FD and all

Reply

A K MISHRA October 21, 2015 at 4:11 PM

Hi, Please share updated interest rates of the banks for the fy 2015-2016
you may also mail me personally at mishra.ak@live.com

Regards,
A K MISHRA +91-9015584892

Reply

Aryan November 18, 2015 at 9:09 AM

If I invest 6 lakh as fixed deposit for 20 years on 8.5% interest rate. ….
How much I will be get after 20 years…..?????

Reply

R.Thanga pandi December 7, 2015 at 1:50 PM

Pls inform what is the best fixd deposit bank in tamilnadu

Reply

Shashank October 31, 2017 at 9:21 AM

What was the rate of interest in union bank of India in 25-6-2011,for individual,for rs.25000.,for a period of more than 7 years…

Reply

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