Which bank fix deposit is good for you?

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Fixed deposits are one of the most common types of savings schemes for the investors. These types of savings are also quite popular among the investors as these offer higher rate of interests than savings bank accounts. However, the rates of interests for the fixed deposits vary from one bank to another. And there are a number of banks that offer fixed deposit schemes to its customers. With so many options available, it may a bit difficult for you to choose the right FD scheme. You may often try to find out which bank fixed deposit is good for you. Let's learn more about fixed deposits and try to find out the answer.

Features of Fixed Deposits

Fixed deposits are the type of investment where investors invest their money for a certain period of time. Fixed deposits give higher return than savings bank accounts. However, one also has the option to withdraw the deposit before maturity.

The features of fixed deposits may vary from bank to bank. Different banks have different minimum deposit amounts. However, one can deposit in multiples of ` 100. The period of deposit may range from 15, 30, or 45 days to 3 months / 6 months / 1 year / 1.5 years to 10 years. The rate of interest depends upon the deposit term. It also varies from bank to bank.

Choosing the Right Fixed Deposit

Before going for a fixed deposit, you need to consider a few things. Different banks have different FD features as well as interest rates and tenure. Therefore, before investing in a FD, you need to compare the features of the FDs offered by different banks.

First, you need to decide the amount that you intend to invest in FD. The next thing that you need to decide is the deposit period. Once you have decided those, you need to compare the rate of interest offered by various banks on the given deposit amount and period. However the rate of interest is not the only considering factor here; there are other factors that you need to consider before investing in fixed deposits. One can avail the option of premature withdrawal of the deposit amount. Different banks may have different rules on the premature withdrawal. So, you need to consider those too.

Comparing Fixed Deposits

There are a number of fixed deposit schemes available in the market. Before going for you, you need to compare the available options for you.

IDBI

Bank IDBI
Product Name Fixed Deposit – Senior Citizen
Type Short Term, Recurring, Reinvestment
Rate of Interest 8.00%
Interest Type Simple Interest
Annual Yield 8.00%
Compounding Frequency Quarterly
Minimum Balance ` 10,000
Tenure 1100 days
Interest Paid Monthly / Quarterly
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


Bank IDBI
Product Name Fixed Deposit – NRO
Type Short Term, Recurring, Reinvestment
Rate of Interest 7.50%
Interest Type Simple Interest
Annual Yield 7.50%
Compounding Frequency Quarterly
Minimum Balance ` 10,000
Tenure 1100 days
Interest Paid Quarterly
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


State Bank of Travancore

Bank State Bank of Travancore
Product Name Term Deposit – Senior Citizen
Type Reinvestment
Rate of Interest 8.00%
Interest Type Compound Interest
Annual Yield 8.24%
Compounding Frequency Quarterly
Minimum Balance ` 5,000
Tenure 400 days
Interest Paid Monthly / Quarterly / Half Yearly / Annually
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


Bank State Bank of Travancore
Product Name Term Deposit
Type Reinvestment
Rate of Interest 7.50%
Interest Type Compound Interest
Annual Yield 7.71%
Compounding Frequency Quarterly
Minimum Balance ` 1,000
Tenure 400 days
Interest Paid Monthly / Quarterly / Half Yearly / Annually
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


ICICI Bank

Bank ICICI Bank
Product Name Fixed Deposit
Type Recurring, Reinvestment
Rate of Interest 7.50%
Interest Type Compound Interest
Annual Yield 7.71%
Compounding Frequency Quarterly
Minimum Balance ` 10,000
Tenure 790 days
Interest Paid Monthly / Quarterly
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


State Bank of Mysore

Bank State Bank of Mysore
Product Name Term Deposit – Senior Citizen
Type Reinvestment
Rate of Interest 7.50%
Interest Type Compound Interest
Annual Yield 7.71%
Compounding Frequency Quarterly
Minimum Balance ` 5,000
Tenure 909 days
Interest Paid Monthly / Quarterly / Half Yearly / Annually
Mode of Interest Paid ECS, By Cheque
Eligibility Resident Indian, NRI, HUF


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