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Bank Fixed Deposit & Its Details

by Arpita Wadhawan
Fixed Deposit

I think you all hear about FD when someone talking about Banking things. So let’s talk about what is FD or Fixed Deposit? It is an amount of money which you deposit in some bank for a certain time say 1 year, 2 years or even for more time. Then you have a question why we deposit money on a bank way not we kept that money into our home? right. So let’s discuss some fundamental concepts about FD.

Why we should open an FD account? The interest rates on Fixed Deposit account was grown-up in late one and half year so fastly. That’s why it is the most lucrative investment opportunity for all of us. Nowadays it’s a common investment for all of us, deposit some amount of money for a certain time and get an impressive return from it. So don’t keep your money at your home go deposit to your Bank so you can get a wealth return from it. Ok, you deposit your money then again a question actually how much return you can get from your Fixed Deposit account? So let’s know it.

How Much return you can from FD? So when you invest such type of FD account you should mind some tips for it. Number one fixed deposit for a longer time gives you a high return because of compound interest. Number two Before invest just know how much interest gives to you it’s depending upon Bank to Bank. You can open your FD account with leading banking leaders like SBI, HDFC, ICICI Bank, PNB, etc. All of this bank gives you near about 7.5% interest and some other small bank gives you slightly higher like 8%. Just check the below list for more information about interest percent from different Banks.

Axis Bank. 7 days-10 years. 3.50%-7.5%
SBI. 7 days-10 years. 6.25%-7.35%
HDFC. 7 days-10 years. 4%-7%
Yes, Bank 7 days-10 year. 5.50%-7.75%
BOI 7 days-10 year. 5.25%-6.85%
ICICI 7 days-10 year 4.50%-7.50%

As per section 80C of the income tax act, fixed deposit account holders can claim a tax deduction for investment up to 1.5 lakh rupees. .Minimum amount to be invested various as per bank terms and conditions. .A fixed deposit offers nominated facilities. .FD interest rates of all banks are higher for senior citizens. .FD account can be opened in “single person” or “joint mode”

Documents for open Fixed Account:

Documents

Address proof
Passport
Electricity bill
Bank statement with canceled cheque
Proof of Identity
Aadhaar card
PAN card
Driving Licence
Voter ID card
Government ID card So that’s the basic information you should keep in mind when investing your money into Fixed Deposit.

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