Fixed deposits are a very popular investment option, and with good reason.
Fixed deposits are offered by all the significant banks and money-related foundations. In this plan, you can contribute a particular amount of money for a fixed period of time, and on the amount contributed you will get a fixed interest rate.
Investing in a fixed deposit means that you cannot withdraw your money invested before the maturity period. People who choose to put their funds into fixed deposits should pick a term between 7 days to 10 years. And the tenure you choose will pre-determine your interest rate. The investor will be benefited from the interest on the amount on a month-to-month or quarterly premise.
Best Fixed Deposit Schemes To Invest In India in 2022
Attention of customers/public is invited on the changes in interest rates Fixed Deposits w.e.f. November 25, 2022
Interest Rate on Domestic, NRO, NRE & Flexi Fixed Deposits
Fixed Deposit Interest Rates have been revised with effect from November 25, 2022 as under:
| Period of Deposit | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. | NRE Interest Rates p.a. | NRO Interest Rates p.a. |
| 7 days to 14 days | 3.25% | 3.75% | NA | 3.25% |
| 15 days to 45 days | 3.75% | 4.25% | NA | 3.75% |
| 46 days to 90 days | 4.00% | 4.50% | NA | 4.00% |
| 91 days to 180 days | 4.50% | 5.00% | NA | 4.50% |
| 181 days to 240 days | 5.00% | 5.50% | NA | 5.00% |
| 241 days to 364 days | 5.85% | 6.35% | NA | 5.85% |
| 365 to 452 days (12 months to less than 15 months) | 7.00% | 7.50% | 7.00% | 7.00% |
| 453 to 459 days (15 months) | 7.55% | 8.05% | 7.55% | 7.55% |
| 460 to 724 days (15 months 1 day to less than 725 days) | 7.55% | 8.05% | 7.55% | 7.55% |
| 725 days | 7.55% | 8.05% | 7.55% | 7.55% |
| 726 days to less than 24 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 24 months to less than 36 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 36 months to 60 months 1 day | 6.55% | 7.05% | 6.55% | 6.55% |
| 60 months 2 days to 240 months | 6.25% | 6.75% | 6.25% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 6.55% | 7.05% | NA | 6.55% |
Factors To Consider Before Investing in Fixed Deposits
Before choosing which bank is best for fixed deposits, here are a few things you should know
- Deposit Limits
When you’re considering a fixed deposit, it’s important to know the maximum amount you can deposit into your account. This is called the deposit limit. The bank can set their own limits, but many of them use this amount as a benchmark when assessing whether or not they’ll offer a fixed deposit.
If you want to open an account with more than the bank’s maximum, you will have to pay an upfront fee.
Interest Rates
When investing in fixed deposits, you should also consider the FD interest rates for senior citizens offered by different banks. The interest rates charged by different banks can vary depending on their ratings and financial strength.
You should also consider the tenure of the deposit as well as the frequency of withdrawals before investing in a fixed deposit.
Liquidity
Liquidity is an important factor to consider before investing in fixed deposits. This means how quickly your money will be available when needed, and you should ensure that the bank has enough cash reserves to pay out your fixed deposit when it matures (after a certain period).
Tax Benefits
If you want to benefit from a tax deduction on your earnings, a fixed deposit is the right choice. The Government provides an interest rate deduction in the form of tax, which you can claim as an exemption from Income Tax. The amount of interest you can claim depends on your income and other factors.
Tenure
Before investing in the best fixed deposit plan, the tenure of a fixed deposit is one thing you should consider beforehand. Before investing in any financial instrument like fixed deposits, you must know how long your money will remain in the bank for safe keeping and its interest rates.
In case you are looking forward to invest in a fixed deposit plan, it is important that you know what tenure to opt for. The tenure of a fixed deposit is usually decided by the amount of money an investor deposits with the bank. The longer the tenure, higher are its interest rates as well as its safety.
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Get the best Deposit Schemes To Invest In India: Overview
As a customer of RBL Bank, you have the option of opening an FD account to meet your short-term and long-term financial goals. An FD is a great way to save for a vacation, buy a car, or pay for college tuition. And if you’re looking for a fixed income investment with guaranteed returns, an RBL Bank Fixed Deposit is the right choice for you.
Choose an RBL Bank FD and watch your investment grow over a period ranging from seven days to 20 years. Be assured of getting the best Fixed Deposit interest rate with RBL Bank FD plans. You can open a Fixed Deposit account with us through a number of channels, like
Internet banking
Mobile banking app
Our online FD account opening process is quick and convenient. If you prefer opening a Fixed Deposit account in person, you can contact our relationship manager or simply walk into your nearest RBL Bank branch to open an FD account.