Fixed Deposit which is also known as Term Deposit where you will be depositing your money for a fixed period of time and when the term you have chosen passes by the amount which you have deposited will be matured and you the depositors will get interest for the amount. Fixed Deposit’s are proved to be the best one sources for generating a decent income and is one of the ancient ways of multiplying the money and grow while we look after other things.
In India, interest rates for fixed deposits are as high as 10.5% (at the time of this writing) and are highly volatile depending on the measures and guidelines as levied by Reserve Bank of India (RBI).
How To Open A Fixed Deposit?
For opening a fixed deposit all you need to do is to choose a bank of your choice (I suggest you to look after the bank which you trust most and before you decide on the bank it would be beneficial for you to refer the following table which shows up the current interest rates on fixed deposits as offered by various banks) and open an account with them and deposit your money for the fixed period of time.
Current Highest Paying Fixed Deposit Interest Rates in India
Please refer the following table for a better idea of fixed deposit interest rates that are high in the market when compared to the competition. We hope that this will help you in choosing the best bank, plan and term of your choice in order to maximize the benefit you receive, and the following are the banks which pay high interest rates on Fixed Deposits in India.
|Name of the Bank||FD Duration Period||Rate of Interest (%)|
|Lakshmi Vilas Bank (LVB)||1 year to less than 2 years||10.5|
|Catholic Syrian Bank||991 days||10.25|
|Tamilnad Mercantile Bank (TMB)||1 yr to 2 yrs||10.25|
|Catholic Syrian Bank||375 days to 990 days||10.1|
|Dhanalakshmi Bank||3 years to 5 years||10.1|
|Catholic Syrian Bank||91 Months||10|
|South Indian Bank||300 days||10|
|The Ratnakar Bank||1 year to 2 Years||10|
|Tamilnad Mercantile Bank (TMB)||5 years-10 years||10|
|City Union Bank (CUB)||1 years||10|
|Karur Vysya Bank||1 yr to 2 yrs||10|
|DCB Bank||18 Months||10|
|State Bank of Patiala||300 days||10|
Do leave your feedback and your choice of bank in which you would like to open a FD, we always love people’s opinions.