A fixed deposit or term deposit allows investors to lock in a certain amount of money for a fixed time period and at a fixed interest rate. You can easily create an account with a bank or non-banking financial company (NBFC) as an investor in order to obtain the requisite fixed deposit.
It should also be noted that fixed deposits come in several forms and that the majority of banks and NBFCs in India offer a variety of fixed deposits. Fixed deposits are regulated in India by Reserve Bank of India, being a regulated financial product it does not entail the amount of risk typically associated with unregulated financial products like cryptocurrencies. You can start a fixed deposit account either online or offline with your Bank/NBFC. Additionally, the interest on such deposits can be easily calculated using an online calculator.
Why To Invest In Fixed Deposits?
- Risk Management: Fixed deposits protect your capital and entail minimal risk. Due to the RBI’s stringent regulation of banks and NBFCs, the possibility of fraud and scams is minimal.
- Fixed Rate of Interest: The fixed rate of interest on FDs ensures that you will receive a predictable fixed return on your investment. These returns are stable and are guaranteed to increase your capital.
- Ease of Convenience: Due to the adaptability of procedures for applying for such FDs, these deposits can be accomplished with a single click on your laptop screen or mobile screen. With the convenience of online banking, you can open an FD with the needed initial deposit at any point of time. You may also calculate your returns and interest rates in a few seconds using online calculators.
- Tax Benefit: Tax-saving variants of fixed deposits are at the forefront of tax-saving for the middle class. Investment in tax-saving variants of FD allows you deductions on your income that also with minimal risk.
- Flexibility: Depending on your investment objective, you can choose the type of FD in which to invest. You can select a non-cumulative type of deposit to generate a steady income from your money. In addition, these accounts offer more significant returns than typical saving accounts.
How To Use Kuvera FD Calculator?
Prior to making an investment, it is crucial for an investor to have a solid understanding of the projected return. This will determine whether the selected investment option will serve the investor’s financial objectives at maturity.
The online fixed deposit calculator on Kuvera is accessible on Kuvera’s website. Using Kuvera’s FD calculator, you can calculate the return and interest on your fixed deposit at maturity.
Follow these steps to use the Kuvera FD calculator:
- Firstly, enter the amount you would like to invest
- Select the tenure of the Fixed Deposit
- Enter the rate of interest.
- Lastly, choose your compounding periods i.e. monthly, quarterly, half-yearly, or yearly.
Based on the data mentioned above, Kuvera’s online FD calculator calculates the following:
- Total investment
- Interest earned
- Maturity value
How To Open An FD Account At Kuvera?
Kuvera is one of the best-fixed deposit and mutual fund investment Apps, kindly follow the steps below and start investing!
Step 1: Download the Kuvera app (Click Here) or visit our website Kuvera.in and sign up.
Step 2: Complete your KYC with PAN, Aadhaar, and In-person verification through video.
Step 2: Select the ‘Invest’ option from “Home”
Step 3: Select ‘Fixed Deposits’
Step 4: You will see a list of multiple fixed deposit options on Kuvera, sorted by tenure, bank, NBFC, etc. Click on any FD to check its tenure, interest rate, and minimum deposit required. To be sure, check the lock-in period of the fixed deposit.
Step 5: Select the fixed deposit you want to invest in, and tap on “Start FD”.
Step 6: You will be asked to provide your primary bank account details – IFSC code, account number, and account type.
You are ready to go!
Vist Kuvera to explore top FD interest rates in India.
Who Is Eligible For Opening An FD Account?
The following persons and entities are eligible for opening a regular fixed deposit:
- Indian residents.
- Senior citizens.
- Individuals or joint investors
- Sole proprietorship.
- Partnership firms.
- Societies or clubs.
Top FD Rates in India/Bajaj Finance Fixed Deposit Rate
Bajaj Finance is one of the top NBFCs in India, below is a list of a variety of fixed deposits offered by Bajaj Finance (data collected as on 5 June, 2022)..
|FD Provider||Tenure||Interest Rate|
|Bajaj Finance||3 Years||7.4 % p.a|
|Bajaj Finance||2 Years 9 Months||7.15 % p.a|
|Bajaj Finance||2 Years 6 Months||7.05 % p.a|
|Bajaj Finance||2 Year||6.95% p.a|
|Bajaj Finance||1 Year 10 Months||6.65 % p.a|
- Which kind of interest rate is associated with the fixed deposits offered by Axis Bank?
Axis bank provides an interest rate of up to 5.75% p.a and up to 6.9% p.a for senior citizens.
Click here to find FDs offered by Axis Bank.
- Which fixed deposit offered by Bajaj Finance has the highest interest rate?
Bajaj finance provides an FD interest rate of up to 7.5% p.a.
Click here to find FDs offered by Bajaj Finance.
- How much tax is deducted on FDs (TDS)?
If your FD interest surpasses Rs. 10,000 in a given fiscal year and you have provided your PAN number, the bank will deduct 10% TDS (tax deducted at source). TDS is deducted at the rate of 20% if you have not given your PAN information.