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Fixed Deposits | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

In a move that would be helpful to many, RBI through a circular issued on May 7, 2012 has further liberalized the foreign exchange remittance limit. The limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect.

The circular states that Authorised Dealers need not obtain any document, including Form A-2, except a simple letter (from the applicant containing the basic information, viz., names and the addresses of the applicant and the beneficiary, amount to be remitted and the purpose of remittance) as long as the foreign exchange is being purchased for a current account transaction, and the amount does not exceed USD 25000 or its equivalent and the payment is made by a cheque drawn on the applicant’s bank account or by a Demand Draft.

Best FD Interest Rates in India as of September 15, 2011

(You can get the current best fixed deposit rates in India here.)

Highest Fixed Deposit Rates for Non-Seniors in all Indian Banks

Duration Institutions Rate
3 months Corporation Bank 8.75
6 months Oriental Bank Of Commerce 9.10
1 year Lakshmi Vilas Bank
Greater Bombay Coop Bank
10.50
2 years Lakshmi Vilas Bank
Mahanagar Co-op Bank
10.50
3 years Mahanagar Co-op Bank 10.50
4 years City Union Bank
Tamilnad Mercantile Bank
9.75
5 years Tamilnad Mercantile Bank 10.00
>5 years Tamilnad Mercantile Bank 10.00

Highest Fixed Deposit Rates for Non-Seniors in Public Sector Banks

Duration Institutions Rate
3 months Corporation Bank 8.75
6 months Oriental Bank Of Commerce 9.10
1 year Oriental Bank Of Commerce 9.75
2 years Oriental Bank Of Commerce 9.75
3 years State Bank Of Travancore 9.60
4 years State Bank Of Travancore 9.60
5 years State Bank Of Travancore 9.60
>5 years State Bank Of Travancore 9.60

Highest Fixed Deposit Rates for Seniors in all Indian Banks

Duration Institutions Rate
3 months UCO Bank
Corporation Bank
8.75
6 months Oriental Bank Of Commerce 9.60
1 year Greater Bombay Coop Bank 11.00
2 years Lakshmi Vilas Bank
Mahanagar Co-op Bank
10.75
3 years Mahanagar Co-op Bank 10.75
4 years Lakshmi Vilas Bank
IDBI Bank
10.25
5 years Tamilnad Mercantile Bank
IDBI Bank
Lakshmi Vilas Bank
IDBI Bank
10.25
>5 years IDBI Bank
Tamilnad Mercantile Bank
IDBI Bank
10.25

Highest Fixed Deposit Rates for Seniors in Public Sector Banks

Duration Institutions Rate
3 months UCO Bank
Corporation Bank
8.75
6 months Oriental Bank Of Commerce 9.60
1 year Oriental Bank Of Commerce
IDBI Bank
10.25
2 years Oriental Bank Of Commerce
IDBI Bank
10.25
3 years IDBI Bank 10.25
4 years IDBI Bank 10.25
5 years IDBI Bank 10.25
>5 years IDBI Bank 10.25

Highest FD Rates for Non-Seniors for 80(C) tax savings deposits

(Max of Rs. 1 lakh per year. Duration of FD is minimum of 5 years)

Institutions Rate
Tamilnad Mercantile Bank 10.00

Highest FD Rates for Seniors for 80(C) tax savings deposits

(Max of Rs. 1 lakh per year. Duration of FD is minimum of 5 years)

Institutions Rate
Tamilnad Mercantile Bank 10.25

Highest NRO Fixed Deposit Rates (for NRIs)

Duration Institutions Rate
3 months Syndicate Bank 8.50
6 months Syndicate Bank 9.00
1 year Tamilnad Mercantile Bank 10.00
2 years Catholic Syrian Bank 9.70
3 years Tamilnad Mercantile Bank 9.75
4 years Tamilnad Mercantile Bank 9.75
5 years Tamilnad Mercantile Bank 10.00
>5 years Tamilnad Mercantile Bank 10.00

You can get the current best fixed deposit rates in India here.

The highest fixed deposit rates in India across all banks and post office schemes in India as of October 22, 2010 are shown below. For the latest fixed deposit rates, please visit Ratekhoj’s fixed deposit rate comparison page


Highest Fixed Deposit Rates in India for Non-Seniors (people below 60 years)


Duration Institutions Rate
3 months YES Bank 6.95
6 months Kotak Mahindra Bank 7.75
1 year Kotak Mahindra Bank 8.00
2 years Dombivli Nagari Sahakari Bank 8.25
3 years Dombivli Nagari Sahakari Bank 8.25
4 years Dombivli Nagari Sahakari Bank 8.25
5 years Post Office Senior Citizens Saving Scheme 8.60
>5 years Post Office National Savings Certificates 8.90


Highest Fixed Deposit Rates in India for Seniors (people above 60 years)


Duration Institutions Rate
3 months YES Bank 7.45
6 months Kotak Mahindra Bank 7.75
1 year Abu Dhabi Commercial Bank 8.25
2 years Dombivli Nagari Sahakari Bank 8.75
3 years Dombivli Nagari Sahakari Bank 8.75
4 years Dombivli Nagari Sahakari Bank 8.75
5 years Dombivli Nagari Sahakari Bank 8.75
>5 years Post Office National Savings Certificates 8.90

June 5, 2010. DBS Bank is offering the highest fixed deposit interest rates among all banks in India currently. DBS offers an interest rate of 8.75% for a term of 5 years for non-senior citizens for deposit amounts upto Rs. 15 lakhs. DBS Bank is a foreign bank headquartered in Singapore with 10 branches in India.

Among other banks, South Indian Bank, Bank of Rajasthan, City Union Bank, Catholic Syrian Bank are all offering attractive FD rate of 8.00%. These are all private sector banks.

Among public sector banks, State Bank of Travancore is offering the highest interest rate of 7.75% for a term of 8 to 10 years.

Visit Ratekhoj.com’s FD comparison section to compare and get the best fixed deposit rates in India at any time.

September 8, 2009. SBI, India’s largest bank, has announced that it is no longer offering the 1000 days fixed deposit. The 1000 days fixed deposit was earlier giving fixed depositors an interest rate of 7.25%. This change is effective from September 8, 2009.

With this change, SBI now offers a fixed deposit with a term of 2 to 3 years with an interest rate of 7.00% (senior citizens can get 0.50% additional interest for this deposit).

The highest interest rate offered by SBI currently is 7.75% for a fixed deposit term of 8 years to 10 years with senior citizens getting 8.25% for the same deposit period.

Comparison of fixed deposit rates at Ratekhoj indicates that the current highest fixed deposit rate offered by any bank in India currently is 8.25%. This rate is offered by Lakshmi Vilas Bank (for terms of 3 to 5 years as well as 5 to 10 years) and DBS Bank for a term of 5 years.

Lakshmi Vilas Bank is a private sector bank with a business of over Rs. 12, 600 crores while DBS Bank is a foreign bank headquartered in Singapore.

Considering public sector banks only, the highest fixed deposit rate currently is being offered by State Bank of Travancore. This interest rate of 8.00% is being offered for a term of 8 years to 10 years.

Interest rates for fixed deposits have been going down in recent months. While fixed deposit investors could earlier get between 10% and 11%, now the highest rates hover around 8.00% only. Most of the higher rates for fixed deposits are being offered for terms of over 3 years. Only Development Credit Bank is offering an interest rate of 8.00% for a short term of 1 year.

Compare and get the best fixed deposit rates currently being offered by going to Ratekhoj’s fixed deposits comparison page.

August 26, 2009. Tata Motors, India’s largest automobile company, is reintroducing its fixed deposit scheme with new interest rates. The fixed deposits are intended to raise around Rs. 1500 crores according to a company announcement. The fixed deposits are offered for terms of 2 and 3 years with a minimum deposit of Rs. 20,000. Interest rates for these fixed deposit are 8.00% for the 2 year term and 8.75% for the 3 year term.

The fixed deposit scheme has two investment options for the public:

Investment Option I: Scheme-A Quarterly Income Plan*

Period

Minimum Amount (Rs.)

Rate of Interest (p.a)

2 Years

20,000

8.00%

3 Years

20,000

8.75%

* Monthly interest option available in case of deposits of Rs. 1 lakh & above

 

Investment Option II: Scheme-B Cumulative Deposit Plan

Period

Minimum Amount (Rs.)

Rate of Interest*(p.a)

Maturity Value (Rs.)

Yield (p.a)

2 Years

20,000

8.00%

23,433

8.58%

3 Years

20,000

8.75%

25,930

9.88%

* Compounded quarterly

 

Additional amount of deposits will be accepted in multiples of Rs. 10,000. Interest and maturity value payments are subject to deduction of tax at source, wherever applicable. Deposits will be accepted from Individuals, Minors (through Natural Guardians), Non Resident Indians on non repatriation basis (through NRO account only) and HUFs.

Complete details of the scheme can be obtained from the Tata Motors fixed deposits page.

Comparison of the fixed deposit interest offered by Tata Motors and other institutions in India can help you get the best interest rates in the institution of your choice.

According to Tata Motors, it is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The company is the world’s fourth largest truck manufacturer, and the world’s second largest bus manufacturer. Tata Motors, the first company from India’s engineering sector to be listed in the New York Stock Exchange (September 2004), has also emerged as an international automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain.

August 24, 2009. L&T Finance Limited (”the Company”), promoted by engineering and construction giant Larsen & Toubro Limited and L&T Capital Holdings Limited and providing a range of financial services, will open on August 18, 2009, its first-ever public offer of 50,00,000 Secured Redeemable Non-Convertible Debentures (”NCDs”) of the face-value of Rs. 1,000 each. The NCD Issue aggregates to Rs. 500 crore, with an option to retain over-subscription up to Rs. 500 crore for issuance of additional NCDs, aggregating upto a total of Rs. 1,000 crore. The NCD Issue with various investment options and yield on Redemption of upto 10.50% (per annum) opens on August 18, 2009, and closes on September 4, 2009.

The NCDs offered through the Prospectus are proposed to be listed on National Stock Exchange of India Limited (”NSE”). The face value of Rs. 1,000 per NCD and tradable lot size of 1 NCD is expected to enhance liquidity and trading in the secondary market.

The NCDs have been rated ‘CARE AA+’ by CARE and ‘LAA+’ by ICRA. Instruments with a rating of ‘CARE AA+’ by CARE are considered to offer high safety for timely servicing of debt obligations. Such instruments carry very low credit risk. The rating of ‘LAA+’ by ICRA indicates high-credit-quality and the rated instrument carries low credit risk.

As compared to fixed deposits of 5 years duration, these L & T NCDs offer attractive interest rates.

Currently KTDFC (a company) offers the highest interest rate of 9.25 for a 5 year fixed deposit with a deposit amount of less than Rs. 25 lakhs which is the case for most retail fixed deposits. The next highest interest rate of 8.81% for 5 year fixed deposits for non-senior citizens is offered by T N Power Finance (also a company).

Among public sector banks in India, State Bankof Bikaner and Jaipur is offering the highest rate of 8.25% (annualized yield of 10.08%) for a FD term of 5-10 years. Among other banks, DBS Bank (a foreign bank) is also the same interest rate of 8.25% for a term of 5 years.

Investors in L & T NCDS can expect an annualized yield of 10.50% under Option 4 (details below) while the yield is lower under other options.

There are four investment options (please see the prospectus for complete details) for the L & T NCDs:

Option 1 (Quarterly interest payment): The face value is Rs. 1,000 and the minimum application is Rs. 10,000 (Retail) and Rs. 1,01,000 (NIIs and QIBs) and in multiples of Rs. 1,000 therein. The redemption date or maturity period is 60 months. from the deemed date of allotment. The coupon rate is 9.51% p.a. and the annualized yield is 9.85%. The interest payment is quarterly and the face value plus any interest that may have accrued is payable on redemption.

Option 2 (Semi-annual interest payment): The face value is Rs. 1,000 and the minimum application is Rs. 10,000 (Retail) and Rs. 1,01,000 (NIIs and QIBs) and in multiples of Rs. 1,000 therein. The redemption date or maturity period is 60 months from the deemed date of allotment. The coupon rate is 9.62% p.a. and the annualized yield is 9.85%. The interest payment is semi-annual and the face value plus any interest that may have accrued is payable on redemption.

Option 3 (Cumulative interest payment): The face value is Rs. 1,000 and the minimum application is Rs. 10,000 (Retail) and Rs. 1,01,000 (NIIs and QIBs) and in multiples of Rs. 1,000 therein. The redemption date or maturity period is 88 months from the deemed date of allotment. The coupon rate is 9.95% compounded annually and the annualized yield is 9.95%. The interest payment is cumulative and Rs. 2,005 per NCD is payable on redemption.

Option 4 (Semi-annual interest payment): The face value is Rs. 1,000 and the minimum application is Rs. 10,000 (Retail) and Rs. 1,01,000 (NIIs and QIBs) and in multiples of Rs. 1,000 therein. The redemption date or maturity period is 120 months from the deemed date of allotment. The coupon rate is 10.24% p.a. and the annualized yield is 10.50%. The interest payment is semi-annual and the face value plus any interest that may have accrued is payable on redemption.

August 21, 2009. Sahil Group, a company involved in the Hospitality industry and setting up of spas and resorts, has launched a fixed deposit scheme to raise funds.

The company is offering fixed deposits with terms of 1 year, 2 years and 3 years.

The interest rate offered for fixed deposits with a term of 1 year is 11% with senior citizens being offered 11.25%.

The interest rate for a term of 2 years is 12% (seniors: 12.25%) and the depositors are being offered 12.50% (seniors also get 12.50%) for a term of 3 years.

 The minimum amount of deposit for these schemes is Rs. 10,000 with multiples of Rs. 5000 accepted beyond the minimum amount.

Interest on these schemes will be paid half-yearly in September and March.

More details on this scheme can be obtained from the Sahil Group website.

Allahabad Bank, a public sector bank in India, has announced a cut in its fixed deposit rates effective from May 25, 2009. The interest rates have been cut across all deposit terms.

The highest interest rate offered by Allahabad Bank on fixed deposits now is 8.00% for fixed deposit term of 800 days for non-senior citizens (people below 60 years of age). The bank is also offering an interest rate of 7.75% for a term of over 5 years for non-senior citizens.

If you are looking for higher fixed deposit rates, there are several banks offering 9.00% for fixed deposits currently on different fixed deposit terms. These include State Bank of Indore, Karnataka Bank, Catholic Syrian Bank, Development Credit Bank, Tamilnad Mercantile Bank, Karur Vysya Bank and City Union Bank.

A comparison of fixed deposit rates at Ratekhoj can help you quickly find the best fixed deposit rates available in the market currently.

Dena Bank has cut its fixed deposit rates effective from May 5, 2009. Dena Bank is a public sector bank headquartered in Mumbai with over 500 branches.

With this change, Dena Bank has cuts the interest rates across various fixed deposit terms. The highest interest rate offered by Dena Bank is 7.75% for deposit terms of 3 to 5 years and 5 to 10 years. This rate applies to non-senior citizens. Senior citizens can get 8.25% for the same deposit periods. 

People will be better served to consider banks other than Dena Bank for their fixed deposits since there are many other banks offering more attractive interest rates on their fixed deposits. City Union Bank is offering the highest interest rate of 9.50% for non-senior citizens among all banks in India for fixed deposits. 

Visit Ratekhoj’s fixed deposits section to compare and get the highest interest rates currently.

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