Indian Bank wise FD interest list as of May 2023

How to Invest in Fixed Deposits (FDs) for Maximum Returns

The Best Fixed Deposits (FDs) for You in 2023

A fixed deposit (FD) is a financial instrument offered by banks and other financial institutions that allows you to deposit money for a fixed period of time in return for a fixed interest rate. The interest rate is usually paid out on a monthly or quarterly basis, and the principal amount is returned to you at the end of the term.

FDs are considered to be a safe investment option as the principal amount is guaranteed by the bank. However, the interest rates offered on FDs are typically lower than other investment options such as stocks or mutual funds.

How to Choose the Right Fixed Deposit (FD) for Your Needs

The interest rates offered on FDs vary from bank to bank and from time to time. The interest rate is usually higher for senior citizens. You can also earn higher interest rates if you opt for a longer tenure.

To open an FD, you need to visit a bank branch and fill up an application form. You will need to provide your personal details, such as your name, address, and PAN card number. You will also need to specify the amount of money you want to deposit and the tenure of the FD.

Once your FD is opened, you will start earning interest on the amount deposited. The interest will be credited to your account on a monthly or quarterly basis. At the end of the tenure, you will get back the principal amount along with the accrued interest.

Here are some of the benefits of investing in FDs:

• Safety: The principal amount is guaranteed by the bank.
• Regular income: You will earn interest on a monthly or quarterly basis.
• Flexibility: You can choose the tenure of the FD to suit your needs.
• Tax benefits: You can claim tax deductions on the interest earned on FDs under Section 80C of the Income Tax Act.

Here are some of the risks of investing in FDs:

• Low returns: The interest rates offered on FDs are typically lower than other investment options.
• Inflation: The value of your money will decrease over time due to inflation.
• Liquidity: You may not be able to access your money easily if you need it before the end of the tenure.

Overall, FDs are a safe and secure investment option that can provide you with regular income. However, it is important to compare the interest rates offered by different banks before you open an FD. You should also consider the risks involved before making an investment decision.

Here are some tips for choosing the right FD:

• Compare interest rates: Compare the interest rates offered by different banks before you open an FD.
• Consider the tenure: Choose the tenure of the FD that suits your needs.
• Check the bank's reputation: Choose a bank with a good reputation.
• Read the terms and conditions carefully: Before you open an FD, read the terms and conditions carefully to understand your rights and obligations.

Tenure	General Public	Senior Citizens
7 days to 14 days	2.80% p.a.	3.30% p.a.
15 days to 45 days	3.00% p.a.	3.50% p.a.
46 days to 90 days	3.25% p.a.	3.75% p.a.
91 days to 180 days	3.50% p.a.	4.00% p.a.
181 days to 364 days	3.75% p.a.	4.25% p.a.
1 year	6.10% p.a.	6.60% p.a.
Above 1 year to less than 2 years	6.30% p.a.	6.80% p.a.
2 years to less than 3 years	6.50% p.a.	7% p.a.
3 years to less than 5 years	6.25% p.a.	6.75% p.a.
5 years	5.65% p.a.	6.15% p.a.

(Please note that these interest rates are subject to change without notice)

Note :-"Content provided by Bard, a large language model from Google AI."