Fixed Deposit Beginner

Fixed deposit for women – Types and interest rate

Are you thinking about making a safe and low-risk investment with your money? Fixed deposits (FDs) may provide the solution. Due to their security and guaranteed returns, FDs have been a popular and preferred investment choice for Indian women. Women have a range of options that are tailored to their financial needs and goals. This blog will discuss the different fixed deposit savings schemes available for women in India, the interest rates offered, and how to calculate returns using a fixed deposit calculator.

Fixed deposit for women

Fixed deposit schemes available for women in India include regular fixed deposits, tax-saving fixed deposits, senior citizen settled deposits, and cumulative fixed deposits. The interest rates depend on the investment duration and the bank’s policies. Typically, the longer the duration, the higher the interest rate. An FD rates calculator can calculate returns from a fixed deposit. The calculator considers the principal amount, the investment duration, and the interest rate to estimate the returns. The method makes it easier for women to plan their finances and make informed investment decisions.

Best fixed deposit schemes for women

Several fixed deposit schemes in India offer exclusive benefits for women investors. Some of the popular fixed deposit saving schemes for women are:

DHFL Swayamsidha Deposit for Women

DHFL Swayamsidha Deposit for Women is a fixed deposit scheme exclusively for women. This scheme offers a higher interest rate than regular FD rates, making it an attractive investment option for women. The scheme provides a flexible tenure ranging from 12 to 120 months with a minimum deposit of ₹2,000 if one opts for the cumulative interest mode. Women can also avail of a loan against their fixed deposit at a lower interest rate.

Bajaj Finance Fixed Deposit for Women

Bajaj Finance Fixed Deposit for Women is another popular scheme offering higher interest rates. As of March 2023, a non-senior woman citizen can earn up to 7.95% cumulative interest at maturity for a 44-month tenure. The scheme provides flexible tenures ranging from 12 to 60 months with a minimum deposit of ₹25,000. Women can also avail of a loan against their fixed deposit at a lower interest rate.

Bharatiya Mahila Bank Fixed Deposit Scheme

Bharatiya Mahila Bank offers an exclusive fixed deposit scheme for women with higher interest rates than regular fixed deposits. The bank provides flexible tenures ranging from 7 days to 10 years with a minimum deposit amount of ₹1,000. Women can also avail of a loan against their fixed deposit at a lower interest rate.

Fixed deposit interest rates for women in India 2023

The interest rates for fixed deposit schemes vary based on the tenure, amount, and prevailing market conditions. The interest rates also vary from bank to bank and can be influenced by several factors.

Interest rates at a glance

Bank NameTenureRate of Interest
DHFL Bank                  1 Year    7.75%
Bajaj Finance1 Year    7.50%
Bharatiya Mahila Bank1 Year    7.25%
ICICI Bank                  1 Year    7.00%
HDFC Bank                  1 Year    6.75%
SBI 1 Year    6.50%
Axis Bank                     1 Year   6.50%
PNB1 Year   6.35%
Kotak Bank 1 Year   6.25%
Indian Bank                  400 days    7.15% 

 

(only for women)

It is important to note that the interest rates mentioned above are subject to change based on market conditions and other factors. Hence, checking the latest interest rates before investing in fixed deposit schemes is advisable.

A fixed deposit calculator can help you estimate the returns on your investment. An FD calculator is an online tool that calculates the interest earned on your fixed deposit based on the deposit amount, tenure, and interest rate.

Here’s how to use a fixed deposit calculator:

  • Step 1: Go to a designated deposit calculator website
  • Step 2: Enter the deposit amount
  • Step 3: Enter the tenure of the fixed deposit
  • Step 4: Enter the rate of interest
  • Step 5: Click on calculate

The calculator will then display the interest earned, the maturity amount, and the total amount you will receive at the end of the tenure.

For instance, let’s assume that you invest ₹1,00,000 in a fixed deposit scheme for a tenure of 2 years with an interest rate of 7.5%. The fixed deposit calculator will tell you that the interest earned will be ₹15,188, and the maturity amount will be ₹1,15,188.

Conclusion

Fixed deposits are a reliable and safe investment option for women in India. With various fixed deposit schemes, women can choose the best option that suits their financial goals and requirements. By comparing interest rates and using a fixed deposit calculator, women can make informed decisions and earn higher investment returns.

FAQs

What is a fixed deposit?

A fixed deposit is a financial instrument that allows you to deposit a lump sum amount for a fixed tenure and earn interest. The interest rates for fixed deposits are usually higher than savings accounts, and the returns are guaranteed.

Can women avail of special fixed deposit schemes?

Several banks and financial institutions offer exclusive fixed deposit saving schemes for women with higher interest rates and other benefits.

What is the minimum deposit amount for fixed deposits?

The minimum deposit amount for fixed deposits varies from bank to bank and scheme to scheme. However, most banks offer fixed deposits with a minimum deposit of Rs. 1,000.

Is it safe to invest in fixed deposits?

Fixed deposits are a safe investment option as they offer guaranteed returns with low risks. The investments are insured for up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

What is a fixed deposit calculator?

A fixed deposit calculator is an online tool that helps you calculate the interest earned on your fixed deposit based on the deposit amount, tenure, and interest rate.

Can I withdraw my fixed deposit before the maturity date?

You can withdraw your fixed deposit before the maturity date. However, premature withdrawal may attract penalties and lower interest rates.

Which FD is best for women?

The best FDs for women in India include Bajaj Finance Fixed Deposit for Women, DHFL Swayamsidha Deposit for Women, and Bharatiya Mahila Bank Fixed Deposit. They offer tailored benefits and competitive interest rates.

What is the fixed deposit for women in 2023?

In 2023, the “Mahila Samman Saving Certificate” is a special fixed deposit scheme designed for women in India. It offers a fixed interest rate, providing a safe investment option for women.

What is the 7.5 interest scheme for ladies?

The “Mahila Samman Saving Certificate” offers a 7.5% interest rate and is a government-backed savings scheme designed for women in India, providing a secure and lucrative investment opportunity.

Which bank gives maximum interest to women?

HDFC Bank and ICICI Bank are among the banks that offer high fixed deposit (FD) interest rates to women investors in India, providing competitive returns on FD investments.

Disclaimer: Fixed deposit products are generally considered safe investments as they are not subject to market fluctuations. However, investors are advised to exercise caution while investing in FDs. Risks include the financial position and solvency of the issuing company/entity during the tenure of the deposit. The facts mentioned in this article are for informational purposes only and should not be considered investment/financial advice from CoinSwitch.

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