5 Best Fixed Deposit Schemes To Earn Higher Interest In 2022

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Fixed deposit returns can also be used for personal purposes as well as for business purposes. It has always been the favorite choice for people looking for a safe and reliable investment.

Wading through mounds of fixed deposit accounts with different interest rates can be challenging, so here is a guide to help you make the best choice.

What is a Fixed Deposit Scheme?

A Fixed Deposit Scheme is a deposit locked in for a fixed period. The interest rate on the FD depends on various factors, such as the tenure and the amount invested.

They are a good option to earn extra money while keeping your savings safe. They are also convenient nowadays because they can be opened online.

List of Fixed Deposit Schemes to Earn High Returns in 2022

Fixed deposits are one of the most common ways to invest your money. The interest rates on fixed deposits today vary from 3% to 8%. These schemes are offered by banks, mutual funds and non-banking financial companies (NBFCs).

Here, we will look at the five best-fixed deposit schemes with higher interest rates for Indian deposits less than INR 2 crores:

PNB Housing Finance Scheme

PNB Housing Finance offers fixed deposit schemes mainly with two broad categories of Cumulative and Non-cumulative options. The fixed deposit interest rate varies depending upon the regular and senior citizen deposits.

The minimum deposit necessary is Rs. 10,000. You can easily avail yourself loan against 75 per cent of the deposit amount. The amount deposited in the scheme cannot be withdrawn before three months, and there’s interest payable on the amount withdrawn.

Bajaj Finance

Bajaj Finance offers fixed deposit schemes where the fixed deposit interest rate varies depending upon the regular and senior citizen deposits.

The minimum deposit amount required is Rs 25,000. The loan facility can be availed only after completing at least 3 months of the scheme, and only three-fourths of the investment can be used for the loan. An interest is levied on the investor upon premature withdrawal.

HDFC Bank

The HDFC Bank offers fixed deposit schemes where the fixed interest rate varies depending upon the regular and senior citizen deposits.

The minimum deposit amount is Rs. 10000, and the duration can vary between 1-10 years. The bank offers flexibility and different types of schemes which can be availed of by individuals.

They even offer schemes for NRIs and accept foreign currency during deposits.

Kotak Mahindra Bank

Kotak Mahindra Bank offers a range of fixed deposit schemes with varying interest rates depending on your account type. Minimum deposits start from Rs. 5,000, and the duration of each plan can be anywhere from 7 days to 10 years.

The bank provides unique features that make it easy to choose your investment plan, including flexibility and different types of schemes like Ace, Regular, Tax-saving and Senior Citizen, respectively. They also offer deposit plans for NRIs and accept foreign currency when opening an account.

Axis Bank

The Axis Bank offers fixed deposit schemes where the fixed interest rate varies depending upon the regular and senior citizen deposits. There are many variants like Digital, Express, and Tax-saver.

The minimum deposit amount is Rs. 5000, and the duration can vary between 7 days to 10 years. They also offer schemes for NRIs and accept foreign currency during deposits.

Wrapping Up

You have to choose several options when it comes to saving through a fixed deposit. Knowing these and how they work can be the difference between hundreds of thousands of rupees throughout your investment. Whether you’re looking for a secure option that provides a stable return on investment or better returns with a higher interest rate, there is something out there to complement your needs.