A fixed deposit is an investment tool you
can use to grow and consolidate your savings. There is zero volatility when it
comes to FDs, unlike other investment avenues such as equity and mutual funds. However,
the interest you earn varies from bank to bank. These rates may also change
over time, which is why you should keep an eye on the new prices and invest
accordingly.
Following are 4 of the best- FD plans in India 2018:
Note: The below-stated
figures are subject to change.
1.
Axis Bank
Axis bank’s fixed deposit accounts offer an
interest rate between 3.50 per cent and 6.90 per cent* per annum for a tenure
of 7 days to 10 years. They also allow a seamless transfer of funds from a
savings account to fixed account to earn higher interest. You can open their
account either through net banking or mobile sitting at home or office.
2.
Bank of Baroda
The bank with the second largest asset in
India, Bank of Baroda, operates more than INR 3 trillion in assets. They offer competitive
interest rates and convenient withdrawal options. Their tenure for fixed deposit is around 7 to 10 years.
They, too, offer many deposit plans that you can choose depending on the term,
nature of the deposit, and withdrawal features. The additional benefits that
you can enjoy through their fixed deposit accounts are overdraft facility, outstation
cheque collections, safe deposit lockers, ATMs, etc.
3.
Bank of India (BOI)
A commercial bank headquartered in Mumbai,
Bank of India operates more than 5000 branches in India, making it a part of
the top 5 nationalised banks in the country. The fixed deposit interest rate of
BOI is attractive as well. Also, they have an array of options to choose from
regarding fixed deposit accounts.
4.
Canara Bank
Canara Bank operates more than 6500
branches across the country. The fixed deposit rates offered by Canara Bank are
attractive, making it come under the top 4 list.
If you are looking to start a fixed deposit account, ensure that you do so in one of the banks listed above.
