What is a Fixed Deposit (FD)?
A Fixed Deposit (FD) is a financial instrument offered by banks and financial institutions where you deposit a lumpsum amount for a fixed tenure at a predetermined interest rate.
MINTIT'S Fixed Deposit Offerings for 2024
MINTIT offers fixed deposit options with competitive interest rates from top financial institutions. Choose the one that aligns with your financial goals and risk tolerance, and enjoy secured returns by avoiding market fluctuations.
| Period (months) | Non - Cumulative | Cumulative | |||
|---|---|---|---|---|---|
| Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly % p.a | Effective yield % p.a. | |
| 12 | 7.11% | 7.16% | 7.22% | 7.35% | 7.35% |
| 18 | 7.16% | 7.20% | 7.27% | 7.40% | 7.53% |
| 24 | 7.25% | 7.30% | 7.36% | 7.50% | 7.78% |
| 36 | 7.72% | 7.77% | 7.85% | 8.00% | 8.66% |
| 50 (JUBILEE) | 7.72% | 7.77% | 7.85% | 8.00% | 9.07% |
| 60 | 7.72% | 7.77% | 7.85% | 8.00% | 9.39% |
Note: Renewals (0.25% additional).
| Regular Period | |||||
|---|---|---|---|---|---|
| Period | Cumulative | Non-cumulative | |||
| At Maturity | Monthly | Quarterly | Half Yearly | Annually | |
| 12-14 months | 6.60% | 6.41% | 6.44% | 6.49% | 6.60% |
| 15-23 months | 6.75% | 6.55% | 6.59% | 6.64% | 6.75% |
| 24-60 months | 6.95% | 6.74% | 6.78% | 6.83% | 6.95% |
| Period (months) | Non - Cumulative | Cumulative | |||
|---|---|---|---|---|---|
| Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly % p.a | Effective yield % p.a. | |
| 12 | 7.16% | 7.20% | 7.27% | 7.40% | 7.40% |
| 18 | 7.21% | 7.25% | 7.32% | 7.45% | 7.59% |
| 24 | 7.30% | 7.35% | 7.41% | 7.55% | 7.83% |
| 36 | 7.77% | 7.82% | 7.89% | 8.05% | 8.72% |
| 50 (JUBILEE) | 7.77% | 7.82% | 7.89% | 8.05% | 9.14% |
| 60 | 7.77% | 7.82% | 7.89% | 8.05% | 9.46% |
Note: Renewals (0.05% additional).
| Regular Period | |||||
|---|---|---|---|---|---|
| Period | Cumulative | Non-cumulative | |||
| At Maturity | Monthly | Quarterly | Half Yearly | Annually | |
| 12-14 months | 6.60% | 6.41% | 6.44% | 6.49% | 6.60% |
| 15-23 months | 6.75% | 6.55% | 6.59% | 6.64% | 6.75% |
| 24-60 months | 6.95% | 6.74% | 6.78% | 6.83% | 6.95% |
| Period (months) | Non - Cumulative | Cumulative | |||
|---|---|---|---|---|---|
| Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly % p.a | Effective yield % p.a. | |
| 12 | 7.58% | 7.63% | 7.70% | 7.85% | 7.85% |
| 18 | 7.63% | 7.68% | 7.75% | 7.90% | 8.06% |
| 24 | 7.72% | 7.77% | 7.85% | 8.00% | 8.32% |
| 36 | 8.19% | 8.24% | 8.33% | 8.50% | 9.25% |
| 50 (JUBILEE) | 8.19% | 8.24% | 8.33% | 8.50% | 9.72% |
| 60 | 8.19% | 8.24% | 8.33% | 8.50% | 10.08% |
Note: Renewals (0.50% additional).
| Regular Period | |||||
|---|---|---|---|---|---|
| Period | Cumulative | Non-cumulative | |||
| At Maturity | Monthly | Quarterly | Half Yearly | Annually | |
| 12-14 months | 6.95% | 6.74% | 6.78% | 6.83% | 6.95% |
| 15-23 months | 7.10% | 6.88% | 6.92% | 6.98% | 7.10% |
| 24-60 months | 7.30% | 7.07% | 7.11% | 7.17% | 7.30% |
| Period (months) | Non - Cumulative | Cumulative | |||
|---|---|---|---|---|---|
| Monthly % p.a | Quarterly % p.a | Half yearly % p.a | Yearly % p.a | Effective yield % p.a. | |
| 12 | 7.63% | 7.68% | 7.75% | 7.90% | 7.90% |
| 18 | 7.67% | 7.72% | 7.80% | 7.95% | 8.10% |
| 24 | 7.77% | 7.82% | 7.89% | 8.05% | 8.38% |
| 36 | 8.23% | 8.29% | 8.37% | 8.55% | 9.30% |
| 50 (JUBILEE) | 8.23% | 8.29% | 8.37% | 8.55% | 9.78% |
| 60 | 8.23% | 8.29% | 8.37% | 8.55% | 10.14% |
Note: Renewals (0.05% + 0.50% additional).
| Regular Period | |||||
|---|---|---|---|---|---|
| Period | Cumulative | Non-cumulative | |||
| At Maturity | Monthly | Quarterly | Half Yearly | Annually | |
| 12-14 months | 6.95% | 6.74% | 6.78% | 6.83% | 6.95% |
| 15-23 months | 7.10% | 6.88% | 6.92% | 6.98% | 7.10% |
| 24-60 months | 7.30% | 7.07% | 7.11% | 7.17% | 7.30% |
Ready to lock in your Fixed Deposit?
Contact the MINTIT team today to open your Fixed Deposit and start growing your wealth with confidence!
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FAQs
How does a Fixed Deposit (FD) Account work?
You deposit a specific amount for a fixed period. The institution pays you interest at the agreed-upon rate, either at maturity (cumulative) or periodically (non-cumulative).
What are the different types of Fixed Deposit (FD)s?
There are cumulative Fixed Deposit (FD)s (interest paid at maturity) and non-cumulative Fixed Deposit (FD)s (periodic interest payouts).
What are the features of a Fixed Deposit (FD)?
- Guaranteed Returns: Fixed Deposit (FD)s offer fixed interest rates, ensuring predictable returns.
- Flexible Tenures: Choose a tenure that suits your financial goals, from a few months to several years.
- Safety and Security: Fixed Deposit (FD)s are considered low-risk investments compared to market-linked options.
- Easy Liquidity: In most cases, you can withdraw funds before maturity, although penalties may apply.
- Loan Facility: Many institutions offer loans against your Fixed Deposit (FD).
- Nomination Facility: You can nominate a beneficiary to receive the Fixed Deposit (FD) amount in case of an unforeseen event.
- Senior Citizen Benefits: Senior citizens often receive higher interest rates on Fixed Deposit (FD)s.
What are the benefits of investing in a Fixed Deposit (FD)?
- Stable Returns: Fixed Deposit (FD)s offer fixed interest rates, making them a reliable income source.
- Capital Protection: Your principal investment is relatively safe from market fluctuations.
- Predictable Income: Non-cumulative Fixed Deposit (FD)s provide regular interest payouts, ideal for supplementary income.
What is the taxation on a Fixed Deposit (FD)?
Interest earned on Fixed Deposit (FD)s is taxable as per your income tax slab. TDS (Tax Deducted at Source) may apply if interest exceeds a certain limit.
What are the disadvantages of Fixed Deposit (FD)s?
- Lower Returns: Fixed Deposit (FD)s generally offer lower returns compared to riskier investments like equities.
- Inflation Risk: Over long periods, inflation may erode the real value of Fixed Deposit (FD) returns.
- Penalty for Premature Withdrawal: Early withdrawals usually incur a penalty on interest.
Can I get a loan against my Fixed Deposit (FD) investment?
Yes, most financial institutions offer loans against Fixed Deposit (FD)s, typically up to a certain percentage of the deposit amount.
Can I withdraw from my Fixed Deposit (FD) investment before maturity?
Yes, you can usually make premature withdrawals, but there might be a penalty on interest earned.
Can Fixed Deposit (FD) interest rates change?
Generally, Fixed Deposit (FD) rates are fixed at the time of deposit. However, some banks offer floating rate Fixed Deposit (FD)s with interest rates that change periodically.
How to stop a reinvestment in Fixed Deposit (FD)?
You can instruct your bank or financial institution to not automatically reinvest your Fixed Deposit (FD) upon maturity.
What is the minimum amount required to open a Fixed Deposit (FD)?
The minimum deposit amount varies depending on the institution and the type of Fixed Deposit (FD).
Can I get monthly interest on Fixed Deposit (FD)?
Yes, you can choose a non-cumulative Fixed Deposit (FD) option to receive interest payments monthly.