FD interest rates have increased once again in 2023. This is excellent news for people looking to invest in FD and somewhat sad news as they can’t make use of this increase. However, for those who are just looking to benefit and profit from this increase, keep on reading.
What is a Fixed Deposit?
An FD or Fixed Deposit is a secured form of investing where investors get a guaranteed return they know of when investing. Since this is one of the safest forms of investment, which can still provide significant and assured returns, it is usually the most preferable option for risk-averse investors.
FD works by investing a lump sum of money contrary to small bits in the case of RD or Recurring Deposit. Once the FD has been made, depending on the investment partner, you can reinvest the interest you receive periodically based on your chosen interest period or get it monthly, quarterly, annually, or on maturity.
Latest Fixed Deposit Interest Rates 2023
These are the latest FD Interest Rates offered by top banks and NBFCs in India for investing in FD for a year.
| Bank/NBFC | Interest Rate for 1-Year
(Non-Senior Citizen) |
| ICICI-Bank | 6.70% |
| HDFC Bank | 6.60% |
| Axis Bank | 6.75% |
| Kotak Mahindra Bank | 7.10% |
| SBI | 6.80% |
| Bank of India | 6.00% |
| Bank of Baroda | 6.75% |
| Bajaj Finserv | 7.40% |
| Muthoot Capital | 6.25% |
| Mahindra Finance | 7.40% |
Based on these rates and consistent interest rates, I have landed on Bajaj Finserv over the years as my preferred investment partner. Once I downloaded the app, I was hooked. It had everything I ever wanted, and I preferred the one-app solution Bajaj offers with the ability to do anything from invest in FD or Mutual Funds to pay utility bills, get loans, or even pay using UPI.
How do you calculate FD interest rate?
With so many differences in each financial institution’s interest rates, it is essential to carefully consider the interest rate and return on investment by comparing the offerings of different investment partners.
Follow these steps to use an FD interest rates calculator to understand your return on investment and compare the different interest rates offered for different scenarios.
- Download the Bajaj Finserv App and sign up for an account.
- On the home page, tap on the three vertical lines on the top left or right, depending on whether you use iOS or Android.
- Here, you’ll see ‘Calculators & Buying Guides.’
- Go to ‘Deposits Calculators’
- Choose ‘Fixed Deposit Interest Calculator.’
- Fill in the required details
- Experiment as per your requirement.
How to Invest in FD?
Once you have landed on your preferred investment partner and are satisfied with your ROI after checking using an FD Calculator, you might be wondering how to invest in FD.
Follow the next steps to invest in FD with Bajaj Finserv.
- Tap on the Fixed Deposit icon on the home page.
- Once you have determined the best amount, tenure to invest in, and the interest payout, input them into the form showcased on the product page.
- After filling in the FD details and clicking on ‘next,’ you must fill in the required details and provide KYC documents.
- After sharing the details and completing your KYC, you can start investing.
Conclusion
So what are you waiting for? Start investing and make a profit passively with the help of the rising FD interest rate. Calculate your returns and plan for the future with the help of your preferred investment partner.