How to open Fixed Deposit Account & Which bank has highest rate of interest on Fixed Deposit ?

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Starting a fixed deposit account in a bank is quite a simple task. Only some mandatory documents, along with a passport size photo, are required to start a fixed deposit account. There are two ways this process could be completed, out of which one is the latest way, i.e., online and the other is the traditional way of the offline process. Hence, some steps have been mentioned which are needed to be followed when one needs to open a fixed deposit.

  • Decide the amount you need to deposit in an FD.
  • Select the best bank which offers the best interest rates on the Fixed Deposit account you would like to choose while saving the amount.
  • Several plans are available, and one needs to look for the best method for saving the amount.
  • The application form for opening an FD can be taken from the bank branch, or you can also open an FD online through internet banking.
  • Fill the form and submit along with the cheque of the desired amount.
  • Documents required are one identity proof, one address proof (varies from bank to bank)
  • Use the FD calculator so that you can calculate the amount you would receive at the maturity.

Best Interest Rates on Fixed Deposit for 2019

BankInterest RateInterest Rate for Senior Citizen
State Bank of India5.75-7%6.25-7.50%
HDFC Bank3.50-7.40%4.00-7.90%
ICICI Bank4.00-7.30%4.50-7.80%
Axis Bank3.50-7.30%3.50-7.95%
Kotak Bank3.50-7.20%4.00-7.70%
IDFC First Bank4.00-7.75%4.50-8.25%
Bank of Baroda4.75-6.85%5.25-7.35%

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