A Fixed Deposit Money Double Scheme is basically a fixed deposit or term deposit scheme wherein you invest a certain amount of money. Documents Required for Senior Citizen Fixed Deposit Scheme. Recurring Deposit. The money is locked for a certain period of time and over that time frame, the account provider (that is the … How much can you earn per month? Fixed deposit accounts are an excellent means to grow your money over a period of time. Fixed Deposit. For example, PAN card, Aadhar card, etc. Fixed Deposit is one of the safest investment instruments, which offers highest stability Shriram City's fixed deposits scheme offers flexible tenure options starting from 12 months to 60 months. You can choose the duration and the amount based on your needs and financial goals. In short, fixed deposits made after this announcement will effectively convert into monthly income generating scheme. Copy of age proof substantiating that the age of the investor is more than 60 years. Fixed Deposit can be easily renewed, and you can also reap additional rate benefits on renewing your deposits; Tax is deducted at source, from interest on Fixed Deposit as applicable, as per the Income Tax Act, 1961. Term. Corporate Fixed Deposits or Company Fixed Deposits are saving cum investment tools offered by Non-Banking Financial Companies or NBFCs. Top 10 1-year FDs for 2020; Bank Regular FD Rates (per annum) Senior Citizen FD Rates (per annum) ESAF Small Finance Bank: 7.00%: 7.50%: The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower. Get all the details on Bank Fixed Deposits in India, List of Banks for Fixed Deposits, Interest Rates, Fixed Deposits Rating, Fixed Deposits Schemes and Bank Fixed Deposits 2020 Assuming that you deposit the maximum allowed for this scheme, interest you will be earning is: Interest income per month = (8% of 7.5 lakhs)/12 = (INR 60,000)/12 = INR 5,000 Benefits of Fixed Deposit. Interest rates on fixed deposit schemes are generally higher than the interest on savings accounts. Generally, fixed deposit schemes are offered for 7 days - 10 years. Last Updated on December 2020. The account holder can opt for deposit term as per his investment goals. These corporate or company fixed deposit schemes are backed by higher FD (as compared to bank FD rates) interest rates. Given below is the updated list of 10 banks that pay the highest interest on fixed deposit schemes. Visit us at HDFC to know more benefits. 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