All Bank Fixed Deposit Interest Rate: All you need to Know

Want to park away your investment without constant monitoring? Well, in this hectik life who has the time to monitor the footsteps of their investments day wise? It is easy to employ your funds in fixed deposit, a safe investment vehicle for all your needs where you don't have to seek supervision for your generated returns.

 

The time horizon you prefer investing along with the principal amount find its safe zone irrespective of the changes in monetary policies by the Government of India.

Fixed deposit as you know have been loved by all across the times throughout generations. It is believed to be a safe pavement for your returns to grow amidst time and principal amount. Now the question arises: which bank to consider? It's on you which bank to consider for your investment to give time to multiply through the power of compounding? Let's find out what rates various banks have to offer you.

Fixed Deposit Interest Rates in India

Explore various banks for fixed deposit interest rates on amount below ₹ 1 crore for both regular and senior citizens:

1. State Bank of India

Regular Citizen : 6.25% p.a.

Senior Citizen: 6.75% p.a.

2. ICICI Bank

Regular Citizen : 6.50% p.a.

Senior Citizen: 7.00% p.a.

3. HDFC Bank

Regular Citizen : 6.00% p.a.

Senior Citizen: 6.50% p.a.

4. Punjab National Bank

Regular Citizen : 6.25% p.a.

Senior Citizen: 6.75% p.a.

5. Axis Bank

Regular Citizen :6.25% p.a.

Senior Citizen: 6.75% p.a.

6. Canara Bank

Regular Citizen : 6.00% p.a.

Senior Citizen: 6.50% p.a.

7. Bank of Baroda

Regular Citizen : 6.50% p.a.

Senior Citizen: 7.00% p.a.

8. IDBI Bank

Regular Citizen : 6.00% p.a.

Senior Citizen: 6.50% p.a.

9. Bank of India

Regular Citizen : 6.25% p.a.

Senior Citizen: 6.75% p.a.

10. Bandhan Bank

Regular Citizen : 6.40% p.a.

Senior Citizen: 6.90% p.a.

Now let's explore various banks for fixed deposit interest rates on amount above ₹ 1 crore for both regular and senior citizens:

1.State Bank of India

Regular Citizen : 4.25% p.a.

Senior Citizen: 4.75% p.a.

2. ICICI Bank

Regular Citizen : 6.45% p.a.

Senior Citizen: 6.45% p.a.

3. HDFC Bank

Regular Citizen : 4.85% p.a.

Senior Citizen: 5.35% p.a.

4. Punjab National Bank

Regular Citizen : 4.50% p.a.

Senior Citizen: 4.50% p.a.

5. Axis Bank

Regular Citizen : 6.00% p.a.

Senior Citizen: 6.50% p.a.

6. Bank of Baroda

Regular Citizen : 5.25% p.a.

Senior Citizen: 5.25% p.a.

7. IDBI Bank

Regular Citizen : 5.50% p.a.

Senior Citizen: 5.50% p.a.

8. Bank of India

Regular Citizen : 4.25% p.a.

Senior Citizen: 4.25% p.a.

Fixed Deposit Interest Rate Calculator

Fixed Deposit Interest Rate calculator helps you in calculating the interest that your money will generate when employed in a fixed deposit of any bank. This will help you in getting the desired result which you are looking for. The FD Calculator discloses the principal amount on maturity which you will be getting along with the interest compounded on days or monthly, quarterly, half-yearly and yearly basis. The real figures show you the clear picture of your earnings at the end of your chosen tenure.

Fixed Deposit Form

Are you prepared to undertake fixed deposit from any of your chosen banks? Well, it's the time to fill up the application form which is compulsory for your application towards rendering your fixed deposit scheme. Simply log-in to the website of any Bank and download the application form. Fill the details such as your name,  joint account holder's name, house address, PAN number, phone number, deposit amount and tenor, attached with the nomination form which is required to start the cycle of your FD at your chosen time period.

Benefits of Fixed Deposits

• Guaranteed Returns : Fixed deposit is a safe investment vehicle which offers guaranteed returns on the amount of your investment.

• Develops saving habit : The investment deployed in a Fixed deposit is locked for a specified time period which instills a disciplined approach of saving habit in you.

• Better returns than savings account : It offers better returns in contrast as opposed to savings account as the interest rate is higher. In a savings account, you can earn interest upto 4% whereas, in fixed deposit, interest rate starts from 6.00% p.a.

• Early withdrawal : Withdrawal of invested amount in fixed deposit can be made prior to the maturity date by paying a penalty charge.

• Interest payment available at different tenures :  Interest is payable only at maturity, annually or monthly subject to the time period specified by the customer.

• Flexible tenure: The customers have the privilege of enjoying various tenure options and block their amount as long as they want. They are required to invest their money for a time interval ranging  from 7 days to 10 years.

Documents Required for Fixed Deposit

You are required to submit the following documents as particulars to be furnished for making your FD.

Identity Proof:

• Passport
• PAN Card

• Voter ID card
• Driving Licence
• Senior citizen ID card
• Government ID card
• Photo ration card

Address Proof:

•    Passport
•    Electricity bill
•    Telephone bill
•    Bank Statement with Cheque
•    Certificate/ ID card issued by Post office

Classify your Budget for Buying your Dream Home through HDFC Home Loan EMI Calculator

Mr. Ajit Shukla is planning to buy a furnished home costing him ₹ 25 lakhs around his nearest locality but couldn't help arrange finances to meet out his expenses of paying the entire amount. He is now on a look out for a reliable financial institution that can fund for his estimated budget. 

He plans to keep aside ₹ 4 lakhs per annum from his net salary intake but for the remaining amount, he is on the verge of considering HDFC as his prime lender that can do justice with his budget. He tries to figure out the costing portion with the help of HDFC Home Loan EMI Calculator by using the following formula:

EMI Calculation Formula

EMI is computed by using the following formula :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI= Equated Monthly Installment

P= Amount of Principal Loan  

R= Monthly Interest Rate

N= Number of Monthly Installments

HDFC Home Loan EMI Calculator

HDFC Home Loan EMI Calculator is an online calculator required to examine the monthly instalment that is required to pay against the repayment of your loan. The calculation of monthly instalment depends upon the loan amount, interest rate and tenure of the loan. On entering the details in the calculator, he examines the rough estimate of his total payments as a break-up of the Home loan repayment process.

Input details in the Calculator

Loan Amount : ₹21 lakhs (Required amount)

Interest Rate: 8.35%-9.05% p.a.

Tenure: 30 years(Required tenure)

Final Result displayed

Monthly Instalment: ₹15,924

Total Interest Amount :₹36,32,810

Total Amount(Principal+Interest) :₹ 57,32,810

Home Loan EMI Calculator Excel

Estimate your home loan EMI by using MS Excel. Use the function PMT in order to calculate the EMI. The following syntax is required for using the formula in EMI Calculator in MS Excel.

Syntax : PMT (rate, nper, pv)

The variables used in the above formula are :

rate – Rate of Interest on the loan

nper- Total number of payments for the home loan

pv- Present value/principal

HDFC Loan EMI Calculator- Essential Criterion

HDFC loan EMI works in accordance with the following criterion:

Loan Amount : The amount required to borrow for buying a house is called the loan amount. The borrowed amount is subject to the valuation of the property cost and repayment capacity of the applicant concerned. However, HDFC is eligible to avail 80% of the property cost as the loan. This is called principal amount of the loan and the interest rate applied on it. The final amount is realized after applying interest rate which gets apportioned across the loan intervals.

Interest Rate : The interest rate levied on the lending amount is known by the term interest rate. The home loan rates differ from one lender to another, so it is favourable to consider the interest rates before applying for home loans. The interest rates are of two types which are applicable on home loans- fixed or floating rate. The fixed portion of interest rate remains unaltered throughout the loan tenures and so will be the EMIs. However, in case of floating interest rate, the rates vary subject to the changes in base rate and hence EMI will fluctuate subsequently.

Tenure: The time period pre-determined in advance as a repayment towards home loan is known as tenure. Some of the loans are also applicable as per flexible loan tenure. The repayment period of long-term home loans consist of upto 20 years and may last until 30 years. The applicant, therefore, is required to fix the tenure as per own specifications but needs to acknowledge the fact that longer the tenure, thus interest rate will be more.

How to Get lowest Home Loan Rate?

Check your eligibility criteria on Wishfin portal in order to grab the lowest rate with HDFC bank at your nearest location.

Property Value- Examine whether your property is in an approved society, area or colony, there lies the possibility of obtaining a higher loan amount at the lower rate. In general, the maximum loan amount offered by lenders encompasses 70-90% of the property value.

Relationship with the Lender in Contact: Good deals are a part and parcel of your negotiation tactics that govern the basis of obtaining a fair loan amount at lower cost. In this manner, you can easily obtain a high loan amount and that too at competitive interest rate without any inconvenience.

Monthly Income : The monthly income plays a predominant role in deciding your worthiness towards availing home loan. If you have high earnings and so far you are fulfilling the eligibility criteria, the chances become high for you to obtain a higher home loan amount. Higher income is essential for you to obtain the higher amount whether you are a salaried class or self-employed professional.

Age : Age is an essential criterion to acknowledge the fact of ascertaining your home loan eligibility. If you are a home loan seeker at an early age, chances are higher for you to obtain a higher loan amount as against those who apply for a loan in their 40-50s age. It is therefore recommended to apply early for availing better chances on your home loan.

Select your Best Home Loan Interest Rate for Translating your Dream Home into Reality

Want to translate your dreams of buying a home into reality? Does paucity of funds make you worried for not allowing you to buy your ideal home? Well, among home loan interest rate offered from across various lenders, select the best optimal home loan interest rate that can give you a base to stablize your dream home for converting into the final purchase. Before that you need to ascertain the eligibility check for yourself:

Home Loan Eligibility Check

Check the interest rates of home loan from Wishfin website that covers up 21 Government & Private Banks. Do you imagine as of now 3,21,672 quotes have been taken from Wishfin? Check your eligibility criteria by entering the following details in Wishfin home loan eligibility calculator:

1. Loan Amount Required

2. Type your City Name

3. Specify whether you are a Salaried or Non-Salaried Individual

4. Enter your Monthly Income

After entering the above details once you enter the submit button, it will process your details and finally show you the eligibility criteria for availing loans for a period of 1-30 years.

If you are an SBI Credit Card holder who wishes to avail the desired home loan interest rate, get ready for the instant offers from Wishfin the moment you submit your details. Grab free movie tickets, other exciting offers on Shopping, Dining, Travel Bookings and much more. Rejoice this opportunity soon before other offers commence.

Home Loan Interest Rates for October 2017

Have a glimpse on home loan interest rates for October 2017 before you finalize the best deal for yourself:

1. State Bank of India : 8.35% - 8.65%

2. HDFC: 8.35% - 9.05%

3. Bank of Baroda: 8.30% - 9.30%

4. LIC Housing: 8.35% - 8.70%

5. PNB Housing Finance: 8.50% - 8.60%

6. ICICI Bank: 8.35% - 8.85%

7. Axis Bank: 8.35% - 8.75%

8. Citibank: 8.60% - 9.35%

9. Indiabulls Housing Finance Limited: 8.35% - 8.55%

10. Kotak Bank: 8.35%

Home Loan EMI Calculator

Home loan EMI Calculator is an online arithmetical tool in order to help you out to assess the criterion of obtaining your repayment amount as against the borrowed loan. It will be helpful to finance your home loan. All you are required to enter the details like borrowed amount, sanctioned interest rate and loan tenure to gauge your estimations for several intervals along with your capacity of paying EMI. However, your monthly installment gives you a rough estimate of your monthly outflow that you are required to shell out towards your home loan repayment.

Let us understand with the help of a simple example:

Ankita is an HR professional working for an MNC in Noida. She wishes to buy her own home in Greater Noida for which she will be close to her office. As soon as he gets over with calculating her own savings and the cost of the house, she found out that she is falling short of ₹ 8 lakhs towards the purchase of the flat. She wants to select her own preferences for finalizing a bank and input the following details in the EMI calculator in the following way for her own chosen banks:

Tenure : 30 years

State Bank of India : 8.35% - 8.65% p.a.

Monthly Instalment(EMI) : ₹6,066-₹6,237

Total Interest Amount : ₹13,83,928-₹14,45,159

Total Amount(Principal+Interest) : ₹21,83,928-₹22,45,159

HDFC: 8.35% - 9.05% p.a.

Monthly Instalment(EMI) : ₹6,066-₹6,466

Total Interest Amount :  ₹13,83,928-₹15,27,682

Total Amount(Principal+Interest) :₹ 21,83,928-₹23,27,682

Bank of Baroda: 8.30% - 9.30% p.a.

Monthly Instalment(EMI) :₹6,038-₹6,610

Total Interest Amount : ₹13,73,779-₹15,79,748

Total Amount(Principal+Interest) :₹21,73,779-₹23,79,748

LIC Housing: 8.35% - 8.70% p.a.

Monthly Instalment(EMI) :₹6,066-₹6,265

Total Interest Amount : ₹13,83,928-₹14,55,420

Total Amount(Principal+Interest) :₹21,83,928-₹22,55,420

PNB Housing Finance: 8.50% - 8.60%p.a.

Monthly Instalment(EMI) :₹6,151-₹6,208

Total Interest Amount : ₹14,14,471-₹14,34,914

Total Amount(Principal+Interest) :₹22,14,471-₹22,34,914

Home Loan Documents Required

The applicant is required to submit the following documents in order to get the approval of home loans:

1. Identity and Residence Proof (any one) :  Valid Passport/Voter ID Card/Aadhar Card /Valid Driving License

2. Proof of Income : Last 3 months' Salary Slips, last 6 months' Bank Statements( showing salary credits) and latest Form-16 along with IT return

3. Other Documents

• Employment Contract / Appointment Letter is required if the current employment is less than 1- year old
• Last 6 months' Bank Statements showing repayment of any existing loans
• Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
• A cheque for processing fee favouring ‘HDFC Ltd.’

4. Property related documents

• Copy of the Allotment Letter / Buyer Agreement
• Receipt of the payment made to the developer

Home Loan Application Status

As soon as you submit your application with the bank/housing finance company, it becomes essential to assess the status of your home loan. Either banks or housing finance companies accept or reject the criterion based on their pre-determined set criterions. It is therefore required to contact your relationship manager for ascertaining your application status on your home loan or you are in look out for the best financial marketplace that can look after your needs on your behalf. Log on to Wishfin website and place your quote as above specified. The final result shown on the website will confirm you about the status of your home loan.

SBI Personal Loan Interest Rate of the Schemes

State Bank of India is the largest bank in the country that has been serving the needs of people before independence. It is the most trusted bank in the country. It holds 45th position in the list of top 50 global banks. It has the plethora of banking products and services to cater the variant financial requirement of its customers. 

The PL offered by the bank is one of those. The borrower doesn’t have to worry about the interest as SBI personal loan interest rate is moderate and competitive. This loan can be taken to fulfill any of the personal needs.

SBI PL can be taken by an employee of any Central Public Sector Undertaking, Quasi- government and Central government or by the pensioners. SBI has introduced two personal loan scheme namely - Xpress credit and pension loan to let the people accomplish their financial goals. The eligibility criteria for the both the scheme is different. The people who want to avail the credit from the Bank must check the eligibility criteria before applying for the loan. It is only when the eligibility standards are met, the Bank sanctions the loan. After the verification of information, the application is approved and the amount is disbursed.

The interested customer can apply for the loan after checking the eligibility criteria. To know how to apply read the following section.  

How to Apply

To procure a personal loan from the bank no hard efforts are to be put in. The Bank has made things simple for the public to reap the benefit. To get the PL from SBI, apply online or visit the nearest bank branch. Submit the personal loan application form along the documents at the branch office and your application will be processed by the authorities.

Documents required

An applicant has to complete the process of documentation for the successful disbursal of funds from the bank’s end. The best part about this product is that minimal documentation work is required. The list of the important documents have been given below-

• Completely filled application form
• Two photographs of passport size
• Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
• Processing fee cheque
• Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ rEnt and Lease agreement/ Electricity bill
• Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
• Bank statement of the past six months

The bank offers loan under two schemes xpress credit and SBI personal loan. The details and eligibility criteria for both the schemes are as given below:

Xpress Credit Personal Loan- Under this scheme, the candidate can avail finance up to 24 times of the net monthly income, subject to a minimum and maximum limit of ₹24,000 and ₹15 lakhs, respectively. The interest rate applicable to this loan ranges from 11.95% - 14.55% p.a. The tenure of the lasts up to 5 years. The eligibility criteria for this scheme is:

• The applicant must be an employee of any Central Public Sector Undertaking, Quasi government, Central government, profit making State Public Sector Undertaking, reputable corporates and educational institutes which are of national repute
• The minimum net monthly income should be Rs. 7,500
• The applicant should ensure that the EMI (Equated Monthly Installment) and NMI (Net monthly Income) must not exceed 50

SBI Pension Loan- SBI pension loan is for the state and central government employees who are receiving the pension. The interest rate of 12.45% is charged on these loans. The applicant can get the maximum loan of up to the aggregation of 18 months of pension available. However, the loan quantum ranges from ₹ 7.5 lakhs to ₹14 lakhs in the case of pensioner drawing their pension from government departments and ₹ 2.5 lakhs to ₹5 lakhs for family pensioners. The repayment has to be made within the period of 2 to 5 years. The eligible candidates are:

• The applicant should not be over the age of 76 years while applying for a loan.
• The applicant should draw his/her pension from the state or central government through one of the branches of the bank.
• In case of defence pensioners too, the maximum age at the time of loan application should be 76 years. There is no minimum age as such.
• Defence pensioners who are eligible include the likes of people who worked in the Armed Forces (Navy, Army and Air Force), Paramilitary Forces (CISF, CRPF, ITBP, BSF etc.), Rashtriya Rifles, Coast Guards and Assam Rifles. Their pension account must be maintained with the bank.
• In case, one of the family members has been authorised to receive the pension once the pensioner dies, then he/she too can take a loan from the bank. Provided his/her age is less than 76 years.