Fixed deposit is an investment strategy where there is no cap on the money invested for a fixed period of time and cannot withdraw the funds until the end of the tenure. An individual can claim tax deduction up to a maximum of Rs 1.5 lakh under the section 80C of the Income Tax Act.
Banks or financial institutions provide interests on the funds deposited which is taxable.
According to Bankbazaar.com, here are the top 10 fixed deposit schemes of 2019:
Fincare Small Finance Bank pays the highest interest rates at 9 percent per annum for a regular three-year term deposit while it offers 9.5 percent per annum for senior citizens.
The interest rate ranges from as low as 6 percent per annum to 9 percent per annum, among the 10 fixed deposit schemes for the regular term deposit.
For those above 60 years, the interest paid ranges from 6.50 percent per annum to 9.50 percent per annum.
