Fixed Deposits in Bengaluru

If you're looking for a secure and reliable investment option in Bengaluru, consider investing in a Fixed Deposit (FD). FDs are a popular choice among investors due to their low-risk nature and guaranteed returns. By investing a lump sum for a fixed period at a predetermined interest rate, you can enjoy the peace of mind that comes with knowing your money is safe and growing steadily.

In Bengaluru, you can find FD options at various banks, non-banking financial companies (NBFCs), and even post offices, with flexible tenures ranging from a few days to several years. This makes FDs a versatile investment tool suitable for a wide range of financial goals and risk appetites.

Benefits of Fixed Deposits in Bengaluru

Choosing a Fixed Deposit in Bengaluru opens the door to smart savings—offering security, steady growth, and other benefits while your money quietly works for your future behind the scenes:

Guaranteed Returns: Know exactly how much you’ll earn at the end of your term.
Your returns are fixed and are not affected by market fluctuations.
Capital Protection: Your principal remains safe throughout the tenure. The interest adds on to the principal amount.
Steady Passive Income: Opt for monthly or quarterly interest payouts for regular income. FDs are a good option for those needing consistent cash flow.
Financial Discipline: Opening an FD helps build a habit of saving and planning for long-term goals. It encourages wealth creation with defined timelines.
Local Banking Support: Access personalised service and quick assistance from banks and NBFCs across Bengaluru.
Customisable Options: You can choose the payout frequency, tenure, and deposit amount as per your needs.

How to apply for a Fixed Deposit in Bengaluru?

The process of opening a Fixed Deposit is incredibly simple, hassle-free, and designed to get your savings growing without delay or stress. Here's how you do it:

Choose an Institution: Select a bank or NBFC that offers FD services in Bengaluru. Airtel Finance has partnered with Bajaj Finserv, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Shriram Finance, Shivalik, North East Small Finance Bank and South Indian Bank for Fixed Deposits.
Gather Documents: You'll need to provide identification documents such as your Aadhaar Card and PAN Card, along with proof of address.
Visit a Branch/Apply Online: Many institutions now offer the convenience of opening an FD account online through their internet banking platforms or mobile apps. This allows for a paperless and instant account opening process. Alternatively, you can visit a nearby branch to open your FD account in person.
Deposit the Amount: Decide on the amount you wish to invest and the desired tenure based on your financial goals and the available options provided by the institution.
Nomination Facility: Don't forget to add a nominee to your FD account to ensure a smooth transfer of funds in case of any unfortunate events.

Features of Fixed Deposits in Bengaluru

FDs come with a plethora of features, including attractive interest rates with low-risk, guaranteed returns. You can choose flexible tenures, ranging from months to years, based on your financial goals. Here are a few more features that make it a great investment:

Attractive Interest Rates: Fixed Deposits offer competitive rates to ensure your money grows steadily and securely over time.
Flexible Tenure Options: You can choose deposit periods ranging from 7 days to 10 years to suit your financial goals.
Safe and Secure Investment: FDs are low-risk investments with assured returns, ideal for conservative savers.
Simple Account Opening: Easy to open through online platforms or by visiting nearby branches.
Loan Against FD: You can borrow up to 90% of your deposit amount without breaking your FD.
Premature Withdrawal Facility: You can withdraw your funds before maturity in case of emergencies (with nominal penalty).
Auto-renewal Option: FDs provide an automatic renewal option on maturity so your savings keep growing uninterrupted.
Senior Citizen Privileges: If you are aged over 60 years, you can enjoy higher interest rates applicable for senior citizens.
Tax-saving FD Options: Choose 5-year tax-saving FDs eligible under Section 80C of the Income Tax Act.

Eligibility Criteria of Fixed Deposit in Bengaluru

Opening a Fixed Deposit in Bengaluru is a straightforward process, with minimal eligibility requirements. There are no specific age restrictions for opening an FD account; however, minors may require a guardian or parent to open the account on their behalf.

Age limit: Anyone above 18 years can open an FD. Minors can open an FD with a guardian.
Nationality: Indian residents and non-resident Indians (NRIs) can invest in FDs.
Income: No minimum income requirement, but banks may assess your financial stability.
Account Type: You must have an active Savings or Current Account with the bank to open an FD.
Deposit Amount: The minimum deposit amount varies by bank, typically starting from ₹1,000.

Why Choose Airtel Finance?

At Airtel Finance, we strive to provide our customers with the best investment options tailored to their financial goals. We prioritise the security of your investments, and our Fixed Deposits are backed by the trust and reliability of our partner banks: Bajaj Finserv, Suryoday Small Finance Bank, Utkarsh Small Finance Bank, Shriram Finance, Shivalik, North East Small Finance Bank and South Indian Bank.

Our user-friendly online platform allows you to open an FD account seamlessly from the comfort of your home. Additionally, our dedicated customer support team is always ready to assist you with any queries or concerns you may have.

By choosing Airtel Finance for your Fixed Deposit needs in Bengaluru, you can enjoy the peace of mind that comes with a secure and profitable investment.

Frequently Asked Questions

The minimum amount required to open a Fixed Deposit varies depending on the bank and the specific scheme. However, most banks in Bengaluru allow you to start a Fixed Deposit with as little as ₹1,000. Some banks may have higher minimum deposit requirements for special schemes or senior citizen Fixed Deposits.

You can easily calculate the interest earned on your Fixed Deposit using an online FD calculator. Simply enter the principal amount, interest rate, and tenure, and the calculator will provide you with the maturity amount and the interest earned.

Alternatively, you can use the following formula:

Maturity Amount = Principal Amount × (1 + Interest Rate/100)^(Tenure in years)

Yes, most banks in Bengaluru allow you to open a joint Fixed Deposit account. You can open a joint account with up to three individuals, such as your spouse, parents, or siblings. The joint account holders can be added as either joint holders or nominees, depending on your preference.

Yes, many banks in Bengaluru offer the facility to open a Fixed Deposit online. You can visit the bank’s website, select the Fixed Deposit scheme of your choice, and follow the online application process. You will need to provide your personal details, PAN information, and complete the KYC requirements. Once your application is approved, you can transfer the funds online to start your Fixed Deposit.

In case of a premature withdrawal, the bank may levy a penalty on the interest earned. The penalty rate varies from bank to bank and may also depend on the tenure of the FD. Some banks may offer a grace period during which you can withdraw your funds without incurring a penalty.

TDS on FD interest attracts a tax deduction of 10%. If your less than 60 years of age and interest income exceeds Rs 40,000, tax will be applicable. For senior citizens, i.e. people above 60 years of age, tax is levied if the interest income exceeds Rs 50,000 in a financial year.