Fixed Deposit: Minimum Deposit by 25 Indian Banks

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FD or term deposit is preferred mostly by investors who do not want to take risk with their hard earned money. The main reason is that fixed deposit offers guaranteed returns which are higher than the interest received on savings account. That is FD safeguards investor’s money. Moreover the tenure for FD is very flexible ranging from minimum 7 days to maximum of 10 years for most of the banks in India. Although the interest offered is low compared to other types of zero risk investments.

There are multiple prerequisites for opening a fixed deposit account such as:

  • Depositor needs to have an account with the same bank in which he/she wants to open the account.
  • Applicant should be minimum 18 years old.
  • Another important criteria is the minimum deposit amount required to open the account.

Check out FD maturity value for 5 years and 6 months.

Here’s the table showing minimum amount required for fixed deposit account by 25 banks in India along with the interest rate offered:

Name of BankMinimum Amount (Rs.)Interest RateMinimum TenureMaximum Tenure
State Bank of India10003.75%-4.25%7 Days10 Years
IDBI Bank100004.25%-6.9%15 Days20 Years
ICICI Bank100004%-7.5%7 Days10 Years
HDFC Bank50003.5% to 6%7 Days10 Years
Axis Bank100003.5% to 6.75%7 Days10 Years
Andhra Bank1000004%-7.5%7 Days10 Years
Union Bank of India10005%-6.8%7 Days10 Years
Bank of India100004%-6.7%7 Days10 Years
HSBC Bank India100003.15%-5%7 Days6 Years
Kotak Bank100003.5% to 6%7 Days10 Years
Punjab and Sind Bank10004%-7%7 Days10 Years
Deutsche Bank200008% for 5 Years7 Days5 Years
Canara Bank10004.20%-6.9%7 Days10 Years
Syndicate Bank10004.75%-6.7%15 Days10 Years
Indian Bank1004%-6%7 Days10 Years
Citi Bank India10003%-5.75%7 Days10 Years
Indian Overseas Bank10004%-6%6 Months10 Years
Royal Bank of ScotlandNA3%-4.25%15 Days5 Years
YES Bank100005.75%-7.10%7 Days10 Years
IDFC Bank100004%-7.20%7 Days10 Years
Federal Bank10003.5% to 6.5%7 Days10 Years
DBS Bank India100004%-6.7%7 Days5 Years & above
Bank of Baroda10004.5%-6.5%7 Days10 Years
RBL Bank100005%-8.15%7 Days10 Years
Punjab National Bank10004.25%-6.7%7 Days10 Years

FD is best recommended for investors who want protection plus returns from their investments. It is avoided by high risk takers mainly due to low returns and money being locked; which is not the case with high risk-high return investments such as equities and mutual funds.

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