In India, the minimum amount required to open a Fixed Deposit (FD) varies depending on the bank or financial institution. Since you have asked what is the minimum amount for fixed deposit, let me give you a detailed explanation of the general requirements and considerations here.
What is Minimum Amount for FD?
Each bank or financial institution sets its own minimum deposit amount for opening an FD. Generally, the minimum amount ranges from Rs. 1,000 to Rs. 10,000. Some banks may require a higher minimum deposit for special types of FDs, such as senior citizen FDs or fixed deposits with higher interest rates.
Public Sector Banks: For example, State Bank of India (SBI) typically requires a minimum of Rs. 1,000 to open a fixed deposit, but this amount might be higher for certain types of deposits or special schemes.
Private Sector Banks: Private sector banks like HDFC Bank or ICICI Bank often have a minimum FD amount ranging from Rs. 10,000 to Rs. 25,000.
Regular Fixed Deposits: The minimum deposit amount for regular FDs is usually lower and accessible to a broad range of customers.
Special Fixed Deposits: Banks may offer special fixed deposit schemes with higher interest rates or additional benefits, which might require a higher minimum deposit amount.
Consider the interest rates offered by different banks. Higher deposits might qualify for preferential interest rates, though this varies by bank.
The minimum amount for opening a Fixed Deposit in India varies by bank and the type of FD. Ensure to check with your bank for the exact minimum deposit amount and any special conditions or benefits associated with different FD schemes. This is all about what is the minimum amount to deposit in FD.
Enjoy a Quick Disbursal of Personal Loan up to Rs 10 Lakhs via NB InstacashRead more
What is Better than Fixed Deposit?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
My dad advised me to open a fixed deposit after getting a job to ensure financial security and earn stable returns. However, I was not sure about what is the minimum amount for fixed deposit. As I was not in a position to invest a huge sum from my first salary.
What is Minimum Amount for FD?
The minimum amount for a fixed deposit depends on the bank. While researching, I found that this amount varies across different banks. I can share the specific minimum amounts here,
|
Bank Name |
Minimum FD amount |
Axis Bank |
Rs. 5000 |
SBI |
Rs. 1,000 |
ICICI |
Rs. 10,000 |
Kotak Mahindra |
Rs. 5000, however, if it's your first Fixed Deposit, the minimum amount is Rs. 10,000 |
I finally, invested in SBI, as I just had to invest a minimal amount of Rs. 1000.
I hope this helps you with what is the minimum FD amount!
Get a Home Loan at Lowest Interest Rates, Fastest Disbursal, & Max Funding Via NoBrokerRead More:
How Much Interest on Fixed Deposit is Taxable?
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
What is the Minimum Amount for Fixed Deposit?
Simon
111 Views
2 Answers
6 months
2024-06-02T16:17:00+00:00 2024-06-26T16:31:08+00:00Comment
Share