Vijaya Bank Fixed Deposit Rate

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Vijaya Bank Fixed Deposit Rate

Vijaya Bank Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the simplest ways of earning interest if you have some idle money. Fixed deposits (FD) are a low-risk instrument of saving that yield a higher interest amount than a regular savings account. The money deposited attracts interest according to the maturity period and amount deposited.

Money can be deposited in an FD account for a time period that usually ranges from 7 days to as long as 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8%, sometimes even high as 9% depending on some terms and conditions. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.

Fixed Deposits are considered to be safe investments and free from fluctuations and volatility when compared to other forms of investment instruments like for instance, investing in the stock market. Though the returns are relatively low, you can be guaranteed that you will receive a fixed return when you invest in an FD, unlike many other avenues of investment.

Investing in an FD also encourages saving mainly because the money you deposit cannot be withdrawn prematurely. If you face any crisis, for example a medical emergency, you can choose to break the FD, but you would need to pay a penalty. The penalty is generally nominal, but you will lose on the interest benefits depending on the time left for maturity, and the prevailing policies of the bank.

Opening an FD is ideal for salaried people, retired persons, minors and housewives amongst others as the fixed deposit scheme provides regular income at monthly, quarterly, half-yearly or yearly intervals (in the form of interest).

If you have extra money that you wish to invest, opening a fixed deposit account is the simplest way to go, as it is both quick and easy with minimal documentation.

Apart from banks, NBFCs and corporates too offer fixed deposits.

Vijaya Bank Deposit Rates

As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest, though a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future. Vijaya Bank Interest Rates typically range from 5% - 8% per annum.

Vijaya Bank FD rates

Following is an overview of Vijaya Bank Term Deposit Rates and Vijaya Bank Short-Term Fixed Deposit Interest Rates.

Vijaya Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Vijaya Bank directly.)

Domestic Term Deposit Interest Rates for deposits less than Rs. 50 Crores

Tenure Up to 1 Cr Rs. 1 Cr < Rs. 5 Cr Rs. 5 Cr < Rs. 25 Cr Rs. 25 Cr < Rs. 50 Cr
7 days to 29 days 4.00 4.00 4.00 4.00
30 days to 45 days 4.00 5.00 5.00 5.00
46 days to 60 days 6.00 6.25 6.25 6.25
61 days to 90 days 6.00 6.25 6.25 6.25
91 days to 180 days 6.50 6.50 6.50 6.50
181 days to 269 days 7.00 6.75 6.75 6.75
270 days to less than 1 Year 7.00 6.75 6.75 6.75
1Year 7.50 6.75 6.75 6.75
More than 1 Year to less than 2 Years 7.25 6.75 6.75 6.75
2 Years 7.25 6.75 6.75 6.75
More than 2 Years to less than 3 Years 7.25 6.75 6.75 6.75
3 years to 5 Years 7.25 6.75 6.75 6.75
Above 5 Years 7.00 6.75 6.75 6.75

Domestic Term Deposit Interest Rates for deposits above Rs. 50 Crores

Tenure Rs. 50 Cr< Rs. 75 Cr Rs. 75 Cr< Rs. 100 Cr Rs. 100 Cr < Rs. 200 Cr Rs. 200 Cr& above
7 days to 29 days 4.00 4.00 4.00 4.00
30 days to 45 days 5.00 5.00 5.00 5.00
46 days to 60 days 6.25 6.25 6.25 6.25
61 days to 90 days 6.25 6.25 6.25 6.25
91 days to 180 days 6.50 6.50 6.50 6.50
181 days to 269 days 6.75 6.75 6.75 6.75
270 days to less than 1 Year 6.75 6.75 6.75 6.75
1Year 6.75 6.75 6.75 6.75
More than 1 Year to less than 2 Years 6.75 6.75 6.75 6.75
2 Years 6.75 6.75 6.75 6.75
More than 2 Years to less than 3 Years 6.75 6.75 6.75 6.75
3 years to 5 Years 6.75 6.75 6.75 6.75
Above 5 Years 6.75 6.75 6.75 6.75

Revised Interest rates on NRE Term Deposit:

Maturity Period Retail Deposits below Rs. 1 crore Bulk Deposits Rs. 1 crore & above
1 Year 7.50 6.75
More than 1 year to less than 2 Years 7.25 6.75
2 Years 7.25 6.75
More than 2 Years to less than 3 Years 7.25 6.75
3 Years to 5 Years 7.25 6.75
Above 5 Year 7.00 6.75

Vijaya Bank FD Interest Rates for Senior Citizens

Vijaya Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates applicable on a regular FD, and provide seniors with that extra buffer for their retirement years. As of now, the Vijaya Bank Senior Citizen FD rate of interest is 0.50% higher and is applicable only for deposits below Rs. 1 Crore for a maturity period of 1 year to 5 years.

How to Calculate Vijaya Bank Fixed Deposit Interest

You can calculate the maturity amount and the interest earned online using an online FD calculator. Online FD calculators are generally easy to use and come in handy to determine how much you want to invest. All you need to do is to enter the principal amount, the tenure of the deposit account and the interest rate. The calculator does the rest and presents you with a breakup of the interest payable.

You can use the calculator as many times as you want, using various combinations, to arrive at your final deposit amount and interest earned. It eliminates the hassles and potential errors of manual calculation. There are many online websites that have easy-to-use FD calculators that allow you to instantly calculate the interest earned.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate Vijaya Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Vijaya Bank FD Premature Withdrawal Penalty

While investing in an FD account, take into consideration various potential situations where you might be in urgent need of money. Once you deposit an amount into the FD, you cannot withdraw from it, unlike a savings account.

Withdrawing from an FD is possible, as it is still amongst the more liquid investments, but at a cost. You might also lose out on the interest pay out depending on the maturity period left.

Vijaya Bank typically charges a nominal penalty for premature withdrawal which is communicated to you at the time of application of FD Deposit.

Vijaya Bank FD – FAQS

Who is eligible to deposit under the Fixed Deposit Scheme?

An individual—individually or jointly—or a Hindu Undivided Family (HUF) having a Permanent Account Number (PAN) can make deposit under the fixed deposit scheme. Also eligible to open an FD account are Minors, Associations, Clubs, Societies, Partnership Firms, Trusts, etc.

What is the interest payout in a fixed deposit account?

A fixed deposit can be issued with monthly, quarterly, half-yearly or yearly interest payout, as per your need.

For how long can I keep my deposit?

With a minimum deposit amount of Rs. 50 you can deposit the money for any period of time ranging from 15 days to 10 years.

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