10 Best unique fixed deposit schemes in India to invest in 2013
Are you tired of seeing the same regular fixed deposit schemes and recurring deposit schemes. Do you need best fixed deposit plan ? If you are looking for some unique fixed deposit schemes in India to invest in 2013, then why don’t you try these unique schemes.
10 Best unique fixed deposit schemes in India to invest in 2013
I have been researching across 20 various banks and found that below 10 are the best fixed deposit schemes in India which you may be interested in investing.
1) ICICI Bank – Dream retirement plan
- Min amt: Rs 2000 and multiples thereof
- Interest p.a.: 8.50%
- Best suitable for: Fixed payments for some time, but benefit beyond the investment period
- Features: One of the unique fixed deposit schemes in India which has features of retirement planning solutions. It contains investment period + benefit period. Investment should be done based on monthly installments for investment period. Amount would be paid at maturity + annual amounts would be paid during benefit period
- Period: 10 years
2) ICICI Bank – Dream education plan fixed deposit scheme
- Features: This too is one of the unique fixed deposit schemes in India which provides education plan for children. It contains investment period + benefit period. Investment should be done based on monthly installments for investment period. Amount would be paid at maturity + annual amounts would be paid during benefit period
- Best suitable for: Fixed payments for some time, but benefit beyond the investment period
- Interest p.a.: 8.50%
- Min amt: Rs 500 and multiples thereof
- Min period: 1 year
- Total tenure: 10 years
- Additional details: ICICI Bank Youngstars Account mandatory for the plan, as repayment account in benefit phase shall be the Youngstars Account
How does the Dream Education Plan or retirement plan work – Explained with sample
- Monthly instalment: Rs 3,000
- Tenure: 8 years
- Maturity amount at 8 years: rs. 3.98 lakhs
- Interest assumed: 7.75%
- Benefit phase: 2 years
- Amount during benefit period : Rs 54,315 per quarter
3) Indian Bank – Variable deposit scheme
- Features: A recurring deposit where there is no maximum limit on the monthly recurring deposit amount.
- Best suitable for: If your monthly surplus money is fluctuating and you would like to invest any amount in a month and not to worry about current interest rates (as interest rates are fixed at the time of opening of this scheme), this would be a good investment option. Such fixed deposit schemes in India would encourage investors to invest more money as and when they have surplus.
- Interest: 9% p.a.
- Min amt: Rs 1000; Max amt: Rs 10 lakh per month
- Min period: 1 year; Max period: 10 years
- Additional details: No penal interest if you delay any monthly recurring deposits.
4) SBH Double ka Meetha fixed deposit scheme
- Features: This is a special term deposit where fixed deposit would get doubled in 91 months for general public and 87 months for senior citizens. There are very few fixed deposit schemes in India where it offers "double the money" concept by its investment objective itself and one among is SBH double ka meeta.
- Best suitable for: Good option who look to double money with a specific term deposit scheme
- Interest: 9.25% for general and 9.75% for senior citizens
- Min amt: Rs 10,000 and multiples there of
- Period: 91 months for general and 87 months for senior citizens
5) Vijaya Bank – V Vaibhav scheme
- Features: Short term fixed deposit scheme for 1 year offering highest interest rate. This scheme would get closed for fresh deposits by 31-Mar-2013.
- Best suitable for: Looking for short term investment of 1 year. You would not find any fixed deposit scheme in India which gets closed in 1 year without any option to auto-renew.
- Interest: 9.1% p.a.
- Min amt: Rs 1 lakh for residents in metro; Rs 50,000 for residents of urban; Rs 25,000 for semi-urban and Rs 10,000 for rural areas
- Period: 1 Year
6) Indian Bank – IB Swarnanidhi (RD or VRD)
- Features: A recurring deposit with the option to purchase Gold coins of Indian Bank for the maturity value
- Best suitable for: Investors looking to invest in FD or RD, but want to buy gold from bank at maturity.
- Interest : 9% p.a.
- Min amt: Rs 500; Max amt: Rs 10 lakh per month (for VRD)
- Min period: 6 months; Max period: 24 months
- Additional details: Discount on the gold coins to be purchased from the proceeds at Rs 25/- per gram. Maturity value of Rs.12000/- or more additional incentive of free personal accidental insurance of Rs.1 lakh by issuing IB Chatra Policy of the Bank
7) J&K Bank – Recurring plus account
- Features: This is similar to Indian bank VRD of recurring deposit where there is no maximum limit on the monthly recurring deposit amount.
- Best suitable for: If your monthly surplus money is fluctuating and you would like to invest any amount in a month and not to worry about current interest rates (as interest rates are fixed at the time of opening of this scheme), this would be a good investment option
- Interest: 9% p.a.
- Min amt: Rs 1000; Max amt: Rs 10 lakh per month
- Min period: 6 months; Max period: 10 years
- Additional details: No penal interest if you delay any monthly recurring deposits.
8) J&K Bank – Super Earner Deposits Scheme
- Features: Fixed deposit scheme which provide returns based on floating interest rates which is decided by bank on periodic basis. Currently floating rates are there for home loans given by banks, but this unique fixed deposit scheme in India is the other way that bank offer such rates to depositors.
- Best suitable for: This fixed income scheme is suitable when interest rates are rising. When you open the scheme the interest rate might be low, but later it may increase. Currently interest rates are getting hammed. If you invest in such low interest and in future if interest rates increase, this would be a good option.
- Interest : 9% p.a.
- Min amt: Rs 1000; Max amt: Rs 10 lakh per month
- Min period: 6 months; Max period: 10 years
9) Bank of Baroda – Yatha Shakthi Jama Yojana fixed deposit scheme
- Features: This is similar to Indian bank VRD of recurring deposit where there is no maximum limit on the monthly recurring deposit amount.
- Best suitable for: If your monthly surplus money is fluctuating and you would like to invest any amount in a month and not to worry about current interest rates (as interest rates are fixed at the time of opening of this scheme), this would be a good investment option
- Interest : 9% p.a.
- Min amt: Rs 1000; Max amt: Rs 10 lakh per month
- Min period: 1 year; Max period: 10 years
- Additional details: Premature withdrawal attracts 1% penalty charges
10) Indian Bank Recurring Deposit with Life insurance cover
- Features: A recurring deposit with low cost life insurance cover.
- Best suitable for : For investors who want some additional life insurance cover along with investment in FD, this would be a best investment option.
- Interest: 9% p.a.
- Min amt: Rs 100; Max amt: Rs 1 lakh
- Min period: 3 years; Max period: 5 years
- Additional details: Customer need not pay the insurance amount upfront. It would be deducted from the interest. The insurance charged is Rs 3.84 per annum for Rs 1,000 life cover. So if you deposit Rs 1 lakh and insure for this amount, the insurance cover would be Rs 380.40 per annum.
Conclusion: There are several unique fixed deposit schemes in India where an investor can invest and get the benefits. Choose some of these good schemes which fits your investment strategy and increase your returns.
Suresh
Best unique fixed deposit schemes in India to invest in 2013
Founder at Myinvestmentideas.com
Suresh KP is the Founder of Myinvestmentideas. He is NISM Certified - Investment Adviser and NISM Certified - Research Analyst. He has been analyzing financial markets in the last 20 years.He can be reached at suresh@myinvestmentideas.com
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hi sir, I can save 15000rs per month for the next 2 years. Please suggest me a good option which gets me high interest rates as i want 500000rs after 2 years. I could not take risks. Expecting ur reply. 🙂
Hi Sreeramya, Since you do not want to take risk, my suggestion you should invest only thru RD. Since it is only for 2 years, investing in other options would be little risky.
I already had savings account in SBI do I need to open a new RD account or could I manage in the same account
Hi Sreeramya, If you have SB account, you can go online and open RD account. This would be like child account under SB account.
thank you
Hi Suresh,
I have seen many of your replies and it is very goo to see those are helping alot of them.
In the same way i need your help in investing money as my second source of income( irrespective of time).
I can invest max of 5K per month, not sure with what i can start(Mutual funds, SIP, post office…)
Can you please help me in getting a good scheme as soon as possible.
Thanks & Regards,
Nazeer
Hi Nazeer, It depends on your risk appetite 1) If you are low risk investor, invest in bank recurring deposit schemes 2) If you can take some risk, invest in balanced funds like HDFC prudence fund or TATA balanced fund etc.
Hi,
I am a us resident not from indian origin, How can I invest in India, looking for term deposits mainly.
Thanks
Hi Robert, I don’t think term deposits offered by Indian banks can be subscribed by foreign citizens.
Hello Sir,
Hope you are fine!!!! i need your guidance to invest in mutual funds/gold etf/NCD as this is my starting phase.
Please suggest on the basis of the beginner, I have gone thru many sites and noticed that debt/balanced funds are good to invest…
i can invest inr 5000.00 per month/31 years/married and can take midium/high risk.
also advise if there are some short term plans also available to invest..i just opned my trading/demat account in icici direct.
regards
akhil
Akhil, Don’t go for short term plans using demat account or trading account. Invest in HDFC balanced fund or ICICI balancd mutual fund to start with. You can also invest in safe and secured NCD’s which I keep recommending now and then
Thanks for the reply….Kindly advise if i can invest INR 2000.00 each in HDFC and ICICI balance mutual fund.
also advise the best and secured NCD to invest with.
Also suggest good companies to invest in gold ETF and returns expected.
regards
akhil
Akhil. Good, regd your question about NCD, keep reading our articles and invest in top rated NCD’s. Regd ETF you can invest in SBI Gold ETF, but do not expect quick returns as gold has been stabilizing for some time and returns are very low in last 1-2 years.
Sir,
Thanks for the reply…Please find below the funds selected as per the previous returns given and i need your suggestion to select one fund from each category to proceed further as it's my starting phase and kindly add the fund if you like to add from your side.
I have decided for SIP of INR 2000.00 per month for the selected funds.
Mid and small cap funds:-
BNP Paribas Mid Cap Fund-G
HDFC Mid Cap opp fund-G
SBI Magnum Mid Cap fund-G
ICICI Pru Mid Cap fund Reg-G
UTI Mid Cap Fund-G
Balanced Funds:-
Canara Rob Balance Scheme-Reg-G
HDFC Balanced Fund-G
Tata Balance Fund
ICICI Pru Balanced Fund Reg-G
Diversified Funds
ICICI Pru Dynamic Plan Reg-G
UTI Opportunities Fund-G
Large Cap Funds:-
Birla SL Top 100 fund-G
ICICI Pru Focused blue chip fund reg-G
HDFC Top 200 fund-G
And for GOLD ETF i shall proceed with SBI Gold ETF as suggested.
thanks
akhil
Akhil, My preference would be like this 1) Midcap- HDFC mid cap opps fund 2) HDFC balanced fund 3) UTI opps fund 4) ICICI Pruy focussed fund
Hi
I want to invest 20 lakhs.how and where can I get best and assured return.
Please advise.
Regards
Rahul, It depends. In case you are low risk appetite investor, best is to invest in bank FD or post office schemes. If you are medium risk appetite investor, invest in top rated corporate FD schemes. See this link. https://myinvestmentideas.com/2014/04/5-top-rated-company-fixed-deposit-schemes-for-superior-returns/
Since this is lumpsum, I would not advice you to invest in mutual funds.