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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