FAQs
Can I withdraw money from FD before maturity date?
Yes, you can withdraw FD amount before maturity. However, you will have to pay the premature withdrawal penalty to the bank.
What are the minimum and maximum deposit amounts for FDs?
The minimum and maximum investment that can be made in a fixed deposit varies as per different lenders. Usually, you can open an FD account by depositing a sum as low Rs. 5000. However, any investment beyond Rs. 1 crore or more has to be informed in advance.
How does the rate of interest of an FD vary with its tenure?
The rate of interest of an FD is directly proportional to the tenure of an FD. This means that the longer the tenure of your FD, the higher would be the rate of interest.