Overview of Deutsche Bank Fixed Deposit

About Deutsche Bank

A German global banking and financial services company, Deutsche Bank AG, has headquarters in Frankfurt, Germany. The first branch of Deutsche Bank in India was established in 1980. With branches in 16 Indian cities, Deutsche Bank boasts of 9,800 employees in India alone. The Indian corporate headquarters of Deutsche Bank is located in Mumbai, Maharashtra. Deutsche Bank enjoys the prevalent position of a fully integrated financial service provider to Indian corporates, institutions and individual clients alike.

Deutsche Bank Fixed Deposits

Deutsche Bank offers you fixed deposits at a high rate of interest while ensuring the complete protection of your funds. Deutsche Bank offers its customers an array of reasons to deposit money into their fixed deposit accounts. Managing your money has never been easier with Deutsche Bank online banking facilities. You can calculate maturity amounts and the interest accrued on your fixed deposits. Deutsche Bank also offers you the opportunity to calculate the tenure most appropriate for your fixed deposit over a host of different tenure options. In fact, with Deutsche Bank, you can also choose from various pay-out options such as monthly and quarterly. Cumulative options are also offered.

Who Is Eligible To Open a Deutsche Bank Fixed Deposit Account?

Any Indian, individual or minor with KYC documents can open a fixed deposit account with Deutsche Bank.

For minors, a parents or guardian has to be a co-signee.

Non-resident Indians are also offered the option of opening a fixed deposit account with Deutsche Bank.

What fixed deposit schemes does Deutsche Bank offer?

Deutsche Bank offers the following fixed deposit schemes-

• Domestic Deposits- Less than ₹ 1 crore
• NRO Fixed Deposits- Less than ₹ 1 crore
• NRE Fixed Deposits- Less than ₹ 1 crore

What Is the Minimum Amount Required to Open a Fixed Deposit Account with Deutsche Bank?

The minimum amount required to open a fixed deposit account with Deutsche Bank is ₹ 20,000.

What Is the Maximum Amount That Can Be Deposited Into a Fixed Deposit Account with Deutsche Bank?

The maximum amount that can be deposited online into a fixed deposit account with Deutsche Bank is ₹ 99.99 lakhs.

For amounts higher than ₹ 99.99 lakhs, deposits have to be made at a branch of Deutsche Bank.

What Is the Minimum Tenure of Fixed Deposit Accounts with Deutsche Bank?

The minimum tenure of a fixed deposit account with Deutsche Bank is 7 days.

What Is the Maximum Tenure of Fixed Deposit Accounts with Deutsche Bank?

The maximum tenure of fixed deposit accounts with Deutsche Bank is 60 months.

What Are the Interest Rates Offered by Deutsche Bank on Fixed Deposits?

The interest rates offered by Deutsche Bank on Fixed Deposits range between 4% to 8.6% for deposits below ₹ 1 crore. Furthermore, you can now avail attractive rates of interest with liquidity on your fixed deposit account with Deutsche Bank. A cumulative yield of 10.61%, calculated on the basis of a simple interest rate of 8.6%, can be earned on a 5 year deposit.

What Is the Procedure to Open a Fixed Deposit With Deutsche Bank?

Deutsche Bank offers two methods of opening a fixed deposit account to their customers,

• Branch walk-in applications
• Online applications

• An individual can walk into any of the Deutsche Bank branches with KYC documents and submit the documents along with the monetary amount of the fixed deposit account.
• The branch of Deutsche Bank will instantly process the application for a fixed deposit account.
• Amounts higher than ₹ 99 lakhs have to mandatorily be deposited at a branch of Deutsche Bank and cannot be done online.

• Fixed deposit account with Deutsche Bank can be opened online via online banking.
• Both resident and non-resident ordinary (NRO) accounts can open a regular fixed deposit account.
• A regular fixed deposit account can also be opened for non-resident external (NRE) accounts.

Following are the easy steps to open an online fixed deposit account with Deutsche Bank-

• Choose to book your fixed deposit online
• Specify amount
• Specify tenure
• Specify interest pay-out frequency
• Enter your transaction password
• Confirm password

The fixed deposit advice will be delivered to the mailing address specified by you.

Does Deutsche Bank Offer Loans Against the Fixed Deposit Account?

Deutsche Bank offers its fixed deposit account holders with the facility of overdraft against fixed deposits. Loans can be borrowed against a fixed deposit account allowing the customer to enjoy liquidity throughout the fixed deposit account tenure.

The overdraft facility offered by Deutsche Bank protects the returns on your fixed deposit account while ensuring you always have funds for your needs.

How Does the Overdraft Facility Against Fixed Deposit Work?

The Deutsche Bank’s overdraft against fixed deposit facility works entirely in the best interest of the fixed deposit account holder.

When you accrue a loan against your Deutsche Bank fixed deposit account-

• The fixed deposit account remains in the name of the account holder
• The fixed deposit account continues to earn interest for the account holder
• The account holder can avail finance against the fixed deposit account
• Finance is also applicable for relatives, any member of family or friends of the fixed deposit account holder.

Key Features of Deutsche Bank Overdraft Facility

The tenure of the loan offered against your fixed deposit account is subject to the tenure of your fixed deposit.

A time frame between 7 days to 365 days is the standard tenure offered for the overdraft facility.

Benefits of Overdraft Facility Against Fixed Deposits

The Deutsche Bank’s overdraft against fixed deposits facility offers its account holders with the following appealing benefits-

• It is an instant and accommodating credit line against your fixed deposit
• Interest rates are only charged on the amount of money that you use
• With the drop in repo rates by R.B.I. you can now delight in even lower rates of interest on your overdraft

Does Deutsche Bank offer NRI fixed deposits?

Deutsche Bank offers NRE and NRO fixed deposit accounts.

• Principal and interest are repatriable.
• Interest earned is tax exempted.
• Deposit is automatically renewed on maturity, unless specified otherwise.

Interest Rates* for NRE deposits less than Rs. 1 crore are listed below

*Rates are subject to change

• There is no interest for deposits withdrawn before 7 days.
• Minimum deposit amount is Rs. 20,000.
• Interest is paid on a monthly, quarterly and cumulative basis.

Interest Rates* for NRO deposits less than Rs. 1 crore are listed below

*Rates are subject to change

Does Deutsche Bank charge a penalty for premature withdrawals?

For premature withdrawals before seven days for NRO deposits, Deutsche Bank charges a penalty of 1%.

For deposits less than and greater than Rs. 1 crore, there are no penalties charged for a tenure of less than 1 year. However, for 1 year and above, a penalty rate of 1% would be charged (the interest rate is the rate applicable for the period for which the deposit is with the bank).