National Housing Bank (NHB) Fixed Deposit Rates
National Housing Bank (NHB), a wholly owned Reserve Bank of India (RBI) entity, offers many Fixed Deposit (FD) schemes at competitive rates of interest.
Their term deposit schemes include NHB Sunidhi scheme, NHB Suvriddhi Tax-Saving Scheme and other Special Term Deposit Schemes.
Given below is a table of interest rates offered for the NHB Sunidhi FD Scheme:
Tenure | Regular Interest Rates (per annum) | Senior Citizen Interest Rates (per annum) |
1 year | 6.75% | 7.35% |
2 years | 6.75% | 7.35% |
3 years | 7.00% | 7.60% |
5 years | 7.00% | 7.60% |
*Interest rates may be revised from time to time
NHB Sunidhi FD Rates
- The interest rate offered for this type of term deposit scheme ranges from 6.75% p.a. to 7.00% p.a.
- The tenure range offered starts from a minimum of 1 year to a maximum of 5 years
- For all 1 year and 2-year FDs the interest rate offered is 6.75% p.a.
- Other deposits that come with a tenure of 3 years and 5 years will fetch an interest rate of 7.00% p.a.
- For senior citizens, the rate of interest offered ranges from 7.35% p.a. to 7.60% p.a.
Given below is a table of interest rates offered for the NHB Suvriddhi Tax Saving FD Scheme:
Tenure | Regular Interest Rates (per annum) | Senior Citizen Interest Rates (per annum) |
5 years | 7.00% | 7.60% |
*Interest rates may be revised from time to time
NHB Suvriddhi Tax Saving FD Rates:
- This type of tax saving term deposit scheme has a mandatory lock-in period of 5 years
- Investors will be paid interest at the rate of 7.00% p.a. and senior citizens can expect a rate of return of 7.60% p.a.
- The tax exemption that will be gained from this scheme will be Rs.1.5 lakh under Section 80C of the Income Tax Act
FAQs on National Housing Bank (NHB) Fixed Deposit Rates
- What are the different types of NHB deposit schemes?
There are three types of NHB deposit schemes available for investors. In NHB Sunidhi Term Deposit Scheme, the minimum deposit amount is Rs.50,000 with a maturity period ranging between 12 months and 60 months. NHB Suvriddhi Term Deposit Scheme is tax saver deposit scheme for individuals and Hindu Undivided Families (HUFs). The minimum deposit amount to open a FD account here is Rs.10,000 with maturity period from 12 months to 60 months. On other hand, under special term deposit scheme for HFCs, the minimum deposit amount is Rs.25 lakhs with a maturity period ranging from 18 months to 60 months.
- Is NHB controlled by the Reserve Bank of India (RBI)?
NHB is a wholly owned subsidiary of RBI which contributed the entire paid up capital.
- What is the renewal or repayment of NHB FDs?
The duly discharged deposit receipt must be turned in to NHB at least one week before to the deposit's maturity date in order to renew or return the deposit. When applying for a renewal, the required application form must also be filed at the same time and be signed by each depositor. If the maturity date falls on a day that the NHB office is closed, the repayment will be made the next business day. Depending on the depositor's wish, the money will either be credited immediately to their bank account by NEFT or returned by "Account Payee" checks written out in their favour.
- What are fixed deposit rates of NHB?
The fixed deposit rates of NHB range from 6.75% p.a. to 7.00% p.a. with a minimum tenure of one year and maximum tenure five years.
- What is the interest rate of tax savings FD rates?
The interest rate of tax savings FD rates ranging from 7.00% p.a. to 7.60% p.a.
- What is the lock in period of NHB Suvriddhi tax savings FD?
The lock in period of NHB Suvriddhi tax savings FD is five years.
- Can I open an NHB fixed deposit account offline?
Yes, you can open an NHB fixed deposit account offline.
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