Top FD Rates for Ten Year Tenure
Fixed Deposit (FD) is one of the most popular and safe investment options in the country. The maximum tenure for fixed deposit offered by most of the banks is 10 years. Read on to know more about the rate of interest offered by the major banks on 10-year fixed deposit schemes.
Name of Bank
| Amount below Rs.2 crore | Amount above Rs.2 crore | ||
Regular (%p.a.) | Senior Citizen (%p.a.) | Regular (%p.a.) | Senior Citizen (%p.a.) | |
SBI | 6.50% | 7.50% | 6.00% | 6.50% |
HDFC Bank | 7.00% | 7.75% | 7.00% | 7.75% |
PNB | 6.50% | 7.30% | 5.60% | 5.65% |
Axis Bank | 7.00% | 7.75% | 7.00% | 5.75% |
Bandhan Bank | 5.85% | 6.60% | 5.00% | 5.00% |
Indian Bank | 6.10% | 6.10% | 6.00% | 6.00% |
ICICI Bank | 6.90% | 7.50% | 6.75% | 6.75% |
Canara Bank | 6.87% | 7.40% | 3.44% | - |
IDBI | 6.25% | 6.75% | 6.41% | - |
Bank of India | 6.00% | 6.75% | 4.50% | 4.50% |
IndusInd Bank | 7.00% | 7.50% | 7.00 | 7.50% |
Ten Years Fixed Deposit Rates for Non-Banking Financial Company (NBFC):
Check the below mentioned interest rates for Non-Banking Financial Company:
Name of Bank | For regular customers (%p.a.) | For senior citizens (%p.a.) |
PNB Housing Finance | 7.50% | 7.75% |
HDFC Limited | 7.40% | 7.65% |
ICICI Home Finance | 7.50% | 7.75% |
Benefits of Investing in a Long-Term Fixed Deposit:
The benefits of investing in a 10-years tenure fixed deposit are as follows:
- This long term fixed deposit will serve as a security investment in future
- Some banks or Non-Banking Financial Companies (NBFCs) may offer a higher rate of interest on long-term deposits
- A good way to save money instead of parking funds in a savings account
- Overdraft facilities available
- Ideal for senior citizens as the rate of interest paid is much higher for this age group
FAQs on Ten Year FD Rates
- Can I avail myself of a nomination facility for 10 years FD scheme?
Yes, you can avail yourself of a nomination facility as most of the banks offer a nomination facility.
- Can I avail myself of a loan against a 10-year FD scheme?
Yes, you can avail yourself of a loan against FD as most of the banks offer a nomination facility.
- Is it allowed to close an FD before maturity?
Foreclosure of a fixed deposit depends on the bank you are investing in.
- Is a 10-year tenure fixed deposit taxable?
If you have not invested in a tax saving fixed deposit, then it will be taxable.
- Are all 10-year tenure fixed deposit schemes tax-saving?
No, not all 10-year tenure fixed deposit schemes tax-saving.
- How much is the minimum tenure for which I can invest in a fixed deposit?
Most of the banks allow minimum tenure for investing in a fixed deposit as seven days.
- Is it possible to generate a regular income by investing in a fixed deposit?
Yes, you can generate a regular income by investing in a fixed deposit by earning the interest on the amount invested.
- Can I apply for a fixed deposit online?
Yes, you can apply for a fixed deposit online as most of the banks provide this facility.
- How much is the minimum amount required to open a fixed deposit?
The majority of banks have kept Rs.1000 as the minimum amount required to open a fixed deposit.
- What do you mean by lock-in period in fixed deposit?
The lock-in period is same as maturity period in fixed deposit.
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