Vijaya Bank is a medium sized public sector bank which was established in 1932 by Shri. Attavar Balakrishna Shetty. The bank was established with the idea of promoting entrepreneurship among farmers in the Dakshina Kannada districts of Karnataka. From 1963 to 1968 the bank saw nine other banks merge with it and finally got nationalised in 1980.
The banks workforce of over 13,000 employees is spread across a network of over 1500 branches. Among its vast range of expertise are services like personal banking, hire purchase, loans, credit cards and even fixed deposits.
Vijaya Bank fixed deposits offer competitive rates and varying tenures that lets investors channel their funds profitably. The bank has devised different FD schemes in order to meet the varied needs of its customers. The various schemes have differing eligibility requirements and features depending on the customers they cater to.
Any individual who is a resident of India can open an FD account with Vijaya Bank. Certain institutions are also allowed to invest in FD schemes with Vijaya Bank.
There are a multitude of schemes that are offered by Vijaya Bank which have been designed to suit the needs of their customers and maximise savings. Some of these fixed deposit schemes are:
This is a regular fixed deposit that can be opened for periods ranging from 15 days to 10 years. The scheme is targeted at all individuals including retired people and offers minimum deposit amounts of ₹ 50. This scheme also provides regular income in terms of interest earned which can be withdrawn on a monthly, quarterly, half-yearly and yearly basis.
This is a scheme that has been created to attract institutions, individuals, housewives and farmers, among others. Under this scheme, depositors can avail the benefits of a term deposit with high interest rates. They are also allowed to make partial withdrawals from the fixed deposits as long as the withdrawals are made in multiples of ₹ 1,000.
This is a scheme that has been launched in support of the governments scheme for girls pursuing secondary education. The purpose of the scheme is to promote education for girls and reduce the number of school drop-outs. The scheme is open to girls who are younger than 16 years of age, are unmarried, have completed class VIII and enrol for class IX in a school aided by a local body and belong to the SC/ST category. The duration of this scheme is till the girl attains the age of 18 years.
This is a scheme that has been introduced to promote savings among salaried individuals, local business owners, shopkeepers, housewives and children. Under this scheme a term deposit can be opened from periods of 12 months, 39 months or 63 months. The deposits can be made on a daily basis and can be as little as Re.1 per day. Those who opt for this scheme can even have bank representatives come to their house every day to collect the money.
This is a term deposit that has been created for those who are looking for tax benefits under Section 54 (54B, 54D, 54F, or 54G) of the Income Tax Act. Under this scheme depositors can open term deposit accounts and deposit money in lump sums as long as it is done prior to declaration of returns. The duration of such a deposit can start at 15 days and go up to any number of years. Such an account cannot be opened as a joint account and must be linked to a savings account opened under the same scheme.
As the name suggests, this scheme has been created to provide tax benefits under section 80C. Under this scheme depositors can make deposits of up to ₹ 1.5 lakhs in one financial year. The duration of this deposit is 5 years and no premature withdrawals are permitted. The minimum deposit that can be made is ₹ 100 and any further deposits need to be made in multiples of ₹ 100.
The minimum amount that can be deposited in an FD with Vijaya Bank depends on the scheme the depositor opts for but the minimum is Re.1.
There is no prescribed upper limit to how much can be deposited in an FD with Vijaya Bank. They even provide facilities for deposits that amount to more than ₹ 200 Cr.
The minimum period for which funds can be held in an FD with the bank is 15 days and the maximum is 10 years.
To open a fixed deposit with Vijaya Bank all you have to do is visit the BankBazaar website. There you can select the amount you want to invest, your status as a senior citizen and the interest rate you are looking at. Once all this is entered you will be shown the maturity amount that you can expect.
To apply for the fixed deposit all you have to do is to download the form from our site, fill it up and submit it at the Vijaya Bank branch closest to you along with the appropriate supporting documents.
The interest rates offered by Vijaya Bank depend on the duration of the fixed deposit and can range from 4% per annum to 8.75% per annum. Apart from this they also provide special interest rates for senior citizens which is 0.50% above the prescribed rates.
Yes, the bank does offer tax saver fixed deposits. They are called Vijaya Tax Savings Schemes and can be opened for a period of 5 years. Deposits made under this scheme are eligible for tax benefits under section 80C of the Income Tax Act.
Yes, interest earned on FDs held with the bank may incur tax deductions based on the prevailing IT rules. In case you are exempt from paying taxes, you can provide the appropriate supporting documents.
Fixed deposits held in Vijaya Bank offer many features to the customers like:
Yes, Vijaya Bank does offer loans against term deposits held with the bank. These loans can be provided in the form of overdrafts also.
Yes, the bank offers senior citizens an extra interest rate of 0.50% above the applicable rates.
Yes. The bank does offer credit cards against term deposits but the issuance of the card may depend on the type of term deposit you hold.