Vijaya Bank FD Interest Rates

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      Vijaya Bank FD Interest Rates

      When you open an FD account in the country, you shelter a specific amount of money for a number of years to obtain the interest. A number of associations provide this amenity but it is sensible to choose a bank. The Vijaya Bank FD interest rates or the interest rates in other financial institutions are fixed. Given below are a few of the features you can obtain from Vijaya Bank FD and the current rates.

      Vijaya Bank Fixed Deposit Features

      Vijaya Bank FD is the most suitable investment prospect for depositors studying to invest in a fixed revenue tool and earn higher returns than a savings account. Some key features of Vijaya Bank Fixed Deposit are:

      • Deposit Amount: Vijaya Bank FD can be initiated with a small sum of ₹ 10,000 to up to No Limit.
      • Interest Rate Range: 2.80% – 5.25% p.a.
      • Senior Citizens FD Rate: 3.30% to 5.75% p.a.
      • FD Tenure: 7 days to 10 years.
      • Highest Interest Rate: Vijaya Bank’s highest interest rate on FD is 5.20%, provided for 120 months or 10 years.
      • Loan against FD: Vijaya Bank provides loans against FD to help its depositor meet their liquidity requirements without breaking the FD.
      • Auto-Renewal Facility: Available
      • Nomination Facility: Available
      • Popular FD Schemes: Regular FD, Suvidha Fixed Deposit Scheme, Regular Income Plan, Monthly Income Plan, Money Multiplier Deposit. 

       Vijaya Bank FD Interest Rates

      Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
      7 days to 14 days 2.90% 3.40%
      15 days to 45 days 2.90% 3.40%
      46 days to 90 days 3.90% 4.40%
      91 days to 180 days 3.90% 4.40%
      181 days to 270 days 4.40% 4.90%
      271 days to 364 days 4.40% 4.90%
      400 days to 2 years 5.10% 5.60%
      1 year 4.90% 5.40%
      1 year 1 day to 400 days 5.10% 5.60%
      2 years 1 day to 3 years 5.10% 5.60%
      3 years 1 day to 5 years 5.30% 5.80%
      5 years 1 day to 10 years 5.30% 5.80%

      Types of Vijaya Bank FD Schemes

      Short Deposit

      • Vijaya Bank Fixed Deposit Plan to receive a greater return on your savings for a duration of at most 1 year.
      • Loan facility of up to 95% possible against the deposit.
      • Nomination facility: Available
      • The deposit is acquired as a surety by the Government.
      • Also, the deposit is received as a margin for non-fund-based tools.
      • The interest rate on the borrowed sum is 1.5% over the deposit.

      Regular Income Plan

      • Most considerate option for those who frequently need money to improve their revenue every month. Interest received on the deposit acts as an alternative source of earning.
      • A loan facility of up to 95% is available on the deposit.
      • A nomination facility: Available.
      • Interest on the deposit is credited quarterly.
      • Tax/TDS on Interest earned: Applicable.
      • Senior citizens get an extra 0.50% over normal rates.

      Tax Saving Term Deposit

      • As the name suggests, this plan has been devised, keeping tax-saving in mind. This plan helps the individuals and HUFs preserve money on tax and get the best gains on their FD.
      • Interest is compounded every quarter.
      • Nomination facility: Available
      • Tax/TDS on Interest earned: Applicable

      Documents required to open Fixed Deposit Account in Vijaya Bank

      • Proof of identity and residence such as Aadhar card, PAN card, or driving license.
      • Passport size photographs

      Vijaya Bank FD Rates – Premature Withdrawal

      The premature termination of the Term Deposit with the Vijaya Bank is accompanied by a lower interest rate of 1% than the negotiated rate. Corrective procurements for premature termination of a Vijaya Bank FD are subject to change and may vary with deposit plans.

      Loan against Fixed Deposit Vijaya Bank

      Vijaya Bank FD Interest Rates

      Vijaya Bank offers loans of up to 90% of its own deposit. You should be aware that the Vijaya Bank will not lend you money against any other bank’s FD. Vijaya Bank proposes a loan against a fixed deposit (FD) at a rate ranging from 3.5 percent to 6.5 percent.

      Case Study: Mr. Ramesh has started an FD of ₹ 1,00,000 for 2 years in Vijaya Bank. He later opted to take a loan against his FD. The bank has allowed a balance limit of 90% against his FD at an interest rate of 10%. If the borrower draws ₹ 90,000 on the 1st day of the month and then returns the money on the 1st of next month, he is deemed to pay the interest on ₹ 90,000 withdrawn for that month only. The sum he returns after 1 month is ₹ 90,744. So, the interest imposed on the loan exercised is ₹ 744.

      How to Calculate Vijaya Bank FD Rates?

      Several factors influence the amount of interest you earn on your deposit, including the amount spent, tenure, interest rate, compounding frequency, and taxes. One of the simplest ways to calculate the interest earned on your FD is to use the Vijaya Bank FD calculator, which is available on the internet. It is the most basic method for calculating interest. All you need are your Vijaya Bank FD account’s specifics, such as the investment number, interest rate, and tenure.

      Opening Process for Vijaya Bank FD Account

      To start an FD account in Vijaya Bank, you can:

      • Visit the official website.
      • Login to your current account or register for a new one. 
      • Choose the FD icon from the menu, select the FD Type you want to start, and proceed further.
      • You have to enter the deposit amount and select the ‘Senior Citizen’ option if you are over 60. 
      • You have to select the tenure and interest payout recurrence. 
      • Click on Submit to open the Vijaya Bank FD after agreeing to the terms and conditions.

      Nomination Facility on Vijaya Bank FD

      The Vijaya Bank offers a nomination facility on FDs, which allows you to demand the money if the depositor passes away. A nominee may be designated by an individual, a single account holder, or a joint account holder. Only one person can be chosen as a candidate. When opening a Vijaya Bank FD account, you may specify a nominee. At the time of application, the nominee must show evidence of identification.

      Tax Benefits of Vijaya Bank FD

      Vijaya Bank offers a Tax Saver FD plan that allows depositors to earn attractive interest rates while also benefiting from Section 80C of the Income Tax Act of 1961. You can choose to reinvest the interest earned or receive a quarterly or monthly payout after making an initial investment of Rs. 100 up to Rs. 1.5 lakh. The account comes with a 5-year minimum lock-in period.

      For more details visit Dialabank official site.

      FAQs on Vijaya Bank FD Interest Rates

      What is the minimum deposit amount to open an FD account with Vijaya Bank?

      The minimum amount to open an FD account with Vijaya Bank is Rs. 10,000.

      ✅ What is the highest interest rate offered by Vijaya Bank?

      One can earn a maximum of 5.30% interest on the Vijaya Bank FD account.

      ✅ What are the documents needed to open an FD account in the Vijaya Bank?

      One can open an FD account in Vijaya Bank with valid identity proof and address proof, such as PAN Card, driving license, voter ID card, passport.

      ✅ What is the interest rate the Vijaya Bank is giving currently?

      The current interest rate offered by Vijaya Bank ranges between 4.50%-6.25%. For senior citizens, the Private FD interest rates range between 5.00%-6.75%.

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