Fixed Deposit Mumbai
Last Updated : Aug. 24, 2017, 12:01 p.m.
About Mumbai
Mumbai is popularly known as financial, commercial and entertainment capital of India. It is the capital of Indian state of Maharashtra. The city lies on the west coast of India and has a deep natural harbour. Mumbai is the headquarter of many financial institutions such as Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, the Mint and an industrial hub of leading companies like Tata Group, Essel Group, and Reliance Industries. Mumbai is one of the top 10 centers of Commerce in terms of global financial flow with GDP being $278 billion (as of 2015).The city is known to be the third most expensive office market in the world and was ranked among the fastest city for the business startups in India in the year 2009.
About Fixed Deposit
Fixed deposit is a type of term deposit offered by banks where the amount invested gets blocked for a fixed time period in order to yield returns. The returns are solely based on the time intervals chosen by the customer. The returns on fixed deposit are guaranteed to every customer since it has no relation with the stock market. The customers as per their own preferences can choose FD on the lower amount as well so accordingly it can go for lesser interest rate and tenure. The time period of FD ranges from 7, 15 or 45 days to 1.5 years and the longest tenure being 10 years. The liquidity on FD in terms of returns will vary accordingly.
Fixed Deposit Mumbai in a nutshell
| Particulars | Details |
|---|---|
| Interest Rate | 3.00% - 9.25% |
| Minimum Investment Amount | ₹ 1,000 |
| Tenure | 7 days – 10 years |
Fixed Deposit Eligibility Criteria
Individuals
Hindu Undivided Families (HUFs)
Minor represented by parents/guardian
Guardian on behalf of societies, clubs, trusts and associations
Associations
Clubs
Trusts
Sole proprietorship firms
Partnership firms
- Limited Companies
Documents Required For The Fixed Deposit
| Category | Documents |
|---|---|
| An Individual, Hindu Undivided Family, Sole Proprietorship Concern | ID Proof – Passport, PAN Card, Driving Licence, Voter ID, Government ID Card, Senior Citizen ID Card Address Proof - Telephone Bill, Electricity Bill, ID Card Issued by Post Office, Bank Statement with Cheque, A photograph |
| Trusts | Copy of the Trust Deed Copy of the registration certificate Copy of the Resolution of the Trustees authorizing the members concerned to open and operate the account Photographs of the members operating the account |
| Associations/Clubs | By-laws of the Association Copy of the Resolution by the board authorizing the members concerned to open and operate the account Photographs of the members operating the account |
| Partnership Firm | Partnership Deed Letter from partners approving the persons concerned to open and operate the account Photographs of the persons operating the account |
| Public or Private Limited Companies | Board Resolution / Authority Letter Memorandum & Articles of Association Certificate of Incorporation Certificate of Commencement of Business (Public Limited Company) Form 32 in case list of directors are not original subscribers to Memorandum & Articles of Association (in case of Private Limited Cos) Duly acknowledged by ROC Governing Act / Rules and Regulations(PSUs) (certified true copy) |
Top Banks Fixed Deposit Interest Rate and Address
| Bank Name | Main Branch Address | Interest Rate |
|---|---|---|
| SBI | 16th Floor Madam Cama Road, Mumbai 400 021 | 2.90% - 6.20% |
| Bank of Baroda | Shop No. 1 to 4, Ground Floor, Yash Residency, Plot No 6, Sector 6, Navi Mumbai, Maharashtra - 400708 | 2.90% - 6.30% |
| Bandhan Bank | Plot No - 18, Sharadchandrika, Akka Colony, Yawal Road, Chopda, Maharashtra, Pin - 425107 | 3.00% - 5.75% |
| Canara Bank | Krishna Panth Niwas, 204 Raja Ram Mohan Roy Road, Girguam, Mumbai-400004 | 2.90% - 5.75% |
| HDFC Bank | HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg Lower Parel (W), Mumbai - 400 013. | 2.50% - 6.25% |
| Allahabad Bank | Manish Commercial Centre, 216A, Annie Besant Road, Worli Mumbai - 400025 | 2.90% - 5.65% |
| Andhra Bank | AML Center 2, Maha Kali Caves Road, Andheri East, Mumbai, Maharashtra 400093 | 3.00% - 5.40% |
| Axis Bank | Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025. | 2.50% - 6.50% |
| ICICI Bank | ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051. Tel : +91-22-33667777 | 2.50% - 6.30% |
| PNB | Maker Tower F-Wing, 7th Floor, Cuffe Parade World Trade Centre Mumbai | 2.90% - 5.75% |
