Vijaya Bank 2024 Interest Rate For FD- In India, opening a fixed deposit account entitles you to earn interest for a predetermined amount of time. Although a few businesses offer this service as well, it is always best to go with the bank. In April 2020, the public sector bank in India known as the Vijaya Bak merged with the Bank of Baroda. Fixed deposits are among the many financial products offered by the bank.
An investor must be aware of the following information regarding the fixed deposit rates offered by Vijaya Bank. Under Section 80 C, a fixed deposit in Vijaya Bank or any other bank in India for up to Rs 1 lakh over a five-year period is eligible for a tax deduction. Investors looking for small investments with tax redemption should consider a fixed deposit in Vijaya Bank or any other bank.
Vijaya Bank 2024 Interest Rate For FD
A safe and convenient way to save money and earn interest is through a recurring deposit (RD). You can make regular deposits of a predetermined amount into an RD, which is similar to a Fixed Deposit (FD) in that it offers a higher interest rate than a savings account for the same principal amount. The bank’s policies and the terms of the contract are the foundation for closing before maturity. The main difference between an FD and an RD is that a recurring deposit lets you invest in the deposit on a regular basis, while a fixed deposit requires a one-time deposit when opening an FD account. Using this plan, you can save consistently and in accordance with your budget and financial objectives by making predetermined monthly payments.
The interest rate for deposits in the Vijaya Bank 2024 is 10.50 percent. This is a fixed interest rate for deposits held with the bank and does not change over time. The annual percentage yield (APY) for deposits in the Vijaya Bank 2024 is 12.50 percent, which is calculated using daily compound interest and is subject to annual adjustments based on the Federal Reserve’s Base Rate. The APY may change from time to-time, so it is important to check the current APY before making any deposit or withdrawal decisions.
Vijaya Bank 2024 Interest Rate For FD Details
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About Vijaya Bank Fixed Deposit
One of the most efficient strategies for maximizing investment returns is the Fixed Deposit. Over the course of the investment, interest is earned on the deposit amount. This means that your hard-earned money benefits you. There is no need to be concerned once you have invested in a fixed deposit because the banks guarantee the returns. The same guarantee applies to Fixed Deposits from Vijaya Bank. The bank offers a maximum interest rate of 7.0%. The minimum deposit required to open a fixed deposit account is 50.
With a fixed deposit, you are guaranteed your money will be there when you need it, even if the bank has financial difficulties. The downside is that you may have to wait longer to access your funds if the bank goes through a period of stress or instability. Another important thing to consider with a fixed deposit is fees. These fees can vary based on the type of deposit and how long you keep it. Some banks may charge a flat fee for all deposits, while others may charge different fees for different types of deposits. If you’re looking for a reliable and convenient way to save, consider signing up for a fixed deposit with Vijaya Bank.
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Key Features of Vijaya Bank RD Account
- enables you to deposit a small amount of money safely on a regular basis rather than one large payment at the RD’s opening.
- Ideal for individuals who have a regular, steady income but may not be able to afford the minimum required to open an FD.
- Flexible tenure—depending on your financial objective, you can select tenures ranging from a few months to several years. Attractive interest rates: offers a lower ongoing investment but a higher interest rate than a savings bank account—similar to an FD).
- is a secure and low-risk investment strategy.
- options for quick liquidity and quick access to your funds; There are no monetary penalties.
Types of Recurring Deposits Offered by Vijaya Bank
There are many types of recurring deposits offered by Vijaya Bank. These include fixed deposit, recurring deposit, and time deposit. Fixed deposit and recurring deposit are similar in that they offer a fixed amount of money for a set period of time. The main difference is that with a fixed deposit, the funds are locked in until the maturity date, whereas with a recurring deposit, funds are released at regular intervals. With a time deposit, you can make a financial commitment to invest in the bank’s future income potential. These deposits typically have longer maturities than other types of deposits and can be withdrawn at any point in the future. In short, there are many options to choose from when it comes to recurring deposits offered by Vijaya Bank.
Regular Recurring Deposit
- Time span of RD: 6 months to 120 months in 3 months after completion.
- for deposits of one to five years, senior citizens receive a preferential interest rate.
- Pay by standing instruction for free transfer of monthly instalments from savings bank account to RD account TDS on interest is applicable Nomination facility is available Premature
- Closure of RD Allowed Penalty will be applicable in accordance with the rules and regulations for delayed remittances of instalments
- Once made, the deposit should remain in effect until the maturity date.
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V Genuth Unnathi Recurring Deposit:
- This product is intended to assist parents in creating a corpus to meet their children’s future educational requirements.
- Range of tenure: Minors, including those under the age of 18, are eligible to apply, and the deposit period ranges from 36 months to 120 months. Monthly installments must be made in multiples of Rs.50.
- If the minor is under the age of 10, the account must be opened in their own names. If the minor is under the age of 10, the account must be opened as a “minor by guardian” account.
- The minimum monthly deposit is Rs. 100 and can be increased by multiples of Rs. 50.
- There will be a penalty as per the current rules for late remittances of installments.
- Premature closure is allowed. Children who maintain the RD Account for a minimum of five years are eligible for The interest concession for girls is one percent.
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Domestic Term Deposits less than Rs.2 Cr
| Tenure | Rate of Interest (p.a.) for General Public | Rate of Interest (p.a.) for Senior Citizens |
| 7 days – 14 days | 3.00% | 3.50% |
| 15 days – 45 days | 3.00% | 3.50% |
| 46 days – 90 days | 4.50% | 5.00% |
| 91 days – 180 days | 4.50% | 5.00% |
| 181 days – 210 days | 5.25% | 5.75% |
| 211 days – 270 days | 5.75% | 6.25% |
| 271 days – Less than 1 year | 5.75% | 6.25% |
| 1 year | 6.75% | 7.25% |
| Above 1 year – 400 days | 6.75% | 7.25% |
| Above 400 days – Up to 2 years | 6.75% | 7.25% |
| Above 2 years – Up to 3 years | 6.75% | 7.25% |
| Above 3 years – Up to 5 years | 6.25% | 6.90% |
| Above 5 years – Up to 10 years | 6.25% | 7.25% |
| Above 10 years (MACT/MACADCourt Order schemes only) | 6.25% | 6.75% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.05% | 7.55% |
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Vijaya Bank NRI Fixed Deposit Rates
| Tenure | Rate of Interest (p.a.) |
| 1 year | 6.75% |
| Above 1 year – 400 days | 6.75% |
| Above 400 days – Up to 2 years | 6.75% |
| Above 2 years – Up to 3 years | 6.75% |
| Above 3 years – Up to 5 years | 6.25% |
| Above 5 years – Up to 10 years | 6.25% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.05% |
Also Read- State Bank Of India 2024 Interest Rate For FD
Vijaya Bank Fixed Deposit Calculator
In the Fixed Deposit Calculator, enter the amount, term, and interest rate of your fixed deposit to determine its maturity value. The amount of interest earned on the deposit will be calculated by the calculator. At the end of the deposit period, it will inform you of the precise maturity amount.
Vijaya Bank Fixed Deposit Application Form
To take advantage of the advantages of fixed deposits at Vijaya Bank, an application form must be filled out with the following information.
- Personal Details along with a recent photograph
- Name of the scheme
- Tenure of the scheme
- Amount of investment
- Nomination details
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