Most Indians prefer security and safety against taking high risks when it comes to their investments. Needless to say, fixed deposits offering guaranteed returns are a preferred investment option for them.
If you wish to invest in FD schemes, you should go through the Bharat Bank fixed deposit rates. You can easily open an FD account at this bank through both online and offline procedures. Some of the schemes Bharat Bank offers are regular fixed deposits, tax-saving fixed deposits, and flexi fixed deposits.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 5 years |
| Interest Rates | 3.50% to 7.80% (including senior citizen rates) |
| Lock-in Period | 5 years for Bharat Deposit Tax Benefit Scheme |
| Senior Citizen | 3.50% to 7.80% |
| General Citizen | 3.50% to 7.30% |
Features & Benefits of Bharat Bank FD Interest Rates
Check out the features and benefits of Bharat Bank FD rates:
- The tenure ranges from 7 days to 5 years.
- It’s very easy to avail of the high-yielding interest rates at Bharat Bank through a net banking/mobile banking facility.
- Depositors can avail of an auto-renewal facility, with or without interest.
- The bank offers the option of earning interest compounded quarterly. There’s also the option of reinvestment with the principal amount.
- You can get a loan of up to 95% of the fixed deposit. You can also get the benefit of accrued interest against the pledge of FD certificates.
- Senior citizens will get the benefit of higher interest rates on FDs.
How to Book Bharat Bank FD?
In this section, we’ll look at how depositors can open FD accounts at Bharat Bank.
1. Online
Follow the steps below to open a fixed deposit scheme at Bharat Bank via online procedures:
- Step 1: Visit the official website of Bharat Bank. Alternatively, you can download the mobile app as well.
- Step 2: Navigate to the ‘Open a Fixed Deposit’ option. Fill out the application form. Before clicking the final submit button, ensure you have entered the correct details.
- Step 3: You will receive an OTP on your registered phone number. Use it to review the details. The deposit amount will be deducted from the linked account, and you can invest it in your desired FD scheme.
2. Offline
Some people might face problems in handling online applications. They should not get stressed because they can open FD accounts offline:
- Step 1: Visit the nearest branch of Bharat Bank.
- Step 2: Collect the FD application form and fill it up with care.
- Step 3: Attach the documents with the form before submitting it.
- Step 4: Bharat Bank will take some time to verify the details submitted before opening an FD account in your name. You’ll also receive an FD account opening acknowledgement slip.
Documents Required to Book Bharat Bank FD
Check the documents required to open an FD account at Bharat Bank:
- Filled in Bharat Bank FD account opening form
- PAN card or Form 60/61
- Identity proof – Aadhaar card, Voter ID and Driver’s Licence
- Address proof – Voter ID Card, PAN Card, Aadhaar Card and Passport
- Age proof – Birth Certificate and School Passing/Graduation Certificate
- 4 passport-size photographs
- Bank account details – account number, IFSC code, and branch name
Eligibility to Open Bharat Bank FD
Check the eligibility criteria for opening fixed deposits at Bharat Bank:
- Applicant type – Individuals, Hindu Undivided Families (HUFs), Registered Cooperative Societies and Registered Public Trusts.
- Age (in case of individual applicants) – Applicants must be at least 18 years of age. Any applicant below the age of 18 years will be considered a minor. Such applicants can only open an FD account under their guardians.
Types of Bharat Bank FD Schemes
Check the different types of FD schemes offered by Bharat Bank:
1. Regular Fixed Deposit
If you don’t wish to take any kind of risk with your investments, you should invest in a regular fixed deposit scheme offered by Bharat Bank. It’s the safest investment option which offers guaranteed returns.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No upper limit
- Tenure: 7 Days to 5 Years
- Interest Rate: 3.50% to 7.80%
- Eligibility: Resident individuals/HUFs/Public Trusts/Minors
2. Bharat Deposit Tax Benefit (Tax Saver FD)
The Bharat Deposit Tax Benefit is ideal if you wish to save taxes. The most important feature of this deposit scheme is that it comes with a lock-in period of 5 years. In other words, you cannot encash your FD before the expiry of 5 years. Moreover, it will not be auto-renewed on maturity.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1.5 lakhs
- Tenure: 5 years
- Interest Rate: 6.75%
- Eligibility: Individuals/HUFs/Trusts/Societies
3. Flexi Fixed Deposits
This special deposit scheme combines the liquidity of savings/current accounts and the benefit of high return of fixed deposits. When the amount in your savings/current account crosses a particular threshold, the excess amount gets automatically transferred to your fixed deposit account. Moreover, the FD account facilitates a reverse movement when the savings/current account is short of money.
- Minimum Deposit: ₹25,000
- Maximum Deposit: ₹5,00,000
- Tenure: 90 Days
- Interest Rate: 3.50% to 4%
- Eligibility: Individuals/HUFs/Registered Societies/Trusts/Minors
4. Cumulative Deposits
You can also consider investing in cumulative deposits, where the interest gets accrued until the end of maturity. The interest generated in a particular year gets reinvested into the preceding amount, increasing the principal amount. As a result, the interest amount increases substantially.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No upper limit
- Tenure: 12 months to 120 months
- Interest Rate: 7.15% to 7.80%
- Eligibility: Individuals/HUFs/Registered Cooperative Societies/Registered Public Trusts/Minors
5. Monthly or Quarterly Deposits
You can also deposit your money in monthly or quarterly deposit schemes of Bharat Bank. As the name suggests, you will receive the interest monthly or quarterly. This scheme also allows you to apply for a loan against 95% of the deposit amount in case of a financial emergency.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 year to 120 months
- Interest Rate: 3.50% to 7.80%
- Eligibility: Individuals / Minors / Regd. Co-op. Societies / Regd. Public Trusts /HUFs
6. NRE Fixed Deposit Scheme
Another addition to the list of schemes offered by Bharat Bank is the NRE fixed deposit scheme. Applicable to only Non-Resident Indians, this special scheme allows them to earn high returns on their foreign income.
- Minimum Deposit: No limit specified
- Maximum Deposit: No upper limit
- Tenure: 12 months to 120 months
- Interest Rate: 7.00% to 7.15%
- Eligibility: Non-resident Indians
Bharat Bank is a reputed and established bank that offers a flexi fixed deposit, cumulative fixed deposit, tax-saving fixed deposit, and many more. Though these schemes are safe and secure, you must not forget to read the terms and conditions before putting your money on the table. Therefore, carefully review the details of Bharat Bank’s fixed deposit rates before you decide to invest in its schemes.
FAQs
Yes, a surviving account holder can make premature withdrawals from a joint FD account in case the primary account holder dies.
The bank transfers the proceedings to the minor’s account. The bank can even issue a pay order in the depositor’s favour.
Yes, the Rs. 5 lakh DICGC insurance cover applies to Bharat Bank’s fixed deposit schemes.
Bharat Bank provides the option of monthly, quarterly, and at-maturity interest pay-out options.
