Nainital Bank offers various term deposit schemes that come with a variety of tenures ranging from 7 days to 10 years and also have the facility of premature withdrawal. Senior citizens can avail 0.50% extra on the applicable Nainital Bank FD interest rates for deposits below ₹1 crore. Whereas super senior citizens can get an additional 0.6% interest on FD investments below ₹2 crores.
Furthermore, staff members of this bank can get 1% extra on the applicable interest rates. However, this benefit is only available for term deposits under ₹2 crore.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||3.25%||3.75%|
|15 days to 30 days||3.25%||3.75%|
|31 days to 45 days||3.25%||3.75%|
|46 days to 90 days||4.25%||4.75%|
|91 days to 179 days||4.25%||4.75%|
|180 days and above but less than 270 days||4.95%||5.45%|
|270 days and above but less than 1 year||5.75%||6.25%|
|1 year and above but less than or equal to 18 months||6.7%||7.2%|
|Above 18 months but less than or equal to 2 years||6.25%||6.75%|
|Above 2 years but less than or equal to 3 years||6.25%||6.75%|
|Note: All interest rates are updated as of 1st Aug 2023|
Established in 1992, Nainital Bank is a wholly-owned subsidiary of the Bank of Baroda. It is a scheduled commercial bank with branches in Uttarakhand, Delhi, Rajasthan, Haryana and Uttar Pradesh. The mission of this bank is to emerge as a customer-centric National Bank & become the most preferred bank for its product, services, technology, efficiency & financials.
Nainital Bank Regular Fixed Deposit Account
This is the standard term deposit offered by Nainital Bank. You can avail interest income for this scheme quarterly.
Naini Short-Term Deposit Plan
The Naini Short-Term Deposit Plan is an excellent choice if you want to keep your money invested for small durations.
Naini Reinvestment Deposit Plan
Naini Gold Sweep In
Nainital Bank offers Naini Gold Sweep-In schemes for 90 days and 30 days for savings and current accounts, respectively. You can open it through your savings or current account.
Naini Tax Saver Scheme
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
Here are the eligibility criteria for opening an FD account with Nainital Bank:
Nainital Bank has minimal documentation requirements for its term deposit schemes. They are as follows:
You can easily open an FD with Nainital Bank via the Naini Net Banking portal:
Step 1: Visit the Naini Net Banking portal and enter your login credentials.
Step 2: Go to ‘Fixed Deposits’, check out the Nainital Bank FD rates and select a scheme.
Step 3: When the FD account opening form loads, fill in all the necessary details.
Step 4: Take note of the terms and conditions and enter the amount you wish to deposit.
You will receive a notification on your registered email and phone number. Upon successful approval, your account will be ready.
If you prematurely withdraw from your Nainital Bank FD, a 1% penal rate is applicable on the interest. Furthermore, premature withdrawal facilities without any penalty is only available for the Naini Tax Saver Scheme in case of the depositor’s death.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
You can request a TDS exemption if the interest income is not more than ₹40,000 (₹50,000 for senior citizens) for a financial year. You must submit Form 15G to your bank to facilitate this. Senior citizens seeking this benefit need to submit Form 15H.
It is a fact that assets like mutual funds provide better returns than FDs. However, the latter provides stable interest income throughout the maturity period. Due to their premature withdrawal facilities, they serve as a reliable emergency fund.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Nainital Bank FD.
To close a term deposit in Nainital Bank, you can go to the nearest Nainital Bank branch. Ask for an FD liquidation form, fill up all the details and attach the necessary KYC documents. Sign and submit it to the bank officials along with your FD certificate. You can also complete this online via the Nainital Bank internet banking portal.
The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.