How to find out Best Fixed Deposit

I want to invest Rs 1,00,000 in a Fixed Deposit for 2 yrs in a public Sector Bank. I come in 30.9% Tax bracket. Which is the best Bank for me that will provide the maximum return? How do you answer this question? I also wan to get all the information on the Bank in India at a single place; Which is the website I should checkout? In this short article, we will see a very useful website which gives you all the information on Fixed Deposits and Banks in India.

How to find out Best Fixed Deposit

Have a look at http://www.way2goals.com/Project2/chooseBank.html. This website gives excellent information on Fixed Deposits based on different parameters given by you.

So if you want to invest Rs 1,00,000 for 2 yrs and 3 months in a Public Sector Bank and you belong to 30.9% Bracket, it will filter out the the list of best Banks that suit your needs and provides best return. It will also tell you what will be your final profit after paying tax and what will be your gain after factoring in Inflation (based on your expectation of inflation percentage).

See the following screenshot for the above figures. (click to enlarge)

It gives tells you that the best Fixed Deposit will be from “State Bank of Patiala” which offers 8% interest . It gives other information like

  • Maturity amount
  • Interest Earned
  • Interest After Tax
  • Gain After Inflation

Currently The information on the website is updated twice a week.

Information about a particular Bank

If you go to http://www.way2goals.com/Project2/interestRatesByBank.html#. You can get all the basic information about a particular Bank at one place . It will give you information about

  • Website of the Bank
  • Contact
  • Interest Rates information for Different Tenures

Also checkout this link to learn some basic stuff . Way2Goals Software India Pvt Ltd is the company behind http://www.way2goals.com/ .

Conclusion

This is an excellent tool dedicated to Banking Information especially information on Fixed Deposits. Way2Goals is one stop destination for any information on Banking Sector. There is scope of adding lots of things, but I believe it will come with time as any other thing in Life. Great tool!!

If you come up with tools like these please share it with others here :).

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71 CommentsAdd Comment

  1. jyothsna

    Im Ms Sircar, my age is 52 and i want to invest Rs 5 lakhs such that every year i wanted to receives at least 12-15% returns for the next 5 years. Plz Plan out the investments for me.(mention reasons & assumptions).

  2. Goban

    I would like to know your recommendation-

    1) If I have 30 – 40 lakhs where can I invest to get the best returns within 3 years.

    2) Also after retirement, where should we invest our indemnity so we can get regular monthly income which is safe as well. Or is it advisable to put in FD and get monthly interest?

  3. I’ve been looking for high return Fixed Deposits in general category and populated the information over here: http://coziie.com/fixed-deposits/banks-paying-high-interest-rates-india.

    One thing I noticed is, all the popular banks(SBI, ICICI, HDFC, Axis) pay less for the fixed deposits compared to less popular banks like Andhra Bank, DCB.

    So if we want maximum returns on our fixed deposits, then we have to open accounts with small banks. But how easy is to operate with these banks? Are they providing good customer service? These are all the questions one needs to ask before opening a fixed deposit. At least to me, high interest rate is not the only criteria!

  4. satheesh reddy muthyala

    Dear manish
    my father has fixed deposit in sbi bank which has a maturity date 5-12-2013.Till now my father didnot claimed the money.Does the bank give interest after the maturity date?

  5. RAMKISH JETH

    Dear Manish,
    from the date I come across to locate your site, I am very much keen to review the various questions put forward for your comments and your very informative response to them. God Bless you doing such humanitarian job for our Indian Community in particular. Hats up for you.
    My question is that on one of your site I read the following article:
    Quote
    In case of a joint FD in either or survivor mode if any of the owners passes away, then the survivor gets the FD only on maturity. He or she can’t make a premature withdrawal.”???
    Circular from RBI stating the same(reported shown by the respective Bank)
    This was a surprise for us, but the manager also showed us the circular from RBI stating the same.
    Unquote:
    I shall appreciate if you can assist me to get copy of the circular, and authentication of it, or email contact details from we can aquire that.
    Thanks and best regards.

    Ramkish Jeth

  6. krish

    Hi Manish chauhan,

    I have some around 8 to 10lacs with me,I want to know for a long term basis in which scheme I should put it into,I am already paying 1.10 lakhs every year for insurance,so I dont want to go for any more insurance.shall I go for PPF as there I do not have to pay any tax or shall I go for FD in a public sector bank like SBI,but after reading the above posts I dont think it would be idea for a 15 year tenure.I am also not a kind of guy to invest in mutual funds and share markets as it has its own risk.
    If you are aware about sahara india ,there is a scheme called U-golden where if you are paying once 16000 ,after 15years you would be getting 1lakh 4 thousand,I dont think if you will invest any other things will give you this much return.
    Please suggest me ASAP as I am spending my money some way or other :-) so my purse is going blank.

    Thanks in advance

    • There are some issues .

      You first need to understand why you dont want to go with mutual funds . You should read 3rd chapter of my book Jagoinvestor. Next thing is do you know much returns does that SAHARA product generate for you ?

      • krish

        Manish,

        Sahara gives Bond paper which clearly mentions that,if we are paying 16k once ,after 15 years it will be 1lakh 4k.its a fixed deposit only.but can we believe the credentials of sahara thats the question
        2nd thing ,regarding mutual fund you have to be in update and check the status in every month and everytime,even though I am available in internet all the time but I am no good in finance section as i was never interested to that part.thats y not interested for mutual fund or share market.but do you mean to say mutual fund will give me the maximum return.

        Thanks.

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