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 which will provide me the maximum return ? How do you answer this question ? I also want to get all the information about a 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 givecs 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 for you , which provide best return to you , 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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I checked Way2Goals.com site and it has useful information painstakingly compiled and formatted in standard format across diverse private and public sector banks. As each bank publishes information in its own way whenever it wants, compiling and normalizing this centrally involves lots of effort and the work done by Way2Goals.com is really commendable.
@RD
Yes, The website gives the information at one place and in same format for all , which is the best thing. I wish same to be done for each and every thing .
Manish
Hey Manish,
http://www.ratekhoj.com/ is also another wonderful website.. helps to get the rates on not only term deposits, but also on other instruments..
Thanks and Regards,
-Vibhav
@vaibhav
Ohh great !! , Thanks for sharing this , may be I will put up something about it soon .
Thanks again . Keep providing nice links like these when you come up with them
Manish
i have to make a FD for my daughter (2 years) for 16 years only in a nationalised bank. please advise the best bank who is having a highest interst.
rgrds
Naresh
nkjhamnani@gmail.com
@Naresh
I have 2 things for you
1. The best best doesnt matter much when the duration is 16 yrs . The difference between there interest wont be too much , so you can go with any of top 5 i would say . Put your requirement at http://www.way2goals.com/Project2/chooseBank.html and check .
2. Now comes the important part .
I understand that your decision of putting money in Fixes deposits for 16 yrs , is mainly becuase of your no risk appetite and may be you are fearful loosing it in mutual funds or any other equity products , but you have to understand that
- FD returns are almost nil after you factor in the tax and inflation .
- Equity is extremelly efficient for long term goals like you have for 16 yrs. there is no other thing than Equity which i would suggest .
You should atleast put money in PPF account , atleast there wont be any tax on maturity .
You can divide your money in PPF and SIP in 3-4 equity mutual funds .
Its its long term , its Equity .
Manish
What is the best suggestion for an NRI to invest 5L in India. The NRE rates are dismal.
George
anything which is fixed return thing would pay less to NRI . the best thing would be real estate and Equity for long term for NRI .
Manish
I could not agree more with Manish.. Fixed Deposits are good only for short and medium term.
It is difficult to beat inflation and grow real value of you money.
It is important to understand various alternative asset classes and their suitability, keeping in mind the liquidity, safety in mind while investing.
Yes . But for the support of FD . Its one of the best tool to invest your money in short term . So if one has a critical financial goal within 1-3 yrs . FD can be a good , non risky tool
Manish
Dear Sir
Its always a treat reading your writings. May I be allowed to make a suggestion please. On your website , readfing an article becomes difficult because of widgets of t,f,sms etc . Please put them opn the RHS of the page where contents are lighter on allow flexibility of shifting them.
Thanks and lots of regards