Fixed Deposits are the key to ensuring financial stability for women. A women’s Fixed Deposit offers more than just a
safe place for your money; they offer a reliable avenue to grow your wealth and secure your financial future. Fixed
Deposits come with competitive interest rates, ensuring your hard-earned money grows over time. Let’s explore the
myriad benefits offered by Fixed Deposits for women and the steps required to open one.
Eligibility criteria
- Open to all women aged 18 and above, catering to a diverse group, including working professionals, homemakers,
and senior citizens.
- Must be a resident of India to avail of these Fixed Deposit for women schemes.
- KYC documents such as identity proof (Aadhaar card, PAN card), address proof, and a recent photograph are
required for the opening of a women’s Fixed Deposit.
- Available to individual women investors or joint account holders if the primary holder is a woman.
Benefits of a Fixed Deposit for women
Fixed Deposits offer women investors advantages such as security and safety of their funds and fixed returns, which
are essential to supporting their specific financial goals and needs.
- Offers a secure investment avenue for your savings, ensuring peace of mind.
- Attractive FD rates.
- Tenures ranging from short-term to long-term periods, which ensures you can fulfil your various financial goals.
- Availability of loans against FDs, providing financial flexibility when needed.
- Allows for the nomination of beneficiaries, ensuring a smooth transfer of benefits.
- Tax deductions to senior citizens on interest earned up to ₹50,000 per annum under Section 80TTB.
Competitive FD Rates
Fixed Deposit accounts for women are designed with competitive edge in mind. For instance:
- Short-term FDs (7 days to 6 months): Interest rates start from 3% p.a., providing flexibility
for short-term savings goals and any emergency need that may crop up
- Medium-term FDs (1 year to less than 5 years): Offered rates start from 6.7% p.a., ideal for
meeting medium-term goals.
- Long-term FDs (5 years and above): Rates could be as high as 7.0% p.a or more, making it
perfect for long-term objectives like retirement planning or children's education.
How to open a woman's Fixed Deposit?
Navigating the process of opening a Fixed
Deposit for women reveals a straightforward path to financial empowerment, highlighting the steps and
documentation required to secure and grow your savings with ease.
1. Choose the right bank: Research and select a bank offering the best FD interest rates for females.
Axis Bank, for instance, provides competitive rates and tenures to match your various needs, plus features such as
seamless transfers from Savings Accounts and the option to open the FD online in a seamless manner
2. Documentation: Prepare your KYC documents, including Aadhaar, PAN, and recent photographs.
3. Application process: Visit the bank's website or nearest branch. Online applications can be
completed in minutes, requiring only basic personal and financial information.
4. Deposit amount: Decide on your deposit amount. Minimum deposits can start as low as ₹5,000, if
booked via internet banking or mobile app and ₹10,000 if booked via branch, making it accessible to a wide range of
investors.
5. Tenure selection: Select a tenure that aligns with your financial goals, anywhere from 7 days to
10 years.
6. Confirmation and receipt: Upon completing the application and deposit, you'll receive a
confirmation and FD receipt detailing your account's terms.
In conclusion, Fixed Deposits play a pivotal role in empowering women by providing a secure avenue for financial
growth and independence. You can open a Fixed Deposit online with Axis Bank with a minimum investment amount of Rs.
5000 and enjoy remote access from the comfort of your home.
It’s time to take charge of your financial future ladies!
Also Read: Top 5 reasons to open a Digital Fixed Deposit
FAQs
What are the benefits of investing in an FD for women?
Investing in an FD for women offers attractive interest rates, the safety of your investment, and financial
independence, among other benefits.
Is TDS applicable for homemakers having an FD account?
Yes, TDS is applicable if the interest earned exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year,
irrespective of the account holder's occupation.
Can a nominee break a woman’s Fixed Deposit in a bank?
Yes, a nominee can break a woman’s FD in the event of the account holder's demise, following the bank's nomination
rules, unless it is a Tax-Saver FD.
Are the tax exemption rules similar for women FD account holders?
Yes, the tax exemption rules on FD interest earnings are similar for both men and women, governed by the Income Tax
Act of India.
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader
for taking any financial decisions based on the contents and information. Please consult your financial advisor
before making any financial decision.
