Latest Deutsche Bank FD Interest Rate April 2023
The Deutsche Bank Fixed Deposit (FD) interest rate ranges from 3% to 7.75% for the general public and for senior citizens, too, for deposits below Rs 2 crore. Interestingly, the bank does not offer any preferential rates to senior citizens. The deposit tenure ranges from 7 days to 5 years for a normal FD scheme. The minimum investment, however, is higher than most other domestic banks, at Rs.20,000. Deutsche Bank also offers tax-saving FD that comes with a lock-in period of 5 years and offers an interest rate of 7.50% p.a.
There are other FD schemes offered by Deutsche Bank including Senior Citizen Fixed Deposit and Recurring Fixed Deposit. The bank also has term deposit products dedicated to NRIs, including NRO and NRE fixed deposit schemes.
Deutsche Bank FD Interest Rates 2023 Highlights
| Interest Rate | 3% – 7.75% |
| Tenure | 7 days – 5 years |
| Minimum Deposit | Rs.20,000 |
| Maximum Deposit | No Upper Limit |
| Lock-in Period | NA (5 years for Tax Saver FD) |
How to Calculate Deutsche Bank FD Interest Rate?
There are two ways to ascertain the interest paid on fixed deposits – the simple interest method and the compound interest method.
Calculate Deutsche Bank FD Interest Rate – Simple Interest
Simple interest is the interest earned on the principal amount invested at the predetermined interest rate during the investment tenure.
The formula for simple interest calculation is as follows:
Simple Interest = (P * R * T)/100, where
- P = Principal amount invested
- R = Rate of interest (%)
- T = Tenure
Let’s say you have invested Rs.5 lakh for a tenure of 3 years at 7% p.a. Interest rate. In this case, P = Rs.5 lakh, R = 7%, and T = Tenure.
Simple Interest = (5,00,000 * 7 * 3) /100 = Rs. 1,05,000
Maturity Value = Principal Amount + Simple Interest = Rs.5,00,000 + Rs. 1,05,000
So, at the time of your FD maturity, you will get Rs.6,05,000
Calculate Deutsche Bank FD Interest Rate – Compound Interest
The other method is the calculation of FD maturity via the compound interest method. Compound interest is the interest earned on interest. When you earn compound interest on an investment, the first interest you earn is added to the principal amount, and the total amount then earns interest again in the next period. This cycle continues, and over time, the interest earned compounds to add to your corpus significantly.
For compound interest calculation, the formula applicable is:
A = P (1+r/n) ^ (n * t), where
- A = Maturity Amount
- P = Principal amount invested
- r = Rate of Interest (in decimals)
- n = number of compounding in a year
- t = number of years
Let’s say you have invested Rs.2,00,000 for 2.5 years at an interest rate of 7.75% p.a. compounded quarterly
In this case, P = Rs.200,000, Interest Rate = 7.75%, Number of compounding in a year is 4 i.e. 1 every quarter, Number of years of investment is 2.5 years
A = 2,00,000 (1+0.0775/2.5) ^ (4*2.5)
A i.e. maturity amount = Rs.2,71,404
Interest amount = Rs.2,71,404 – Rs.2,00,000 = Rs.71,404
Factors that Can Affect Deutsche Bank Fixed Deposit Rate
Here are some of the factors that can have an impact on Deutsche Bank FD rates:
1. FD Tenure
The interest rates on fixed deposits usually increase with the tenure of the deposit. Hence, the longer the tenure, the higher the interest rate.
2. Economic Condition
The monetary and fiscal policy along with the prevailing economic conditions of India have a significant impact on the interest rates applicable to fixed deposits offered in the country.
3. Inflation
Inflation can impact the interest rates on fixed deposits, as banks may adjust their rates to keep pace with inflation and maintain their CASA ratio.
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Deutsche Bank FD Interest Rate for General Public
Deutsche Bank offers different rates for fixed deposits depending on the tenure and amount – below Rs.2 crore and above Rs.2 crore. Deposits above Rs.2 crore are called bulk deposits. For Deutsche Bank FD deposits below Rs.2 crore, you can earn an interest of up to 7.75% depending on the tenure (more than 1 year and less than 3 years). The lowest tenure available for fixed deposit investment is 7 days that earns a 3% interest. For deposits above Rs.2 crore, the bank would need to seek regulatory approvals and discuss interest incidence depending on the FD tenure. The below table represents Deutsche Bank FD interest rates in the first quarter of financial year 2023-24.
| Tenure | Interest on Deposits Below Rs. 2 Crore |
| 7 days | 3% |
| 8 days to 14 days | 3% |
| 15 days to 29 days | 3% |
| 30 days to 59 days | 4% |
| 60 days to 89 days | 4.5% |
| 90 days to 99 days | 5.25% |
| 100 days to 180 days | 6.75% |
| 181 days to 270 days | 6.75% |
| 271 days to 1 year | 7% |
| More than 1 year to 1.5 years | 7.75% |
| More than 1.5 years to 2 years | 7.75% |
| More than 2 years to 3 years | 7.75% |
| More than 3 years to 4 years | 7% |
| More than 4 years but less than 5 years | 7% |
| 5 years | 7.5% |
Deutsche Bank FD Interest Rate for Senior Citizens
The below table represents the tenure-wise break-up of Deutsche Bank FD rates for senior citizens. Note that Deutsche Bank does not offer any preferential rate for senior citizens.
| Tenure | Interest on Deposits Below Rs. 2 Crore |
| 7 days | 3% |
| 8 days to 14 days | 3% |
| 15 days to 29 days | 3% |
| 30 days to 59 days | 4% |
| 60 days to 89 days | 4.5% |
| 90 days to 99 days | 5.25% |
| 100 days to 180 days | 6.25% |
| 181 days to 270 days | 6.75% |
| 271 days to 1 year | 7% |
| More than 1 year to 1.5 years | 7.75% |
| More than 1.5 years to 2 years | 7.75% |
| More than 2 years to 3 years | 7.75% |
| More than 3 years to 4 years | 7% |
| More than 4 years but less than 5 years | 7% |
| 5 years | 7.5% |
Deutsche Bank FD Interest Rate for NRI
Deutsche Bank offers two different types of Indian Rupee Fixed Deposits for Non Resident Indians (NRIs). Any NRI can deposit their preferred amount in these accounts and earn interest on it. The different types of Deutsche Bank NRI FD accounts are:
- NRE Fixed Deposit Account
- NRO Fixed Deposit Account
1. Deutsche Bank NRE FD Interest Rate
NRE stands for Non-Resident External referring to an account that allows non-resident Indians (NRIs) to hold their overseas earnings in India. Deutsche Bank NRE fixed deposit (FD) allows NRIs to deposit their foreign earnings, such as salary, dividends, and interest income, which are converted into Indian rupees. NRIs can earn up to 7.75% on their Deutsche Bank NRE FDs.
| Tenure | Interest on Deposits per annum |
| 1 year | 7% |
| 1 year to less than 3 years | 7.75% |
| 3 years to less than 4 years | 7% |
| 4 years to less than 5 years | 7% |
| 5 years | 7.50% |
2. Deutsche Bank NRO FD Interest Rate
NRO or Non-Resident Ordinary account enables NRIs to manage their earnings and income in Indian rupees received while residing outside of India. Deutsche Bank NRO deposit account allows NRIs and Persons of Indian Origin (PIOs) to invest their income earned in India, such as from rent, dividends, and interest income. NRIs can earn up to 7.75% on their Deutsche Bank NRO term deposits.
| Tenure | Interest on Deposits Below Rs.2 Crore |
| 7 days | 3% |
| 8 days to 14 days | 3% |
| 15 days to 29 days | 3% |
| 30 days to 59 days | 4% |
| 60 days to 89 days | 4.5% |
| 90 days to 99 days | 5.25% |
| 100 days to 180 days | 6.25% |
| 181 days to 270 days | 6.75% |
| 271 days to 1 year | 7% |
| More than 1 year to 1.5 years | 7.75% |
| More than 1.5 years to 2 years | 7.75% |
| More than 2 years to 3 years | 7.75% |
| More than 3 years to 4 years | 7% |
| More than 4 years but less than 5 years | 7% |
| 5 years | 7.5% |
Deutsche Bank Vs Other Banks’ FD Interest Rates
We have considered deposits below Rs.2 crore based on the common threshold in India. The upper limit for interest rate includes interest rate on senior citizen FDs.
| Bank Name | Tenure | Interest Rate |
| Deutsche Bank Fixed Deposit | 7 days to 5 years | 3% to 7.75% |
| Kotak Bank Fixed Deposit | 7 days to 10 years | 2.75% to 7.70% |
| HDFC Fixed Deposit | 7 days to 10 years | 3% to 7.75% |
| Axis Bank Fixed Deposit | 7 days to 10 years | 3% to 7.26% |
| Post office Fixed Deposit/Time Deposit | 1 year to 5 years | 6.6% to 7% |
| Union Bank Fixed Deposit | 7 days to 10 years | 3% to 8.05% |
| Punjab and Sind Bank Fixed Deposit | 7 days – 10 years | 2.80% – 7.60% |
| Canara Bank fixed Deposit | 7 days – 10 years | 4% – 7.75% |
| IDFC Bank Fixed Deposit | 7 days to 10 years | 3.50% to 8.25% |
| SBI Fixed Deposit | 7 days – 10 years | 3% to 7.50% |
| Bank of Baroda Fixed Deposit | 7 days to 10 years | 3% to 7.55% |
| Bandhan Bank Fixed Deposit | 7 days to 10 years | 3.75% to 8.50% |
| Bank of India Fixed Deposit | 7 days to 10 years | 3% to 7.80% |
| DBS Bank Fixed Deposit | 7 days to 5 years and above | 2.5% to 8% |
| Yes Bank Fixed Deposit | 7 days to 10 years | 3.25% to 8.25% |
| Central Bank of India Fixed Deposit | 7 days to 10 years | 4% – 6.75% |
| ICICI Fixed Deposit | 7 days to 10 years | 3% to 7.60% |
| IOB Fixed Deposit Interest Rate | 7 days to 10 years | 4.30% to 7.75% |
| IndusInd Fixed Deposit | 7 days to 5 years and above | 3.50% to 8.25% |
Features and Benefits of Deutsche Bank Fixed Deposit
Here are some of the features and benefits of Deutsche Bank FD:
- Minimum period of deposit is 7 days (5 years for Tax Saver FD)
- Maximum tenure is 5 years
- Minimum deposit required is Rs.20,000
- There’s no upper limit for maximum deposit
- Tax deduction benefit under Section 80C is applicable only for Deutsche Bank Tax Saver FD
- TDS is applicable as per IT Rules
- Interest payout on a Fixed Deposit is payable to the depositor quarterly, monthly, and cumulatively from the date of issue or at maturity along with the principal
Different Types of Deutsche Bank FD Schemes
Deutsche Bank offers various fixed deposit schemes for Indian residents and NRIs. Each scheme is designed to serve a specific purpose. The types of FD schemes offered by the bank are:
- Resident Fixed Deposit
- Tax Saver Fixed Deposit
- NRI Fixed Deposit
- Senior Citizen Fixed Deposit
- Recurring Fixed Deposit
1. Resident Fixed Deposit
- Minimum Deposit: Rs.20,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 5 years
- Interest Rate: 3% to 7.75%
- Eligibility Criteria: Indian resident
2. Tax Saver Fixed Deposit
- Minimum Deposit: Rs. 20,000
- Maximum Deposit: Rs.1.5 lakh annually
- Tenure: 5 years
- Interest Rate: 7.50%
- Eligibility Criteria: Indian resident
3. NRI Fixed Deposit
- Minimum Deposit: Rs.5,000
- Maximum Deposit: Rs. 2 lakh
- Tenure: 7 days to 5 years
- Interest Rate: 7% to 7.75%
- Eligibility Criteria: Non-resident Indians, Persons of Indian Origin (PIOs)
4. Senior Citizen Fixed Deposit
- Minimum Deposit: Rs. 20,000
- Maximum Deposit: No Upper Limit
- Tenure: 7 days to 5 years
- Interest Rate: 3% to 7.50%
- Eligibility Criteria: Indian resident of age 60 and above
5. Recurring Fixed Deposit
- Minimum Deposit: Rs. 5,000
- Maximum Deposit: Rs. 2 lakh
- Tenure: 12 to 60 months
- Interest Rate: 3% to 7.50%
- Eligibility Criteria: Indian resident
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How to Invest in Deutsche Bank Fixed Deposit?
- Step 1: You need to have a savings account with Deutsche Bank to invest in fixed deposits. If you do not have a savings account, you can open one by visiting the nearest Deutsche Bank branch or by applying online.
- Step 2: Choose the tenure and amount of the fixed deposit you want to invest in. Deutsche Bank offers fixed deposit tenures ranging from 7 days to 5 years.
- Step 3: You can download the application form from the Deutsche Bank website or obtain it from the nearest branch. Fill out the form with the necessary details like name, address, PAN card details, etc.
- Step 4: Submit the application form along with the required documents like identity proof, address proof, and PAN card. You can submit it at the branch or through online banking.
- Step 5: Transfer the funds for the fixed deposit to your Deutsche Bank savings account. You can do this through online banking, NEFT/RTGS, or by visiting the nearest branch.
- Step 6: Once the funds are transferred, you will receive confirmation from Deutsche Bank regarding the fixed deposit investment.
- Step 7: You can monitor the status of your fixed deposit through online banking or by contacting the Deutsche Bank customer service. The bank will credit the principal and interest to your savings account upon maturity.
Documents Required to Open Deutsche Bank FD
To open a Deutsche Bank FD account as a resident Indian, you may need the following documents:
- Identity Proof: Aadhaar card, PAN card, voter ID, passport, or driving licence
- Address Proof: Passport, Aadhaar card, voter ID, bank statement with a cheque
- Date of Birth Proof: PAN card, Aadhaar card, voter ID, or service discharge certificate
For NRI accounts:
- Photocopy of relevant pages of passport needs to be furnished that contains a name, address, date of birth, date, and place of issue, expiry date, photograph, signature, and stamp regarding stay outside India.
- Valid work permit/employment visa copies.
- A copy of at least one of the following for overseas proof –
- Latest Telephone bill (Less than 2 months old)
- Latest Electricity bill (Less than 2 months old)
- Copy of passport (Only if the above options are not available in the name of the customer)
- National ID Card, Resident Permit and Social Security Card
- A copy of at least one of the following for local address proof –
- Latest Telephone bill (Less than 3 months old)
- Latest Electricity bill (Less than 3 months old)
- Copy of passport (Only if the above options are not available in the name of the customer)
- Aadhaar Card (Including eAadhaar) or letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number
- Driving License
- Voter’s Identity Card issued by Election Commission of India
- Overseas / Copy of past Indian passport of self/parent / grand-parent along with a self-declaration about Indian origin
Eligibility to Open Deutsche Bank FD
You may need to meet the following eligibility criteria to open Deutsche Bank FD:
- Indian resident individuals holding a single account with Deutsche Bank
- Two Indian resident individuals holding account ownership jointly
- Firms and companies
- Local bodies and any government department
- Karta of Hindu Undivided Families (HUFs)
- Minors with parents/guardians’ consent or solely
Taxation on Deutsche Bank FD
- Interest income earned on Deutsche Bank fixed deposits is taxable as per the Income Tax Act, 1961. The interest earned on FDs is considered as “income from other sources” and is subject to taxation as per the individual’s income tax slab.
- If you have a tax-saving FD account with Deutsche Bank, you can claim tax deduction benefits of up to Rs.1.5 lakh under Section 80C of the Income Tax Act. Note that Deutsche Bank tax saving FD comes with a lock-in period of 5 years.
- Deutsche Bank deducts TDS (Tax Deducted at Source) at the rate of 10% on interest income if the interest earned during the financial year exceeds Rs.40,000 for non-senior citizens and Rs.50,000 for senior citizens.
- If your total income including interest income is below the taxable limit, you can submit Form 15G or 15H to the bank to avoid TDS deduction.
- Also, if you are a non-resident Indian (NRI), the tax treatment for interest income earned on fixed deposits may be different. NRIs are subject to TDS at the rate of 30% on interest income earned from fixed deposits in India unless there is a tax treaty between India and their country of residence that provides for a lower rate of tax.
Loan Against Deutsche Bank FD Scheme
.If you’re looking for an alternative to personal loans or are in need of quick cash, you can avail the overdraft against the fixed deposit facility offered by Deutsche Bank. Currently, you can take up to 95% of the value of your fixed deposit as a loan. The interest rate is 2% above the relative FD rate.
- Minimum Overdraft amount: Rs.25,000
- Maximum Overdraft amount: Up to 95% of fixed deposit
- Tenor: 7 days to 365 days, linked to fixed deposit
- Rate: 2% above the fixed deposit rate
Note here that Deutsche Bank does not offer any loan against the 5-year tax-saving fixed deposit.
Final Word
It’s important to keep up to date with Deutsche Bank’s fine print to clearly understand the details of their Fixed Deposit schemes and interest rates. If you’re planning to withdraw your Deutsche Bank FD before maturity, consider the penalty charges before doing so.
If you’re looking for other alternatives to tax-saving FDs, consider investing in the Navi ELSS Tax Saver Nifty 50 Index Fund scheme with Navi Mutual Fund. You can save up to Rs.46,800 on your tax outgo on your ELSS investments. However, consider the risks and your investment goals before investing.
FAQs
The minimum deposit amount for Deutsche Bank fixed deposit schemes may vary depending on the type of scheme and tenure. However, generally, the minimum deposit amount can be as low as Rs.20,000.
Yes, you can open a fixed deposit account with Deutsche Bank online by visiting the bank’s website and following the instructions for online account opening.
There is no upper limit on the maximum deposit amount for Deutsche Bank fixed deposit schemes. However, large deposit amounts may be subject to additional documentation and verification requirements.
The minimum tenure for a Tax Saving Fixed Deposit with Deutsche Bank is five years.
Yes, you can get a loan against your Deutsche Bank fixed deposit. The loan amount may depend on the deposit amount and other terms and conditions of the bank. However, investment in the 5 year tax saving fixed deposit is not eligible for loan against FD.
Deutsche Bank offers different types of fixed deposit schemes, including regular fixed deposits, tax saver fixed deposits, senior citizen fixed deposits, and NRI fixed deposits, among others. The terms and conditions of each scheme may vary.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
