Money Making Tips: RBI’s Monetary Policy Committee, which takes decisions on policy interest rates i.e. repo rate, had a meeting recently. It was announced in this that the repo rate has been cut by 0.25 percent.
RBI has cut the repo rate after 5 years. With this decision of the Reserve Bank (RBI), people will get some relief in loan EMI. Along with this, the interest rates of bank FD will also be reduced. In such a situation, if you want to invest in fixed deposit (FD), then do it as soon as possible.
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If you want to earn good profits by investing in FD, then you can book FD through some of the apps given below and earn up to 9.5 percent interest. The special thing is that if you book FD through these apps, you will not have to open an account in the concerned bank. But you may have to do KYC.
FD through Stable Money app (up to 9.5% interest)
- Unity Small Finance Bank – 9.5 percent interest (1001 days FD)
- Shivalik Small Finance Bank – 9.3 percent interest (1 year 5 months 25 days FD)
- Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
- Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
- North-East Small Finance Bank – 9 percent interest (3 year FD)
FD through Super.Money app (up to 9.3% interest)
You can easily book FD through Super.Money, an app owned by Flipkart. You can also make UPI payments through this app. According to the list of banks listed on the app, you can earn up to 9.3 percent interest here.
- Shivalik Small Finance Bank – 9.3 percent interest (1 year 6 month FD)
- Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
- Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
- North-East Small Finance Bank – 9 percent interest (3 year FD)
- South Indian Bank – 7.9 percent interest (1 year 7 month FD)
- FD through Tata Neu App (up to 9.1% interest)
- Suryoday Small Finance Bank – 9.1% interest (5 year FD)
Up to Rs 5 lakh is safe in case of bank failure.
In case of bank failure or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover is available up to Rs 5 lakh. No matter how much money is deposited in all your accounts in a single bank, you will get an insurance cover of only Rs 5 lakh. This amount includes both the principal and the interest amount. DICGC’s deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and co-operative banks.
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