Whose account has had unusual transactions. If you have also done a big transaction from your account and have not paid income tax accordingly, then you need to be careful.

The Income Tax Department is rapidly scrutinizing such accounts through AI to keep an eye on them. If you have transacted Rs 50,000 or more in cash from your account, then you are inviting an Income Tax notice.

What do experts say

According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform the department about their unusual transactions or the correct source of their income. If they do not do so, the Income Tax Department can send a notice to such people. Suppose you have repeatedly deposited or withdrawn more than 50 thousand rupees from your account, then you will have to tell the source of this to the Income Tax Department. Actually, the bank sends its information to the Income Tax Department through the Annual Information Report i.e. AIR. On the basis of which the Income Tax Department decides whether there has been an unusual transaction in this person’s account.

How much money can I deposit in the bank

According to experts, you can deposit or withdraw any amount in your account. But if the amount is large and transactions are happening frequently, then you have to inform the Income Tax Department about it. If you deposit more than 10 lakh rupees in your savings account in a financial year, then you will have to inform the Income Tax Department about it. Similarly, if you have deposited or withdrawn 50 thousand rupees or more once, then you may have to inform the department about it. In such a situation, if you do not want to get into any trouble, then you should avoid making big transactions.

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Taking an important step, the Yunus government of Bangladesh has issued new currency notes in the country. The picture of the Father of the Nation Sheikh Mujiburahman, popularly known as ‘Bangabandhu’, is not printed on the new notes. That is, the picture of Sheikh Mujiburahman has been removed from the currency of Bangladesh.

In fact, Bangladesh Bank has issued new notes in denominations of 10, 100, 200 and 500 Bangladeshi Taka, which is effective in the country from June 1, 2025. The new notes depict the changing political and cultural landscape of the country. The current government has taken this decision after removing Sheikh Hasina of Bangladesh in August 2024. Sheikh Hasina had to step down from power after the student-led movement.

Sheikh Mujiburahman’s photo is not on the new notes

Historically, Sheikh Mujibur Rahman’s portrait has featured prominently on Bangladeshi currency since 1972, symbolising his key role in achieving independence from Pakistan in 1971. However, this new design by the interim government is part of an attempt to redefine Bangladesh’s identity, with an emphasis on the July 2024 movement, Bengali traditions and religious sites.

The new notes feature images of Hindu and Buddhist temples, historic palaces, artworks by artist Zainul Abedin depicting the Bengal famine, and the National Martyrs’ Memorial. Graffiti from the July protests has also been included on the new notes, reflecting the revolutionary spirit that led to Hasina’s ouster from power.

Bangladesh Bank began distributing these notes initially in limited quantities from its Motijheel office, and plans wider circulation after Eid al-Azha. However, existing notes bearing Rahman’s picture will still be in circulation, making the change gradual.

These changes on new notes

The process, initiated by the Finance Ministry in September 2024, involves the Currency and Design Advisory Committee, which plans to implement new designs across all denominations in the future. Bangladesh Bank spokesman Arif Hussain Khan said the notes will focus on natural scenes and cultural sites, rather than pictures of individuals.

However, the move has evoked mixed reactions in Bangladesh. Some see it as a step towards a modern and inclusive identity, while others see it as an attempt to erase Rahman’s legacy, especially after incidents of vandalism on his statues during the movement. With an estimated circulation of 374,602 crore taka by February 2025, the new design marks a transformative moment in Bangladesh’s history, combining its rich heritage with its changing political landscape.

The post New note Released: New 10, 100, 200, 500 rupee notes issued in Bangladesh, Sheikh Mujiburahman’s picture missing! first appeared on Rightsofemployees.com.

HDFC Bank has reduced the interest rate on FD by 0.20 percent. The Reserve Bank of India (RBI) had reduced the repo rate in its last monetary policy meeting. Now in the meeting to be held in April this month, it is expected once again that RBI may reduce the repo rate.

HDFC Bank reduced interest on FD

After RBI reduced the repo rate, most banks are reducing the interest rates on FDs. Now HDFC Bank has also joined this list. The bank has reduced the interest rate on FDs of 2 years and more period by 20 basis points i.e. 0.20 percent. The bank is offering FDs from 7 days to 10 years. These new rates have come into effect from today, 1 April 2025.

HDFC Bank interest rates on FDs up to Rs 3 crore

• 7 days to 14 days: For general public – 3%; For senior citizens – 3.50%
• 15 days to 29 days: For general public – 3%; For senior citizens – 3.50%
• 30 days to 45 days: For general public – 3.50 percent; For senior citizens – 4 percent
• 46 days to 60 days: For general public – 4.50%; For senior citizens – 5.00%
• 61 days to 89 days: For general public – 4.50 percent; For senior citizens – 5 percent
• 90 days to 6 months: For general public – 4.50 percent; For senior citizens – 5 percent
• 6 months 1 day to less than 9 months: For general public – 5.75 per cent; For senior citizens – 6.25 per cent
• 9 months 1 day to less than 1 year: For general public – 6.00 per cent; For senior citizens – 6.50 per cent
• Less than 1 year to 15 months: For general public – 6.60 percent; For senior citizens – 7.10 percent
• 15 months to less than 18 months: For general public – 7.10 per cent; For senior citizens – 7.60 per cent
• 18 months 1 day to less than 21 months: For general public – 7.25 per cent; For senior citizens – 7.75 per cent
• 21 months to 2 years: For general public – 7.00 percent; For senior citizens – 7.50 percent
• 2 years 1 day and less than 2 years 11 months: For general public – 7.00 per cent; For senior citizens – 7.50 per cent
• 2 years 11 months 1 day and upto 35 months – 7.00 percent; For senior citizens – 7.50 percent
• 2 years 11 months 1 day and upto 3 years – 7.00 percent; For senior citizens – 7.50 percent
• 3 years 1 day to 4 years 7 months – 7.00 percent; For senior citizens – 7.50 percent
• 4 years 7 months to 55 months – 7.00 percent; For senior citizens – 7.50 percent
• 4 years 7 months 1 day to less than 5 years: For general public – 7.00%; For senior citizens – 7.50%
• 5 years to 10 years: For general public – 7.00 percent; For senior citizens – 7.50 percent

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The Reserve Bank of India said on Friday that it has imposed a fine of Rs 66.6 lakh on HSBC Bank for not following the instructions related to ‘Know Your Customer’ and ‘Interest Rate on Deposits’.

Apart from this, IIFL Samasta Finance Limited has also been fined Rs 33.1 lakh for non-compliance of certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve Bank) Directions, 2016’ and Know Your Customer (KYC) directions.

In both cases, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Slowdown in demand for personal loans

According to RBI, personal loan growth slowed to 14.2 percent in the fortnight ended January 24, 2025. The main reason for this slowdown is the weak disbursement of vehicle loans and credit card dues. RBI has prepared the report based on data collected from 41 selected commercial banks regarding sectoral allocation of bank loans.

RBI said that non-food bank credit grew by 12.5 per cent on an annual basis till the fortnight ended January 24, 2025, as against 16.2 per cent in the same fortnight last year. According to the report, “The personal loan section recorded a growth of 14.2 per cent in loans till the fortnight ended January 24, 2025, as against 18.2 per cent a year ago.

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Revision in interest rates on savings accounts

The private sector bank said that account holders whose daily balance in the account is between Rs 10 lakh to Rs 25 lakh will be given 6.5 percent interest, which is an increase of 0.5% from the previous interest rate. At the same time, account holders whose daily balance in the account is between Rs 50 crore to Rs 75 crore will be given 6 percent interest, which is 0.75% more than the previous interest rate.

The highest increase in this slab

Apart from this, savings account holders whose daily balance is between Rs 200 crore and Rs 400 crore will get 6 percent interest, which is 2 percent more than the previous interest rate. The bank has made the highest increase in this slab.There was no change in these amounts

At the same time, RBL Bank has not made any change in the interest rates on accounts with daily balance of Rs 25 lakh to Rs 3 crore. It will get 7.5% interest as before. After this, the interest rates on accounts with daily balance of Rs 3 crore to Rs 7.5 crore remain unchanged at 6.5%. Apart from this, the private bank has also not made any change in the interest rates on savings accounts with daily balance of Rs 7.5 crore to Rs 50 crore. It will get 6.25 percent annual interest as before.

How are interest rates calculated in savings accounts?

According to RBL Bank, interest rates on savings account are calculated on daily basis on the balance in the account, while it is paid on quarterly basis on 30 June, 30 September, 31 December and 31 March.

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The post Savings accounts: This bank has increased the interest rates on savings accounts, getting high returns first appeared on Rightsofemployees.com.

We often keep our savings in a bank’s savings account, on which the bank also gives us interest. In this way our savings are safe and we also keep getting profit on it. The bank provides simple interest on savings account. The interest rate of every bank is different, it also depends on the amount deposited. Equitas Small Finance Bank has given great news to customers with savings accounts.

The bank has announced an increase in its interest rates for savings account customers. It also said that this increase will be implemented from January 10, 2025.

What Equitas Small Finance Bank said

Equitas Small Finance Bank informed NSE, “Equitas Small Finance Bank Limited, one of India’s leading small finance banks, has revised the interest rates for its savings account customers. These new interest rates will be applicable from January 10, 2025.”

How much has the bank increased interest rates

The bank said that the interest rate of 3.00% on balances up to Rs 1 lakh will remain the same as before. At the same time, customers with balances between Rs 1 lakh and Rs 10 lakh will get an interest rate of 5.00% in the extended slab. Apart from this, a 7% interest rate will be applicable under the new slab on balances ranging from Rs 10 lakh to Rs 25 lakh. A new slab on balances from Rs 25 lakh to Rs 1 crore will offer an interest rate of 7.25%, while the remaining balance from Rs 1 crore to Rs 25 crore will get 7.50% interest.

Along with this, the bank also said that there will be no change in the current interest rate of 7.80% on balances above Rs 25 crore. Talking about the shares of Equitas Small Finance Bank on Thursday, the bank’s shares closed at Rs 69.08 with a rise of 2.16 percent.

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The post Good News! Bank has announced an increase in its interest rates for savings a/c customers. Check Details first appeared on Rightsofemployees.com.

This is because in January 2025, apart from weekly holidays, there will be no work in banks for 15 days due to national and regional holidays. Banks are closed on every Sunday and on the second and fourth Saturday of the month. Apart from this, banks also remain closed on festivals and some special days.

The Reserve Bank of India has released a list of bank holidays. It includes national and regional holidays. All banks across the country remain closed on national holidays. Regional holidays are related to a particular state or region. Only banks of the respective state or region remain closed on these days. It is worth noting here that banks across the country will not remain closed for 15 days in January 2025. Banks across the country will remain closed only on national and weekly holidays. Banks will remain closed in the respective state on regional holidays.

January 2025 Bank Holiday List

• January 1, 2025: Banks will be closed across the country on Wednesday, New Year’s Day.
• January 6, 2025: Banks will remain closed in some states, including Punjab, on Monday, on the occasion of Guru Gobind Singh Jayanti.
• January 11, 2025: On the second Saturday, banks across the country will remain closed.
• January 12, 2025: Weekly holiday on Sunday.
• January 13, 2025: Banks will remain closed in Punjab and some other states on Monday due to the festival of Lohri.
• January 14, 2025: Banks in Tamil Nadu and Andhra Pradesh will remain closed on Tuesday due to Sankranti and Pongal.
• January 15, 2025: Wednesday will be a bank holiday in Tamil Nadu due to Thiruvalluvar Diwas, Tusu Puja in West Bengal and Assam.
• January 23, 2025: Banks will remain closed in many states on Thursday to celebrate the birth anniversary of Netaji Subhas Chandra Bose.
• January 25, 2025: Banks across the country will remain closed on Saturday due to a weekly holiday.
• January 26, 2025: Banks across the country will remain closed on Sunday, on the occasion of Republic Day.
• January 30, 2025: Banks in Sikkim will remain closed on Thursday due to Sonam Losar.

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The post Bank Holidays: Banks will be closed for half a month in January, when are the holidays, see the complete list first appeared on Rightsofemployees.com.

RBL Bank is now offering a maximum interest of 7.50% to common people and 8.50% to senior citizens. These new rates have come into effect from 15 December 2024.

RBL Bank interest rates on FD of Rs 3 crore

• 7 days to 14 days: For general public – 3.50 percent; For senior citizens – 4 percent
• 15 days to 45 days: For general public – 4.00%; For senior citizens – 4.50%
• 46 days to 90 days: For general public – 4.50 percent; For senior citizens – 5 percent
• Less than 91 days to 6 months: For general public – 4.75 per cent; For senior citizens – 5.25 per cent
• 181 days to 240 days: For general public – 5.50 percent; For senior citizens – 6 percent
• 241 days to 364 days: For general public – 6.05 percent; For senior citizens – 6.55 percent
• 365 days to 452 days: For general public – 7.50 percent; For senior citizens – 8 percent
• 453 days to 499 days: For general public – 7.80 percent; For senior citizens – 8.30 percent
• 500 days: For general public – 8.00 percent; For senior citizens – 8.50 percent
• 16 months to less than 18 months: For general public – 7.80 per cent; For senior citizens – 8.30 per cent
• 18 months to 24 months: For general public – 7.80 per cent; For senior citizens – 8.30 per cent
• Tax saving 5-year FD – 7.10 per cent; For senior citizens – 7.60 per cent

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Bank employees have been advocating for 5 days working in banks for a long time. However, in exchange for reducing 2 Saturdays, banks will have to work 40 minutes extra every day. There have been many talks between the Bank Employees’ Association, RBI and government officials regarding 5 days working in banks. A decision on this is to be taken in December. Know here whether there will be 5 days working in banks in December?

What is the proposal to make banks open 5 days a week?

Till now, banks in the country remain closed on every Sunday, second and fourth Saturday. Currently, banks get a holiday except one Saturday. That is, they have to work on one Saturday and the next Saturday is a holiday. Now bank employees and bank unions have been pushing for 5-day working week for a long time. That is, banks will work from Monday to Friday and banks will remain closed on Saturday and Sunday. That is, bank employees are demanding 8 holidays instead of 6 holidays in a month. For this, an agreement has been reached between bank employees’ unions and the Indian Banks Association (IBA).

New opening and closing times for private and public sector bank branches

According to reports, if the government approves this proposal, banking hours can be extended by 40 minutes. With this, bank branches will remain open from 9:45 am to 5:30 pm. Currently, most banks open till 10 am. Public dealing is done till 4 pm. Unions have assured that customer service will not be affected by the implementation of 5-day working. The working hours of bank employees will be increased by about 40 minutes per day.

Joining note signed in March 2024

The 9th Joint Memorandum of Understanding (JMO) between IBA and bank unions was signed in March 2024. It also includes a proposal to operate 5 days a week. However, banks will open for only 5 days, for its implementation, approval from the Ministry of Finance and the Reserve Bank of India (RBI) is required.

Will 5-day work start in banks from December?

The demand of bank employees for a 5-day working week seems unlikely to be fulfilled in December. Expressing displeasure over this, the All India Bank Officers Confederation (AIBOC) has said that it will soon plan a protest. AIBOC General Secretary Rupam Rai said that so far there has been no indication from the government about a 5-day working week. We have appealed to all our affiliated unions and the United Forum of Bank Unions (UFBU) to join the agitation. AIBOC has urged the government and the Prime Minister’s Office to give priority to this proposal. The union has said that this is not only necessary for the welfare of the employees, but it will also improve the level of functioning of the banking sector.

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The post 5 Days Working in Bank: Will banks be open for 5 days from December? This will be the new time for opening and closing branches first appeared on Rightsofemployees.com.

Last year also, these three banks got the status of Domestic Systemically Important Bank. Banks included in the D-SIBs list are considered very important for the domestic system. Along with this, they are also considered the safest banks in the country. These are such banks which are so important for the system that if they sink, the entire economy can get a shock. These types of banks are so important that if something happens to them, the government itself will try to save them.

The Reserve Bank of India has prepared the list of D-SIBs banks on the basis of data received till March 31, 2024. Banks considered important for the domestic system have to maintain Additional Common Equity Tier-1 (CET1). They have to maintain more Common Equity Tier 1 as per their bucket. This is the capital through which risks can be easily managed. Banks included in the list of D-SIBs have to keep it more.

See Notification Here

The concept of D-SIBs was implemented in 2014

The Reserve Bank of India first adopted the concept of D-SIBs 10 years ago in 2014 to prepare a list of banks important for the domestic system. In 2015, State Bank of India and then in the next year i.e. 2016, ICICI Bank was included in this list. In 2017, HDFC Bank entered this list.

Which bank is in which bucket?

This time RBI has placed State Bank of India in bucket-4, under which it has to maintain 0.80 percent additional CET1. At the same time, HDFC Bank also remains in bucket 2 and it has to maintain 0.40 percent high CET1. ICICI Bank has been placed in bucket 1 and it will have to maintain an additional 0.20 percent in the CET1 buffer. The new rules will come into effect from April 1, 2025.

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These revised interest rates are applicable on FDs up to Rs 3 crore. The bank is offering a maximum interest rate of 7.80% to senior citizens.

ICICI Bank FD interest rate – on FDs up to Rs 3 crore

7 days to 29 days: For general public – 3.00%; For senior citizens – 3.50%

30 days to 45 days: For general public – 3.50%; For senior citizens – 4.00%

46 days to 60 days: For general public – 4.25 percent; For senior citizens – 4.75 percent

61 days to 90 days: For general public – 4.50%; For senior citizens – 5.00%

91 days to 184 days: For general public – 4.75 percent; For senior citizens – 5.25 percent

185 days to 270 days: For general public – 5.75 percent; For senior citizens – 6.25 percent

271 days to less than 1 year: For general public – 6.00%; For senior citizens – 6.50%

Less than one year to 15 months: 6.70 percent; For senior citizens – 7.20 percent

15 months to less than 18 months: For general public – 7.25 per cent; For senior citizens – 7.80 per cent (ICICI Bank is offering the highest interest on this FD)

18 months to 2 years: For general public – 7.25 percent; For senior citizens – 7.75 percent

2 years 1 day to 5 years: For general public – 7.00 percent; For senior citizens – 7.50 percent

5 years 1 day to 10 years: For general public – 6.90 per cent; For senior citizens – 7.40 per cent.

5 year tax saving FD: 7 per cent; For senior citizens – 7.50 per cent.

( Note: These FD rates are taken from the bank’s website. )

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There will be holidays for these many days in these states

• 10 October– Durga Puja/Dussehra (Maha Saptami)— Banks are closed in Tripura, Assam, Nagaland, Bengal.
• 11 October-Dussehra (Mahastami/Mahanavami)/Ayudha Puja/Durga Puja (Dassain)/Durga Ashtami- Banks are closed in Tripura, Karnataka, Odisha, Tamil Nadu, Assam, Sikkim, Arunachal Pradesh, Manipur, Nagaland, Bengal, Bihar, Jharkhand, Meghalaya.
• 12 October- Dussehra/Dussehra (Mahanavami/Vijayadashami)/Durga Puja (Dassain)- Banks are closed in all states like Saturday of the month.
• 14 October- Durga Puja (Dassain)- Banks are closed in Sikkim.
• 16 October- Lakshmi Puja- Banks will remain closed in Tripura and Bengal.
• 17 October- Maharishi Valmiki Jayanti/Kati Bihu- Banks will remain closed in Karnataka, Assam, Himachal Pradesh.

Diwali holidays will come again

26 October- Merger Day- Banks will remain closed in Jammu and Srinagar.
Diwali (Deepawali)/Kali Puja/Sardar Vallabhbhai Patel’s Birthday/Narak Chaturdashi- Banks will remain closed in most states except Tripura, Maharashtra, Uttarakhand, Sikkim, Manipur, Meghalaya.

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The post Public Holiday: Holiday declared from 11 to 14 and then 16-17 October, know the reason first appeared on Rightsofemployees.com.

Banks will remain closed for a total of 12 days in October

October includes major festivals like Gandhi Jayanti, Navratri, Dussehra, Karva Chauth, Dhanteras, Diwali. Also, like every month, the second and fourth Saturdays and four Sundays will also be counted as holidays. Let’s take a look at the complete list of bank holidays for October:

Full List of Bank Holidays in October 2024

October 2 (Monday) : Banks will remain closed on the occasion of Gandhi Jayanti.

October 3 (Thursday) : Banks will remain closed due to the beginning of Shardiya Navratri and Maharaja Agrasen Jayanti.

6 October (Sunday) : Weekly holiday.

October 10 (Thursday) : Banks holiday on the occasion of Maha Saptami.

October 11 (Friday) : Holiday on the occasion of Mahanavami.

October 12 (Saturday) : Ayudha Puja, Dussehra, and second Saturday – holiday for all three reasons.

13 October (Sunday) : Weekly holiday.

October 17 (Thursday) : Banks will remain closed on account of Kati Bihu (Assam) and Pragat Divas (Valmiki Jayanti).

Also Read: Public Holiday Alert: Banks and schools will be closed for four days from September 20, know the full details of the holidays

20 October (Sunday) : Weekly holiday.

26 October (Saturday) : Holiday on Accession Day (Jammu & Kashmir) and fourth Saturday.

27 October (Sunday) : Weekly Holiday.

October 31 (Thursday) : Bank holiday on account of Narak Chaturdashi, Sardar Vallabhbhai Patel’s birthday and Diwali.

Apart from this, talking about schools, there will be a total of 9 days of public holidays in October 2024 due to festivals and important occasions.

Gandhi Jayanti (October 2, Wednesday):

Mahatma Gandhi’s birthday is celebrated on October 2. This day is one of the three national holidays in India, and banks, schools, colleges, government and private offices remain closed on this day. October 2 is also celebrated as International Day of Non-Violence, which reflects the global recognition of Gandhiji’s non-violent resistance.

Mahanavami (11 October, Friday):

The ninth day of Navratri, called Mahanavami, is celebrated with great pomp across the country. Schools, banks and most offices are closed on this day.

Dussehra (October 12, Saturday):

Dussehra will fall on October 12 in 2024. This festival symbolizes the victory of good over evil. On this day, effigies of Ravana, Kumbhakarna and Meghnath are burnt. Schools, colleges, banks, and other offices are closed for a holiday on the occasion of Dussehra.

Diwali (October 31, Thursday):

This year Diwali will be celebrated on October 31. Most places give a two-day holiday for Diwali. According to Hindu belief, on this day Lord Rama returned to Ayodhya after completing 14 years of exile, and lamps were lit to welcome him.

Apart from these major holidays in October, there will be holidays on Sundays and other occasions as well. Keeping these public holidays in mind, complete all your important work on time.

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The post October Holiday Alert! Bank, school holiday list released in October 2024, 12 days bank and 9 days school first appeared on Rightsofemployees.com.

Many times it happens that you have many credit cards. In such a situation, if you close some of your cards, then your expenses can be reduced. But if the bank is reluctant to close the card, then you should know this rule of RBI. Actually, a rule of RBI says that if a bank delays in closing the credit card, then it will have to pay a fine of Rs 500 per day to the users.

What does the RBI rule say?

According to the rules of the Reserve Bank of India, if a customer puts a request to close the credit card, then it is necessary to start the process within 7 days. If the bank or institution issuing the card is unable to do so, then after a period of 7 days, a penalty of Rs 500 per day is imposed on it and this amount has to be paid to the customer. However, one thing is important to note that there should not be any outstanding on your credit card. This rule was introduced by RBI in the year 2022.

Also Read: FD Rate: Senior citizens are getting interest up to 9.5%, see the complete list here

Credit card can be closed in just five steps.

Closing the credit card is not a difficult process. You can close the credit card very easily.

1. Before closing any credit card, you have to pay its dues. The credit card will not be closed until the dues are paid. 
2. Many people do not redeem reward points before closing the credit card. You have earned these points by spending. In such a situation, it is your right to redeem them. 
3. Many times people put standing instructions for some recurring payments on their credit cards, like insurance premium, OTT monthly charge or something else. Clear it completely before closing it. 
4. Now you have to call the bank and tell them that you want to close the credit card. After this, they will ask for the details, after which the process will be started. 
5. After this, when your card gets blocked, cut it so that no information reaches the wrong hands. 

The post Bank is not closing your credit card? You will get 500 rupees every day, just know these rules first appeared on Rightsofemployees.com.

The Central Reserve Bank has imposed a fine on a bank and 2 finance companies. The Reserve Bank said on Friday that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating its instructions including Know Your Customer. Apart from this, action has also been taken against Poonawala Fincorp and Hinduja Leyland Finance.

Bank of Maharashtra fined

The Reserve Bank said that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating various guidelines including its KYC. RBI said that it has imposed a fine of Rs 1.27 crore on BOM in an order dated August 8, 2024. This fine was imposed for non-compliance of some RBI guidelines on ‘Credit System for Bank Loan Delivery’, ‘Cyber ​​Security Framework in Banks’ and ‘Know Your Customer’.

Also Read: Bank: There is a limit on withdrawing cash from the bank, know this rule now

Apart from this, the Reserve Bank has imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance of some provisions of KYC Guidelines, 2016. The central bank has imposed a fine of Rs 10 lakh on Poonawala Fincorp Limited. According to the statement, this action has been taken due to lack of regulatory compliance, and it is not related to the validity of any transaction with the customers.

Reserve Bank tightened the rules

The Reserve Bank tightened the norms for ‘Non-Banking Financial Company – Peer to Peer Lending Platform’ (NBFC – P2P Lending Platform) to improve transparency and compliance. P2P lending platforms connect borrowers directly to lenders without intermediary of banks or financial institutions. According to the revised master direction of RBI, P2P platforms should not promote lending as an investment product. They should not have features like assured minimum returns, cash option.

It also said that NBFC-P2P lending platforms should not entice customers to sell any insurance product that includes features such as credit enhancement or credit guarantee. The central bank also said that no loan should be issued unless the lender and borrower are matched as per the board-approved policy.

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There is a limit for withdrawing cash from the ATM, like in some ATMs the limit is 40 thousand and in some ATMs the limit is 50 thousand. Similarly, do you know that there are some rules for withdrawing cash from the bank as well? But let us know.

It is important to know the rules for withdrawing cash

We always go to the bank to withdraw more cash than the ATM limit. But there are rules for withdrawing cash from the bank. If you want to withdraw more cash, you will have to wait for the next day. It is important for you to know the rules for withdrawing cash from the bank. For example, if you want to withdraw more than Rs 20 lakh or if you have not filed ITR for three years, you will have to pay TDS.

Also Read: Banks will be open in these states on Monday 19th August on the occasion of Rakshabandhan

This way you can get relief

If you withdraw more than 20 lakh rupees, you will have to pay 2 percent TDS. On the other hand, if you withdraw one crore rupees from the bank, you will have to pay 5 percent TDS. However, if you have filed your ITR, then you do not need to worry. You will not face any problem, you can withdraw cash without TDS. If we talk about the limit, then in some banks the limit of cash withdrawal is one lakh rupees and in some banks it is five lakh rupees.

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The bank gives home loans to eligible people and takes interest from them in return. If you also have a home loan running or about to end or you are getting it closed before time etc. In such a situation, it becomes important for you to know which are the two documents that you should take while getting the loan closed. If you do not do this, then you can definitely get into trouble later.

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• If you have received the NOC, then your work does not end here because you have to check the information given in it carefully. Check that the date of loan closure, your full name, bank account details, loan details and complete property details are correct. If this is not the case, then contact the bank and get the correct NOC made.

• After closing the loan, you have to get an encumbrance certificate from the registrar’s office. Actually, this is a document which shows that there is no liability on your property. It is also important to have this document with you because you need it while selling the property.

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However, the risk of investing in Small Finance Bank is slightly higher than normal banks. Whereas in terms of returns, Small Finance Banks (SFB) offer much higher interest than normal banks. At present, some Small Finance Banks are offering up to 9.60 percent interest to their customers on FD. Let us know about 10 such Small Finance Banks which are offering the highest interest to their customers on investing in FD.

The highest interest rate available here is 9.60%

Suryodaya Small Finance Bank is offering 9.10 percent interest to its general customers on 5-year FDs and up to 9.60 percent interest to its senior citizen customers. While Unity Small Finance Bank is offering 9 percent interest to its general customers on 101-day FDs and 9.50 percent interest to senior citizen customers. Apart from this, Fincare Small Finance Bank is offering 8.51 percent interest to its general customers on 1000-day FDs and 9.1 percent interest to senior citizen customers.

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On the other hand, Equitas Small Finance Bank is offering 8.50 percent interest to its general customers on 888-day FDs and 9 percent interest to senior citizen customers. At the same time, ESAF Small Finance Bank is offering 8.50 percent interest to its general customers on FDs ranging from 2 years to less than 3 years and 9 percent interest to senior citizen customers.

Here you are getting 9% interest on FD

On the other hand, Jana Small Finance Bank is giving 8.50 percent interest to its general customers and 9 percent interest to senior citizen customers on FDs of 500 days. While Utkarsh Small Finance Bank is giving 8.25 percent interest to its general customers and 8.85 percent interest to senior citizen customers on FDs of 1000 to 1500 days. Apart from this, Ujjivan Small Finance Bank is giving 8.25 percent interest to its general customers and 8.75 percent interest to senior citizen customers on FDs of 560 days.

While Shivalik Small Finance Bank is giving 8.15 percent interest to general customers and 8.65 percent interest to senior citizen customers on FDs of 24 months to 36 months. On the other hand, Au Small Finance Bank is giving 7.75 percent interest to its general customers on FDs of 24 months 1 day to 36 months, while it is giving 8.25 percent interest to its senior citizen customers.

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The country’s central bank, the Reserve Bank of India, on Wednesday cancelled the license of The City Co-operative Bank, Maharashtra, due to lack of adequate capital and earning prospects. The Reserve Bank said that the Cooperative Commissioner of Maharashtra and the Registrar of Cooperative Societies have been asked to issue an order to close the bank and appoint a liquidator. According to the news of Bhasha, according to the Reserve Bank, the cooperative bank has closed the bank operation from the end of business hours on June 19, 2024.

87 percent of depositors are entitled to receive the full amount of deposits

According to the news, every depositor will be entitled to receive the deposit insurance claim amount of his deposits up to the monetary limit of only Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

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The Reserve Bank said that according to the bank’s data, about 87 percent of the depositors are entitled to receive the full amount of their deposits from DICGC. DICGC has already paid Rs 230.99 crore out of the total insured deposits based on the wishes received from the respective depositors of the bank till June 14, 2024.

Banned from doing banking business

The Reserve Bank said the Mumbai-based cooperative bank does not have adequate capital and earning prospects. It said that with its current financial position, the bank would be unable to pay its depositors in full. It said that if it is allowed to continue its banking activities further, it would adversely affect public interest. As a result of the cancellation of its license, City Co-operative Bank has been banned from carrying on the business of a bank, which, among other things, includes accepting deposits and repayment of deposits. Earlier, RBI had cancelled the license of another bank.

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This bank will no longer be able to carry out any banking operations. This has been said in a report by GoodReturns. The Reserve Bank has imposed a fine of Rs 96.40 lakh on Sonali Bank PLC. This penalty has been imposed on the bank for not following KYC Directions 2016 and some norms.

Penalty of Rs 1.45 crore on Central Bank of India

The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.45 crore on Central Bank of India. The Central Bank has said that this fine has been imposed due to non-compliance of some guidelines given by RBI. These directions are related to loans and advances and customer protection.

The Reserve Bank had conducted a statutory inquiry for the Supervisory Evaluation (ISE 2022) of Central Bank of India regarding its financial position as of March 31, 2022. RBI issued a notice to Central Bank of India asking it to explain why it should not be fined for failing to follow the guidelines? After considering the bank’s reply, RBI found that the charges against the bank are correct.

Bank shares rose more than 137% in 1 year

Shares of Central Bank of India have climbed more than 137 percent in the last one year. The shares of the bank were at Rs 27.52 on 19 June 2023. Shares of Central Bank of India have reached Rs 65.41 on 14 June 2024. In the last 2 years, the shares of Central Bank of India have seen a rapid rise of 288 percent. During this period, the shares of the bank have crossed Rs 65 from Rs 16. So far this year, the shares of the bank have jumped by about 30 percent. The 52-week high level of the shares of the bank is Rs 76.85. At the same time, the 52-week low level of the shares of the bank is Rs 26.53.

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Due to good performance in the financial year 24, Cosmos Co-operative Bank has decided to give 1 month salary as bonus to its employees. This will benefit 2800 employees of the bank. The bank did a business of Rs 35408 crore till 31 March 2024. This is 15.16 percent more than last year. The bank’s deposit has increased by Rs 2587 crore to Rs 20216 crore.

The bank has a net profit of Rs 384 crore in FY24. In the previous financial year, it was Rs 181 crore. According to TOI, the bank’s chairman Milind Kale has said, “5-6 years ago when the bank was attacked by cyber attack, the morale of the employees was badly hurt. Despite this, the employees handled the operations of the bank. The bank has now come out of difficult circumstances. To honor the efforts of the employees, the board of the bank has decided to give bonuses.”

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New loan products

The bank is issuing new loan products. The bank is coming up with loan options of Rs 20,000-50,000 with repayment tenure of 18-24 months. Apart from this, the bank is planning to invest in technology. The net NPA of the bank was 1.54 percent till March 31. The bank had acquired Sahebrao Deshmukh Co-operative Bank and Maratha Sahakari Bank, despite this, bad loans were kept under control.

No new mergers

The bank has said that it does not plan to do any more mergers at the moment. The bank already has 170 branches. The bank is now working on increasing deposits from Gujarat and South India.

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DCB Bank

DCB Bank has revised its FD interest rates for amounts less than Rs 2 crore. According to the DCB Bank website, the new rates are effective from May 22, 2024. The bank is offering the highest FD interest rate of 8 per cent to general customers and 8.55 per cent to senior citizens after the revision for the period of 19 months to 20 months.

IDFC FIRST Bank

IDFC First Bank has revised FD interest rates on amounts less than Rs 2 crore. The new rates are effective from May 15, 2024. After the change, the bank currently offers interest rates ranging from 3 per cent to 7.90 per cent for general citizens on deposits maturing in 7 days to 10 years. The bank offers 0.50 per cent additional interest to senior citizens. The bank offers interest rates ranging from 3.50 per cent to 8.40 per cent to senior citizens. The highest interest rate of 8 per cent is offered to general citizens and 8.40 per cent to senior citizens on a period of 500 days.

State Bank Of India

SBI has increased its FD interest rates on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore) for a certain period. According to the SBI website, the new FD rates are effective from May 15, 2024.

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Utkarsh Small Finance Bank

Utkarsh Small Finance Bank has revised its FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 1, 2024. After the revision, the bank is offering interest rates between 4 per cent to 8.50 per cent for general citizens while for senior citizens, the bank offers interest rates between 4.60 per cent to 9.10 per cent. The highest interest rate of 8.50 per cent is being offered to general citizens and 9.10 per cent to senior citizens for a period of 2 years to 3 years.

RBL Bank

RBL Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 1, 2024. RBL Bank offers the highest interest rate of 8 per cent on FDs maturing between 18 and 24 months. Senior citizens on the same FD tenure will earn an additional 0.50 per cent i.e. 8.50 per cent interest rate and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75 per cent i.e. 8.75 per cent.

Capital Small Finance Bank

Capital Small Finance Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 6, 2024. The bank is offering interest rates between 3.5 per cent to 7.55 per cent to general citizens. The bank is offering interest rates between 4 per cent to 8.05 per cent for senior citizens. The highest interest rate is being offered for a period of 400 days.

City Union Bank

City Union Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank is offering interest rates between 5 per cent to 7.25 per cent for general citizens and 5 per cent to 7.75 per cent for senior citizens. The highest interest rate of 7.25 per cent to general citizens and 7.75 per cent to senior citizens is being offered for a period of 400 days.

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Bank Transaction: If you are confident of withdrawing the money lying in your bank account anytime. So wait a bit. You will have to plan your withdrawal of money carefully again so that you avoid paying unnecessary taxes.

For this you should know how much amount can be withdrawn in a year without paying tax. The rule of paying fees for withdrawing money more than the prescribed limit is not only applicable to ATM transactions, but a similar rule is also applicable for withdrawing money from the bank.

How much cash can be withdrawn

People feel that they can withdraw as much cash as they want from their bank account for free. But, under Section 194N of the Income Tax Act, if a person withdraws more than Rs 20 lakh in a financial year, he will have to pay TDS. However, this rule is only for those people who have not filed Income Tax Return (ITR) for 3 consecutive years. Such people will have to pay TDS if they withdraw more than Rs 20 lakh from any bank, cooperative or post office.

Relief to those filing income tax returns

However, those filing ITR get more relief under this rule. Such customers can withdraw cash up to Rs 1 crore in a financial year from the bank, post office or co-operative bank account without paying TDS.

How much TDS will have to be paid?

Under this rule, if you withdraw more than Rs 1 crore from your bank account, TDS will be deducted at the rate of 2 percent. If you have not filed ITR continuously for the last three years, then you will have to pay 2 percent TDS on cash withdrawal of more than Rs 20 lakh and 5 percent TDS on withdrawal of more than Rs 1 crore.

There is already a charge on ATM transactions

Banks charge a fee for withdrawing money from ATM more than the prescribed limit. RBI had increased the service charge for withdrawing cash from ATM from January 1, 2022. Now banks are charging Rs 21 for transactions exceeding the prescribed limit. Earlier one had to pay Rs 20 for this.

Most banks offer five free transactions every month from their ATMs. Apart from this, three transactions are also free from ATMs of other banks. However, in metro cities, you can withdraw money only three times for free from your own bank.

Post Office Scheme: Become a ‘Lakhpati’ by investing in this scheme of Post Office, start investing with just Rs 500

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In the coming days, if you want to settle any bank related work, then settle it immediately. This is because there are a lot of bank holidays in the coming days. In such a situation, many of your works may get stuck.

For information, let us tell you that according to the list of holidays of the Reserve Bank of India (RBI), banks are going to be closed for 7 days in the coming days (Bank Holidays in May 2024).

In such a situation, you should complete any work related to the bank immediately. These holidays include national and regional holidays as well as Sundays, second and fourth Saturdays. Here we are going to give you the complete list of bank holidays…..

Know when banks will remain closed

• 10 May – Basava Jayanti/Akshaya Tritiya – Bank closed in Karnataka.
• 13 May – Lok Sabha General Election 2024 (Tuesday) – Banks closed in Srinagar.
• 16 May – State Day (Thursday) – Banks closed in Sikkim.
• 20 May – Lok Sabha General Election 2024 (Monday) – Bank closed in Maharashtra.
• May 23 – Buddha Purnima (Thursday) – Banks closed in Tripura, Mizoram, Madhya Pradesh, Chandigarh, Uttar Pradesh, Arunachal Pradesh, Jammu, Lucknow, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, Srinagar.
• 25 May – Nazrul Jayanti/Lok Sabha General Election 2024 (4th Saturday) – Bank closed in Tripura, Odisha.
• 26 May – Banks will remain closed due to Sunday.

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SBI: State Bank of India (SBI) has shocked crores of its customers. The annual maintenance charge of some debit cards of SBI has been increased. Till now SBI Bank customers are paying Rs 75 annually for the maintenance of debit card. Now these rates will be revised from April 1, 2024. The bank has increased the maintenance charges on most of its debit cards.

Bank card issuance charges vary depending on the type of card. Ranging from 0 for Classic, Silver, Global and Contactless Debit Cards to ₹300/+ plus GST for Platinum Debit Cards.

Apart from this, customers will have to pay charges for services like re-making of debit card (₹300/+ plus GST), resetting of duplicate PIN/PIN (₹50/+ plus GST) and international transactions.

International transaction charges include ₹25/+ plus GST for checking balance amount at ATM, minimum ₹100/- plus 3.5% of transaction amount for ATM cash withdrawal and 3% of transaction amount plus GST for Point of Sale . The bank charges 18 percent GST.

These are the revised charges

New Tax Regime: In these ways you can also avail tax exemption in the new tax regime, see details here

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Bank Holidays in April 2024: Only a few days are left for March to end. After this, April will start. Reserve Bank of India has released the list of bank holidays in April (Bank Holiday in April 2024). According to which, banks will remain closed for 14 days in April. In such a situation, if you have bank related work in April, then note down the list of holidays. So that you do not face any kind of problem.

Banks will remain closed for 16 days

According to the Reserve Bank of India, there will be work only for 16 days in April. Banks will remain closed for a total of 14 days in April due to national and regional holidays. At the same time, due to closing of bank accounts at the end of the financial year in April, there will be a bank holiday on April 1, the beginning of the month. Apart from this, due to Eid, there is a holiday on 10th April in many places and 11th April in many states.

You can check the list of holidays by going to this link

List of holidays in the month of April (Bank Holiday in April 2024)

1 April 2024- Due to closing of accounts of banks at the end of the financial year, Agartala, Ahmedabad, Belapur, Bengaluru, Bhopal, Bhubaneswar, Chennai, Dehradun, Guwahati, Hyderabad – Andhra Pradesh and Telangana, Imphal, Itanagar, Jaipur, Jammu, Kanpur. There will be a bank holiday on April 1 in Kochi, Kohima, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Srinagar and Thiruvananthapuram.

5 April 2024- Banks will remain closed on this day in Hyderabad – Telangana, Jammu and Srinagar due to Babu Jagjivan Ram’s birthday and Jumat-ul-Vida.

7 April 2024- Sunday, banks will remain closed across the country.

9 April 2024- Banks will remain closed in Belapur, Bengaluru, Chennai, Hyderabad, Imphal, Jammu, Mumbai, Nagpur, Panaji and Srinagar due to Gudi Padwa / Ugadi Festival / Telugu New Year and first Navratri.

10 April 2024- Banks will remain closed in Kochi and Kerala due to Eid.

11 April 2024- Banks will remain closed across the country due to Eid.

13 April 2024- Banks will remain closed across the country due to the second Saturday of the month.

14 April 2024- Banks will remain closed across the country due to Sunday.

15 April 2024- Banks will remain closed in Guwahati and Shimla due to Himachal Day.

17 April 2024- Banks will remain closed in Ahmedabad, Belapur, Bhopal, Bhubaneswar, Chandigarh, Dehradun, Gangtok, Hyderabad, Jaipur, Kanpur, Lucknow, Patna, Ranchi, Shimla, Mumbai and Nagpur on the festival of Shri Ram Navami.

20 April 2024- There will be a bank holiday in Agartala due to Garia Puja.

21 April 2024- Banks will remain closed across the country due to Sunday.

27 April 2024- Banks will remain closed across the country due to the fourth Saturday.

28 April 2024- Banks will remain closed across the country due to Sunday.

Online services will continue when banks are closed

Many important works cannot be done when banks are closed. In such a situation, you can do bank related work sitting at home through mobile or net banking. You can use ATM to withdraw cash. Apart from this, you can also make digital payment through credit card and debit card.

Bank Personal loan : Cheapest personal loan available in these 10 banks, check interest rate and charges

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This scheme of the government is very popular across the country. Its name is Public Provident Fund. At present, by investing in this scheme, you are getting an excellent interest rate of 7.1 percent. Money invested in Public Provident Fund matures in 15 years. If you also want to collect more than Rs 9 lakh by investing Rs 3,000 in Public Provident Fund. In such a situation, let us understand this entire mathematics of investment in detail –

For this, first of all you have to go to your nearest bank or post office and open a PPF account. After opening the account, you have to save Rs 3,000 every month and invest Rs 36,000 annually in PPF.

If calculated on the basis of current interest rate of 7.1 percent, then at the time of maturity after 15 years, you will have around Rs 9,76,370. During this period you will have to invest a total of Rs 5,40,000.

You will get a total of Rs 4,36,370 as interest on your investment. In such a situation, you will get around Rs 9,76,370 at the time of maturity. With the money you receive at the time of maturity, you can fulfill important purposes related to your future.

You have to invest a minimum of Rs 500 in PPF. You can invest a maximum of Rs 1.5 lakh annually in this scheme. After maturity of 15 years, you can extend your investment period for another 5 years.

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Candidates having eighth pass or its equivalent qualification can apply for these recruitments. The special thing is that there is no concession or importance in the service of the bank for higher qualification. The application process can be done in online mode through the official website of Central Bank of India, centralbankofindia.co.in.

Let us tell you that the objective of this recruitment drive of Central Bank of India is to fill 484 Safai Karmachari cum Sub-Employee and/or Sub-Employee posts. This recruitment process is going to close today i.e. on 9th January. In such a situation, candidates willing and eligible to apply should register as soon as possible today. The age limit for application has been fixed at 18 to 26 years.

Application Fee

The application fee for Central Bank of India Recruitment 2024 has been set at ₹850 for all candidates. Whereas the application fee for SC/ST/PWBD/EXSM candidates has been fixed at ₹175.

Selection Process:

Selection of the applied candidates will be completely based on merit. The candidates who are finally selected will be given reservation as per the reservation policy and rules of the Government of India. The candidate will have to appear in an online examination conducted by IBPS and a local language examination conducted by the bank.

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RBI has canceled the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited located in Ichalkaranji, Kolhapur. This step has been taken by the Central Bank because the bank does not have sufficient capital and earning potential.

In a statement from RBI, it was said that ‘The bank has stopped banking operations from the close of business on December 4, 2023.’ According to the data filed by the bank, 99.85 percent of the bank’s depositors are entitled to get the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). While canceling the license of the bank, RBI said, ‘The bank does not have sufficient capital and earning potential. The co-operative bank with its current financial position will be unable to make full payments to its current depositors.

99.85 percent depositors will be able to get the entire deposit amount.

The Reserve Bank said that if the United India Co-operative Bank is allowed to carry forward its banking business, then public interest will be adversely affected. The bank with its current financial position will be unable to make full payments to its current depositors.

Let us tell you that under DICGC rules, every depositor of the bank will be entitled to receive the deposit insurance claim amount of his deposits up to the monetary limit of Rs 5 lakh. According to the data presented by the bank, 99.85 percent depositors are entitled to receive their entire deposit amount.

It was also informed by RBI that till July 24, DICGC has already paid the total insured deposits of Rs 41.60 crore under the provisions of Section 18A of the DICGC Act, 1961, based on the wishes of the respective depositors of the bank. Earlier, the Reserve Bank had imposed fine on four cooperative banks for not following the rules.

These co-operative banks are Jijamata Mahila Co-operative Bank Limited, Shri Lakshmikripa Urban Co-operative Bank Limited, The Konark Urban Co-operative Bank Limited and The Chembur Nagarik Co-operative Bank Limited.

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Those candidates who, despite being interested and eligible, have not been able to apply till now due to some reason, should fill the form as soon as possible. The last date to apply for these vacancies is 27 November 2023.A total of 42 posts will be filled through this recruitment drive. These posts are of Deputy Manager (Security)/ Manager (Security).

One can apply for these vacancies only online. To do this you will have to go to the official website of State Bank of India, sbi.co.in. Go to their career page. The good thing about these vacancies is that candidates who have graduated from a recognized university can apply for them. Age limit is 25 to 40 years.

There will be no need to give any kind of examination for selection on these posts. Selection will be based on interview. On the basis of applications, candidates will be called for interview. If selected, the salary is good. The salary for the post of Deputy Manager is Rs 48 thousand to Rs 69 thousand. The salary for the post of manager is around 63 thousand to 78 thousand.

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According to the website of Jammu and Kashmir Bank, the new interest rates have come into effect from November 11, 2023. According to the information, the interest rate of 555 days special FD has been increased by 0.40 percent by the bank. Now 7.50 percent interest is being given on this FD. At the same time, interest on special FD of 222 days is 6.3 percent and on special FD of 333 days, interest is 6.6 percent. Let us tell you, you can start FD in Jammu and Kashmir Bank with an investment of Rs 100. 

Interest rates on FD less than Rs 2 crore in Jammu and Kashmir Bank

• 7 days to 30 days 3.50%
• 31 days to 45 days 3.50%
• 46 days to 90 days 4.6%
• 91 days to 180 days 4.75%
• 181 days to 221 days 5.6%
• Up to 222 days* 6.3%
• 223 days to less than 270 days 5.6%
• 271 days to 332 less than 6%
• Up to 333 days* 6.6%
• 334 days to less than 1 year 6%
• From 1 year to less than 554 days 7.1%
• 7.50% up to 555 days 
• Less than 2 years up to 556 days 7.10%
• 2 years to less than 3 years 7%
• 3 years to less than 5 years 6.5%
• From 5 years to less than 10 years 6.5%    

The bank is giving additional interest of 0.50 percent to citizens above 60 years of age. 

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The Reserve Bank on Thursday tightened personal loan rules for banks and non-banking financial companies (NBFCs). According to the revised criteria, the risk weights of financial institutions have been increased by 25 percentage points. It is believed that due to this move of the Central Bank, taking a personal loan may become expensive in the future.

This change will not apply to certain consumer loans including housing, education and vehicle loans. Apart from this, these rules will also not apply to loans secured by gold and gold jewellery. These loans will continue to have 100 percent risk weight. Higher risk weight means banks have to set aside more money as a buffer when it comes to unsecured personal loans. In simple terms, a high risk load restricts the lending capacity of banks.

RBI Governor advised banks and NBFCs to reduce risks

Recently RBI Governor Shaktikanta Das had flagged the high growth in certain components of consumer credit and asked banks and non-banking financial companies (NBFCs) to strengthen their internal monitoring mechanisms, mitigate risks and take appropriate safeguards in their own interest. Advice was given to establish the solution.

The RBI Governor also underlined the high growth seen in consumer credit and the increasing dependence of NBFCs on bank lending during his interactions with MDs/CEOs of major banks and large NBFCs in July and August. The Reserve Bank said in a circular, ‘After review, it has been decided to increase the risk weight by 25 per cent to 125 per cent in respect of consumer loans of commercial banks (outstanding and new) including personal loans but housing loans, education loans, This change will not be applicable to vehicle loans and loans secured by gold and gold jewellery.

The central bank has increased the risk weight on credit receipts for banks and NBFCs by 25 percentage points to 150 per cent and 125 per cent respectively. Fears are being expressed that due to this move of the Central Bank, personal loans of banks and NBFCs may become more expensive.

RBI bulletin said – Inflation has come down but the challenge is not over yet.
The Reserve Bank of India’s bulletin on Thursday said that retail inflation has moderated due to monetary policy steps and supply-side interventions, but the challenges are not over yet and we have miles to go. An article on the state of the economy in the November Bulletin also said the global economy is showing signs of slowing in the current quarter as manufacturing slows, while services sector activity has reached the end of its post-pandemic expansion .

The report said that tightening of financial conditions is a significant risk to the global outlook in the coming period. “The pace of change in GDP in India is expected to be higher on a quarterly basis in Q3:2023-24,” said the article written by a team led by RBI Deputy Governor Michael Debabrata Patra.

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If you are fed up with the huge fluctuations in the stock market, then you can invest your money in bank FD. Many banks are offering good returns at this time. Some small finance banks are even offering 9 percent and above returns (FD Interest Rate). Small finance banks are offering the highest interest rates among all bank categories.

If we talk about private sector, DCB Bank is offering the highest FD rates. At the same time, among government banks, Punjab and Sindh Bank is giving the highest returns on FD. Senior citizens generally get an additional interest rate of 0.50% or more over the normal FD rates. Let us know about some such banks which are offering very good FD interest rates.

Unity Small Finance Bank

For general customers, this bank is offering interest rates between 4.5% to 9% on FDs maturing in seven days to ten years. Senior citizens are getting interest rates ranging from 4.5% to 9.5% on FDs maturing in seven days to ten years. The new rates are applicable from 9 October 2023. The highest interest rate of 9% is being offered on FDs with a tenure of 1001 days.

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If you also have any bank related work, then check the list of holidays before that. Now this week banks will open only for two days on Wednesday and Thursday. Banks will remain locked from 10th to 15th. In such a situation, if you have any work then complete it in these 2 days only.

State holidays are also included in the list of bank holidays released by the Reserve Bank. Let us check on which days banks will remain closed this time in the month of November.

Bank Holidays List on Diwali

>> 10 November – Banks will remain closed in Shillong due to Govardhan Puja/Lakshmi Puja/Deepawali/Diwali.
>> 11 November – Banks will remain closed due to second Saturday.
>> November 12 – Banks across the country will remain closed on Sunday.
>> 13 November – Due to Govardhan Puja/Lakshmi Puja/Deepawali/Diwali, there will be holiday in banks in Agartala, Dehradun, Gangtok, Imphal, Jaipur, Kanpur, Lucknow.
>> 14 November – There will be holiday in banks in Ahmedabad, Belapur, Bengaluru, Gangtok, Mumbai, Nagpur due to Diwali (Bali Pratipada) / Vikram Samvat New Year / Lakshmi Puja.
>> 15 November – Banks will remain closed in Gangtok, Imphal, Kanpur, Kolkata, Lucknow and Shimla due to Bhai Dooj/Chitragupta Jayanti/Lakshmi Puja/Ningal Chakkuba/Bhratri Dwitiya.

Use online banking

Banks will remain closed in the month of November due to holidays and the bank has provided the facility that people can do their work sitting at home through mobile net banking, but in such a situation, you may face problems while withdrawing cash from the ATM. Therefore, arrange for cash before the holidays.

Check official link

For more information about bank holidays, you can also visit the official link of Reserve Bank of India https://rbi.org.in/Scripts/HolidayMatrixDisplay.aspx . Here you will get information about bank holidays of every state every month. 

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In the October-December quarter, the Post Office has increased the interest rate on RD to 6.7 percent. You can get information about where it would be better for you to invest your money in the bank or post office and which of these places can provide better interest and facilities.

What is recurring deposit?

RD is a kind of systematic saving plan, where you save every month and keep depositing your money for a few years. You get this money collected along with interest after the completion of the stipulated period of RD. Therefore this scheme is very much liked in middle class families.

How are RDs of bank and post office different?

The biggest difference between RD of bank and post office is the time period. While banks offer you to choose the tenure from 6 months to five years, the post office has RD only for five years.

What is the difference in interest rates?

If we look at the interest rates on RD, only a few private banks are ahead of the post office. Most banks give less interest on RD than post offices. Only HDFC Bank, ICICI Bank, Axis Bank, Canara Bank and Bank of Baroda (BOB) are offering higher interest. Their interest rates range from 6.75 percent to 7 percent.

Who can open RD account

To open an RD account, you must be a citizen of India. Even if your age is less than 10 years, this account can be opened with your guardian. RD can also be opened as a joint account.

With how much money can you start investing?

You can open this account in the post office with a minimum of Rs 100 per month. Maximum you can put any amount of money. Since RD account is backed by the Government of India, there is no risk in this scheme.

Banks have different schemes

However, the RD scheme of the bank is different from that of the post office. In this also you can start with Rs 100 per month. But, the thing to note is that your total deposit and interest on it should not exceed Rs 5 lakh. Only amounts up to Rs 5 lakh are covered under the deposit insurance program.

How to withdraw money before time is up

You can close RD account in post office only after completion of three years. However, in such a situation, you will get only the interest on the savings account. Apart from this, you can also take loan on RD account, on which the amount can be repaid in installments by paying 2% more interest. Since there is no lock-in period in most banks, it is quite easy to withdraw money before time. However, you may have to pay a fine.

Income tax on RD

You do not get tax benefits on RD account. Apart from this, the interest received on maturity is considered as income, hence you will have to pay TDS.

Where is it better to invest money, bank or post office?

Your RD account is safe both in bank and post office. However, compared to banks, the post office gives you more guarantee that your money is safe. But if we look at the simple rules for closing the account, the banks win. Therefore, you can take a decision keeping your needs in mind.

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This time is very special for senior citizens receiving pension because they will have to submit the life certificate in their bank. The government has given a date for this, before which people will have to submit their certificates, this date has been fixed from 1st October to 30th November. Let us tell you that Digital Life Certificate is a biometric based service.

In such a situation, if you do not want to stand in long queues and do not want to go to the bank or post office, then we have brought a method for you, with the help of which you can easily submit your digital life certificate. We are talking about door step banking. Let us know about it.

Door step banking

• Through SBI’s Door Step Banking, you can easily submit Digital Life Certificate from the comfort of your home.
• SBI’s website has revealed that if you want to avail this service then you will have to contact its nearest branch.

• It has been revealed in media reports that in this facility you are also given DSB app, web portal or toll free number.
• To avail this facility, you must have some important documents. This includes Aadhaar number, mobile number, linking of bank with Aadhaar, PPO number, pension account number, bank details.
• For this you will have to pay Rs 70 and GST charge. Let us tell you that some banks provide this facility for free.

How to register-

• For this, first download the Door Step Banking App.
• Then register by entering your mobile number and enter OTP.
• After this enter your name, pin code, email, password
• Now tick the term and condition
• After this enter your address and select time slot.
• Now the bank will send you an SMS, in which you will get the agent’s name, mobile number and service number.
• After which door step banking charge will be deducted and your certificate will be submitted.

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If you are doing a private job then you will be getting salary every month. Some people start spending lavishly as soon as they get their salary and then at the end of the month the entire account becomes empty.

After that, to meet the expenses one would have to take loan from someone or take help of credit card. Why does this happen, have you ever thought about this? Most of the people are not serious about this, because they think that they are getting salary every month, so why worry?

If you spend the entire salary in the same month and start counting the date of the next salary, then be careful, because when you have a job and are getting salary at the scheduled time every month, then you are not able to save anything.

If so, then how will we manage in the economic crisis? For example, if due to some reason you lose your job, and spend a few months searching for a new job, then how will your household expenses and other work be managed, because your bank account will remain empty.

Why is emergency fund necessary?

Actually, here we are talking about emergency fund, everyone should keep an emergency fund with them. Especially if you are doing a private job, then prepare your emergency fund on priority. Because this will become your biggest support in emergency. When you do not get your monthly salary, you will be able to use the emergency fund at that time.

If there is no emergency fund in such a situation, the problems will increase further. Because how will the monthly expenses be covered? If you live with your family and do a private job, then first of all keep your emergency fund in a separate account.

Now the question arises that how much emergency fund should there be, and how to prepare an emergency fund? Because someone’s income is Rs 20 thousand per month and someone earns Rs 1 lakh per month. Then how to prepare for emergency? Financial experts say that as soon as you start a job, the first thing you should do is create an emergency fund and use it only in emergencies.

According to the rules, there should be money equal to at least 100 days’ expenses as emergency fund. However, if the family is big and there is less stability in the job, then the expenses of 6 months should be in the emergency fund.

Emergency fund is necessary for everyone

For example, if someone’s salary is Rs 50 thousand per month, he should always keep at least Rs 1.5 lakh as emergency fund, which will be useful in case of trouble. Whereas if the monthly salary is Rs 1 lakh, then Rs 3-5 lakh should be kept in a separate bank account as emergency fund.

Try to keep this money in a savings account, so that you can withdraw it immediately if needed. Now you can decide for yourself that your emergency fund should be three times your salary. Keep this money in a separate account. It is not necessary to withdraw from this fund every month. Use this amount only in emergencies, like if you lose your job or fall ill suddenly. Apart from this, you can use this fund in whatever emergency happens.

Prepare emergency fund with this formula

Now let us tell you how to prepare an emergency fund? First of all, save 30 percent of your income. Out of which invest 15 percent, transfer the remaining 15 percent to an emergency fund account. This trend should continue till then. Until three times your salary is deposited in the emergency fund account. If there is a threat to the job, then the emergency fund should cover the expenses of up to 6 months.

Apart from this, efforts should be made to have a separate bank account for emergency fund, so that frequent transactions are not done. Once the emergency fund is ready, do not withdraw money from it for small needs. But if there is any emergency, then use this fund blindly and as soon as the situation becomes normal, then first prepare the emergency fund, so that it can be used in future. Another special thing is that emergency fund is not necessary only for family members, even if you are alone then keep emergency fund on the top of your priority list.

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Bank of Baroda has opened bob LITE Savings Account for customers as part of the “BOB Ke Sang Tyohaar Ki Umang” festive campaign.

This is a Zero Saving Account. This means that customers are freed from the hassle of maintaining the minimum balance in this account. Apart from this it will help in providing good banking experience to the customers.

Features of Bob Lite Zero Savings Account

In this, the customer gets a credit card along with RuPay Platinum Debit Card. Apart from this, many offers are being given in savings account. Bank of Baroda has tied up with many more brands like electronics, food, fashion, entertainment, lifestyle, grocery and health to provide offers to its customers. After this agreement, many offers and discounts are given to bank customers.

Let us tell you that Bank of Baroda’s ” festival with Bob ” festival will continue till December 31, 2023. The bank’s customers can conveniently avail the benefits of Reliance Digital, Croma, MakeMyTrip, Amazon, BookMyShow, Myntra, Swiggy, Zomato and other brands.

Features of Bob Lite Savings Account

• This is a zero saving account.
• Persons above 10 years of age can open this account.
• In this, the customer is given a lifetime free RuPay Platinum Debit Card.
• Apart from this, the customer is also given a free credit card.
• Many types of discounts and offers are given on Bank of Baroda debit and credit cards.
• The customer is also given the benefit of check book and pass book.

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Speaking on the occasion, Rajneesh Karnataka, Managing Director and CEO, Bank of India, said that the Bank is ready to expand its savings customer base with these newly upgraded savings accounts. It has been equipped with many great features. In such a situation, it becomes important for you to know what benefits you will get after these latest changes.

Now these benefits will be available in the savings accounts of Bank of India

After upgraded savings accounts of Bank of India, customers will be given accidental death insurance cover of up to Rs 1 crore 50 lakh. Apart from this, customers will also be able to get air accident insurance up to Rs 1 crore on savings accounts only. Platinum Savings Account holders will get the benefit of free locker facility.

Apart from this, International Debit cum ATM card will also be given. You will get the benefit of facilities like concessional interest rate on retail loan, discount on processing fees and limit of up to Rs 5 lakh on POS.

Bank of India also changed the interest rate of FD

Apart from this, Bank of India has also changed the interest rate of Fixed Deposit (FD). Now Bank of India is offering interest rates between 3% to 7.25% to common citizens on FDs maturing in seven days to ten years. According to the website of Bank of India, these rates are effective from October 1, 2023.

According to the information received from the Bank of India website, senior citizens will be offered 25 Bps extra interest in addition to 50 Bps for a tenure of 3 years or more on their FD of less than Rs 2 crore.

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Which bank’s license was cancelled?

Let us tell you that RBI canceled the banking license of Nashik District Girna Cooperative Bank Limited. The reason for this is that the bank does not have sufficient capital and earning potential. Information regarding this has been given by RBI.

Banking facilities closed

The Reserve Bank of India said in a statement that as a result of the cancellation of the license, the bank is prohibited from carrying on ‘banking’ business, which includes accepting deposits and repayment of deposits, with immediate effect.

There is a plan to close many more banks also

It also said that the Commissioner and Registrar of Cooperatives, Maharashtra has also been requested to issue an order to close the bank and appoint a liquidator for the bank. On liquidation, every depositor will be entitled to receive the deposit insurance claim amount of up to Rs five lakh of his deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI released figures

The Reserve Bank has said that according to the bank’s data, 99.92 percent of the depositors are entitled to receive the full amount of their deposits from DICGC.

Co-operative bank has no earning potential

DICGC has already paid Rs 16.27 crore out of the total insured deposits based on the willingness received from the respective depositors of the bank. The Reserve Bank said that the co-operative bank does not have adequate capital and earning prospects and has failed to comply with the provisions of the Banking Regulation Act, 1949.

The license of The Kapol Bank has also been cancelled.

Let us tell you that recently the Reserve Bank of India (RBI) has canceled the license of ‘The Kapol Co-operative Bank Limited’ of Mumbai. The central bank has said that the bank does not have sufficient capital and there is no earning potential, due to which RBI has taken this decision.

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Apart from this, if you are going to get your important work related to the bank done in the month of October. In this situation, you will know on which days the banks will remain closed in the month of October. One must know about it. There are bumper bank holidays in the coming month.

Banks are going to be closed for a total of 16 days in the month of October. These holidays will have a direct impact on your banking related work. According to RBI guidelines, there will be holidays for all banks on public holidays. There will also be some regional holidays depending on the states. In this series, let us know on which days the banks will remain closed in the month of October?

• 2 October 2023 – Monday Mahatma Gandhi Jayanti 
• 14 October 2023 – Saturday, Mahalaya 
• 18 October 2023 – Wednesday, Kati Bihu
• 21 October 2023 – Saturday, Durga Puja (Maha Saptami) 
• 23 October 2023 – Monday, Dussehra (Mahanavami)/Ayudha Puja/Durga Puja/Vijay Dashami
• 24 October 2023 – Tuesday, Dussehra/Dussehra (Vijayadashami)/Durga Puja 
• 25 October 2023 – Wednesday, Durga Puja (Dasain) 
• October 26, 2023 – Thursday, Durga Puja (Dasain)/Parigrahan Day 
• 27 October 2023 – Friday, Durga Puja (Dasain)
• 28 October 2023 – Saturday, Lakshmi Puja
• 31 October 2023 – Tuesday, birthday of Sardar Vallabhbhai Patel
• This time a total of 5 Sundays are falling in the month of October. There will be bank holidays on these five Sundays also

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The new interest rates of the bank have come into effect from September 1, 2023. The bank is offering 3.75 percent to 7.75 percent interest to general customers and 4.25 percent to 8.50 percent interest to senior citizens on Fixed Deposit for a period of 7 days to 120 months. DCB Bank is giving maximum interest of 8.50 percent to senior citizens.

The bank is now offering a maximum interest rate of 7.75 percent to general customers and 8.50 percent to senior citizens on FDs with tenure of 25 months and 37 months. The bank is giving 50 basis points i.e. 0.50 percent extra interest to senior citizens as compared to regular customers.

DCB Bank is giving this much interest on FD

The bank is now offering 3.75 percent interest on FDs with a period of 7 days to 45 days.

The bank is now offering 4.00 percent interest on FDs with a period of 46 days to 90 days.

The bank is now offering 4.75 percent interest on FDs with a tenure of less than 91 days to six months.

The bank is now offering 6.25 percent interest on FDs with a period of 6 months to 10 months.

The bank is now offering 6.90 percent interest on FDs with a period of 10 months to 12 months.

The bank is now offering 7.15 percent interest on FDs with a period of 12 months to 12 months and 10 days.

The bank is now offering 7.25 percent interest on FDs with a period of 12 months and 10 days.

The bank is now offering 7.15 percent interest on FDs with a period of 12 months 11 days to 18 months 5 days.

The bank is now offering 7.50 percent interest on FDs with a period of 18 months, six days to 700 days.

The bank is now offering 7.55 percent interest on FDs with a period of 700 days to 25 months.

The bank is now offering 7.75 percent interest on FD with a period of 25 months.

The bank is now offering 7.60 percent interest on FDs with a period of 25 months to 37 months.

The bank is now offering 7.75 percent interest on FD with a period of 37 months.

The bank is now offering 7.40 percent interest on FDs with a period of 37 months to 61 months.

The bank is now offering 7.65 percent interest on FD with a period of 61 months.

The bank is now offering 7.25 percent interest on FDs with a period of 61 months to 120 months.

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The interest rate has been increased by 25 basis points. The increased interest rate has come into effect from September 1. The interest rates on FDs with deposits between Rs 2 crore and Rs 10 crore which will mature in a period of 271 days to one year have been increased.

According to the information given by Punjab National Bank, now customers will get 6.75 percent interest on callable domestic term deposits, while non-callable domestic term deposits will get 6.80 percent interest annually. Similarly, customers will be given interest at the rate of 6.80 percent per annum on callable NRO term deposits.

Interest rates of PNB Uttam also increased.

Punjab National Bank has also increased the interest rates of its non-callable fixed deposit PNB Uttam. The bank will now pay 6.80 per cent interest annually on PNB Uttam FDs with deposits above Rs 15 lakh and maturing in 271 days to less than a year. The bank has also clarified that premature withdrawal will not be allowed in non-callable domestic fixed deposits of the bank.

Before the increase in interest rates, the interest rates on callable domestic term deposits and non-callable domestic term deposits were 6.50 percent and 6.55 percent per annum respectively. Similarly, earlier customers were getting 6.55 percent annual interest on callable NRO term deposits. Earlier the interest rate for PNB Uttam Scheme was 6.55 percent per annum. Punjab National Bank says that new and existing customers can take advantage of the increased interest rates.

Interest is available up to 7.25 percent.

Punjab National Bank is offering 3.50 percent to 7.25 percent annual interest on fixed deposits of less than Rs 2 crore. The bank offers FD for a period ranging from 7 days to 10 years. The bank is offering 6.75 percent interest on FDs maturing in one year with amount less than Rs 2 crore. Similarly, 7.25 percent interest is being given on FDs of more than one year and maturity in 444 days. Customers are being given 6.50 percent interest on FDs maturing above five and 10 years.

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Even in this race of rising inflation, many banks are giving interest of around 9% on FDs to their customers. Let us know about the top 10 such banks which give the highest interest to their customers on a fixed time period.

1. Bandhan Bank

Bandhan Bank is giving 8% interest on 600 days FD to its general customers while 8.50% interest to its senior citizen customers.

2. DCB Bank

DCB Bank is giving 8% interest on 36 months FD to its general customers while 8.50% interest to its senior citizen customers.

3. SVM Bank

SVM Bank is offering 8.25% interest to its general customers on FDs of more than 3 years 2 days and less than 5 years, while 8.75% interest to its senior citizen customers.

4. RBL Bank

RBL Bank is offering 7.50% interest to its general customers on FDs of 24 months to less than 36 months and 8% interest to its senior citizen customers.

5. IDFC First Bank

IDFC First Bank is offering 7.50% interest on FDs from 1 year 1 day to 550 days to its general customers and 8% to its senior citizen customers.

6. Deutsche Bank

Deutsche Bank is paying 7.75% interest on FDs of more than 2 years and less than 3 years to its general customers while 7.75% interest to its senior citizen customers.

7. IndusInd Bank

IndusInd Bank is paying 7.50% interest on FDs ranging from 2 years 9 months to 3 years 3 months to its general customers and 8% to its senior citizen customers.

8. Yes Bank

Yes Bank is paying 7.75% interest on FDs ranging from 18 months to less than 36 months to its general customers, while 8.25% to its senior citizen customers.

9. HSBC Bank

HSBC Bank is paying 7.50% interest on FDs ranging from 732 days to less than 36 months to its general customers, while 8% interest to its senior citizen customers.

10. Karur Vysya Bank

Karur Vysya Bank is paying 7.50% interest on 444 days FD to its general customers while 8% interest to its senior citizen customers.

Disclaimer: Only information about share performance is given here, it is not investment advice. Investing in stock market is subject to risk and please consult your advisor before investing.

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Federal Bank has made its customers happy by increasing the limit of their FDs. Federal Bank has increased the interest rates on FDs below Rs 2 crore. Federal Bank has announced a hike of 77 basis points in interest rates. According to Federal Bank, these increased rates will be valid only for a short time.

New FD interest rates of Federal Bank

Federal Bank is offering 3 percent interest rate on FDs maturing in 7 to 29 days and 3.25 percent on FDs maturing in 30 to 45 days. According to the bank’s website, it is paying 4.00 per cent interest on FDs maturing in 46 days to 60 days and 4.75 per cent interest on FDs maturing between 61 days to 90 days. 4.75 per cent on FDs maturing in 91 to 119 days.

Interest will be given at the rate of %. Those maturing in the next 120 to 180 days will now get interest at the rate of 5%. The bank is offering an interest rate of 5.75 percent on FDs maturing in the next 181 days to 270 days and 6 percent on FDs maturing in less than a year from the next 271 days.

Now these will be the new rates

Federal Bank is now offering an interest rate of 6.80 per cent on FDs maturing in 1 year to less than 15 months and 7.25 per cent on FDs maturing in 15 months to 2 years. FDs of more than two years and less than three years will now get interest at the rate of 6.75 percent. Maturity FDs of three years to less than five years will now get interest at the rate of 6.60 percent. The bank is offering an interest rate of 6.60 percent on FDs with a period of 5 years and above.

How much interest is being received on savings account

The bank is also offering an interest rate of up to 7.15 per cent on its savings account. According to the Federal Bank website, the interest rate is linked to the repo rate, so whenever the RBI changes the repo rate, that bank will also change the FD interest rates.

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This post office scheme helps a lot in creating a huge fund over a long period. The special thing about this scheme is that the investment in it is completely safe. The money invested in PPF is not invested in the stock market, due to which it is completely safe. The PPF scheme is getting 7.1 percent interest annually.

You can open a Public Provident Fund (PPF) account at any post office or bank branch. This account can be opened for just Rs.500. You can deposit up to Rs 1.50 lakh annually in PPF. The maturity period of this account is 15 years. But after maturity, you can extend it for 5-5 years.

If you deposit Rs 12,500 every month in PPF account and maintain it for 15 years. So you will get a total of Rs 40.68 lakh on maturity. Your total investment in this will be Rs 22.50 lakh, while the interest income will be Rs 18.18 lakh. These calculations yielded an interest rate of 7.1 percent per annum for 15 years. If the interest rate changes, the money at maturity can change.

If you want to become a millionaire from this scheme then you have to extend twice for 5 years after 15 years. That means now your investment period will be 25 years. In this way after 25 years your total money will be Rs 1.03 crore. If your total investment during this period is Rs 37.50 lakh, then you will get Rs 65.58 lakh as interest income.

If you want to become a millionaire from this scheme, then after 15 years you have to extend PPF twice for 5 years. That means now your investment period will be 25 years. In this way after 25 years your total money will be Rs 1.03 crore. If your total investment during this period is Rs 37.50 lakh, then you will get Rs 65.58 lakh as interest income. If you want to increase PPF account then you have to apply one year before maturity.

The biggest advantage of PPF scheme is that it gives the benefit of tax exemption under section 80C of income tax. In this, tax exemption of up to Rs 1.5 lakh can be found on investment in the scheme. Interest on PPF and money received on maturity are tax free.

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This deduction has been made by the bank at a time when the RBI meeting to review interest rates is scheduled next week.

Latest interest rate on FD of IndusInd Bank

From the bank, 3.5 percent on FDs from 7 days to 30 days, 3.75 percent on FDs from 31 days to 45 days, 4.25 percent on FDs from 46 days to 60 days, 4.60 percent on FDs from 61 days to 90 days Percentage, 4.75% on FDs from 91 days to 120 days, 5.00% on FDs from 121 days to 180 days, 5.85% on FDs from 181 days to 210 days, 6.10% on FDs from 211 days to 269 days, 6.35 percent interest is being given on FDs ranging from 270 days to 364 days.

The bank is giving 7.50 percent interest on FDs of one year to two years, 7.25 percent on FDs of two years one day to less than 61 months and 7.00 percent on FDs of 61 months and above.

Interest to senior citizens

An additional interest of 0.75 percent is being given by the bank to senior citizens on FDs of less than two crores on FDs of all periods.

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Two government and one private bank of the country have changed the loan interest rates. These are Punjab National Bank, Bank of India and ICICI Bank. Banks have changed the MCLR for loans of almost all tenures. The new loan rates will be applicable from August 1, 2023. Know how it will affect you?

In fact, the MCLR rate of a bank is that minimum interest rate, below which the bank does not give loans at all. In such a situation, if the bank increases the MCLR or makes any changes in it, then it directly affects the borrowers. Know which bank has increased how much MCLR…

ICICI Bank

ICICI Bank has increased the interest rates on all term loans by 0.05 percent. This includes loans with tenures ranging from one day, one month to one year and above. From now on, the MCLR for overnight and one month loans will be 8.40%. While interest will be charged at the rate of 8.45% for three months, 8.80% for six months and 8.90% for one year.

Punjab National Bank

At present, no change has been made in MCLR by Punjab National Bank. These are 8.10% for overnight, 8.20% for one month, 8.30% for three months, 8.50% for six months, 8.60% for one year and 8.90% for tenure of three years or more.

Bank of India

Bank of India has increased MCLR for some of its loans. According to the bank’s website, the MCLR rate for different periods is as follows.

• Over night 7.95%,
• One month 8.15%,
• 3 months 8.30%,
• 6 months 8.50%,
• one year 8.70%,
• For a period of three years and above, interest rate of 8.90% will be charged.

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What are the restrictions imposed by RBI on National Co-operative Bank? 

According to the order of the central bank, the restrictions imposed on the bank will remain in force for the next 6 months, under these restrictions, it will not be able to disburse new loans, nor renew old loans. The bank will not be able to make any new investment either. The Fund will not be able to borrow, take fresh deposits, distribute any payments under any of its obligations, enter into any agreement, and sell any of its assets.

What will be the effect on customers? 

RBI has said in its instructions that “in particular, no depositor will be allowed to withdraw an amount exceeding Rs 50,000 from the total amount in any current or savings account or any other account.”

However, RBI has clarified that imposing this ban on the bank does not mean that its license is being cancelled. RBI said that “the bank will continue to do business under restrictions, until its economic condition improves, then looking at the situation, the Reserve Bank may consider changes in these instructions.”

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Union Finance Minister Nirmala Sitharaman launched Mahila Samman Saving Certificate during the budget presented for this business year (2023-2024). Canara Bank said in an official tweet that as your trusted banking partner, we are committed to supporting the financial growth and empowerment of women.

It is known that Mahila Samman Saving Certificate, 2023 (MSSC) provides a safe investment option to a woman for herself or by a guardian on behalf of a minor girl child. Let us know in detail about the Mahila Samman Saving Certificate Scheme.

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Punjab National Bank has issued Revise or Supplementary Locker Agreement incorporating the rights of the customers. As per PNB website Punjab National Bank requests our respected customers availing locker facilities to approach their locker holding branch and complete the locker agreement, if applicable.

What do locker customers have to do

• Locker customers will have to visit the bank to sign a revised or supplementary agreement.
• No document is required except a stamp paper of requisite value. Stamp duty has to be borne by the customer.
• The charges applicable for making the agreement will be as per the State Stamp Act.

PNB Locker Size

PNB offers different sizes of lockers to its customers, these can be of 13 different sizes. That’s why all these lockers are divided into five categories according to different sizes and the charges are also different for all.

Locker Charges

Banks revised the agreement on the strictness of RBI

RBI has directed the banks by extending the deadline for signing the revised agreement to protect the interests of the customers and to remove their problems. RBI has said that banks are advised to inform all their customers about the Revise requirements and from June 30 to September 30, 2023, banks must ensure that at least 75% of their existing customers have Revise Locker. Have signed the agreement.

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The bank has asked its locker holders to reach the branch of the bank and sign the new locker agreement as soon as possible. The bank has given information by tweeting about the revised locker agreement that we urge all our customers to visit the branch as soon as possible to sign the new locker agreement. The customer must read the new agreement notice before signing.

Let us tell you that there has been an amendment in the rules regarding bank lockers, which banks have to implement by 30 September. In such a situation, SBI has asked the customers to update their bank locker agreement. Lockerholders will have to show eligibility for a new locker agreement and enter into an agreement for renewal.

RBI issued circular

Reserve Bank has directed all banks to sign new agreement with at least 50 percent of their locker holders by June 30, 2023. At the same time, by September 30, 75 percent and by December 31, 100 percent customers should be signed on the new locker agreement. Along with this, customers of all banks have also been asked to inform about the details of the new agreement. All banks will also have to update the status of their locker agreement on the efficient portal of RBI.

What are the new rules of RBI,

RBI has issued new rules due to the ever increasing complaints from the customers taking lockers in the bank. These new rules have come into force from 1 January 2022. According to these new rules, now banks cannot say that they have no responsibility for the goods kept in the locker. In case of theft, fraud, fire or building collapse, the liability of the banks will be up to 100 times of the annual rent of the locker. Apart from this, the bank will have to take all necessary steps for the safety of the locker.

Banks will be responsible in this condition.

Tell that whenever the customer who has taken locker on rent accesses his locker, its alert will be given through e-mail and SMS through the bank. Along with this, it is now necessary to monitor the people coming and going in the locker room through CCTV. Apart from this, the data of CCTV footage will have to be stored for 180 days. If in any event it is proved that the loss of the contents of the locker is due to the connivance of the bank staff or due to negligence in the security arrangement, then the bank will be held responsible for the same and will have to compensate it.

How much will SBI customers have to pay the charge

for taking SBI small locker in urban or metro city, Rs 2,000 and GST will have to be paid.
On the other hand, for a small locker in a small city or rural area, 1,500 and GST charges will have to be paid.
On the other hand, for taking SBI’s medium size locker in urban or metro city, Rs 4,000 and GST will have to be paid.
On the other hand, for taking a medium size locker in a small town or rural area, you will have to pay Rs 3,000 plus GST.
For SBI’s big size locker, customers in big and metro cities will have to pay Rs 8,000 plus GST charges.
On the other hand, in small and rural cities, you will have to pay a fee of Rs 6,000 plus GST.
12,000 and GST will have to be paid for taking the biggest locker of SBI in big cities or metro cities.
Whereas in small towns and rural areas, you will have to pay Rs 9,000 plus GST.

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Yes Bank has changed these rates for FDs below Rs 2 crore. After this amendment, Yes Bank is offering interest rates ranging from 3.25 per cent to 7.75 per cent on FDs ranging from 7 days to 10 years, which is for the general public. These changes have also been updated on the official website of Yes Bank.

Know the new Fixed Deposit rates of Yes Bank

The bank is offering 3.25 per cent interest on domestic term deposits of 7 to 14 days and 3.70 per cent interest rate on FDs of 15 days to 45 days. 4.10 percent interest will be given on FDs of 46 days to 90 days, 4.75 percent interest will be given on FDs of 91 days to 180 days. Yes Bank is offering an interest rate of 5 percent on FDs of 121 days to 180 days.

Interest rate increased on FD of this period as well

Yes Bank has increased interest rates by 10 basis points on fixed deposits from 181 days to 271 days. At the same time, the interest rate has also been increased by 10 basis points on FDs of 272 days to 1 year. Fixed deposits of 181 days to 271 days will get 6.10 percent interest from now on, while 6.35 percent interest will be available on FDs of 272 days to 1 year.

Up to 7.50 percent interest will be available on these FDs

The bank is offering 7.50 per cent interest on FDs of 1 year to 18 months, while 7.75 per cent interest is being given by Yes Bank on FDs of 18 months to 36 months. On the other hand, the term deposits maturing in 36 months and 120 months are paying 7% interest.

New FD rates applicable for senior citizens from today

Senior citizens will be given an additional interest of 0.50 per cent as compared to normal FD holders. Under this, interest ranging from 3.75 percent to 8.25 percent will be available for senior citizens on fixed deposits ranging from 7 days to 10 years.

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In such a situation, you should know about which days the banks will remain closed in the month of July. Let us tell you that in the coming month of July, banks will remain closed for a total of 15 days. According to the guidelines of the Reserve Bank of India, all banks will remain closed on public holidays.

However, there are some regional holidays, which are state specific. You must be aware that regional holidays are decided by the respective states. In this episode, let us know on which days the banks will remain closed in the month of July.

• 2 July 2023 – Sunday
• 5 July 2023 – Guru Hargobind Singh Jayanti (Jammu, Srinagar)
• 6 July 2023 – MHIP Day (Mizoram)
• 8 July 2023 – Second Saturday
• 9 July 2023 – Sunday

• 11 July 2023 – Ker Puja (Tripura)
• 13 July 2023 – Bhanu Jayanti (Sikkim)
• 16 July 2023 – Sunday
• 17 July 2023 – U Tirot Sing Day (Meghalaya)
• 21 July 2023 – Drukpa Tse-ji (Gangtok)
• 22 July 2023 – Fourth Saturday
• 23 July 2023 – Sunday
• 29 July 2023 – Muharram (in almost all states)
• 30 July 2023 – Sunday
• 31 July 2023 – Martyrdom Day (Haryana and Punjab)

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After the latest changes, now this private sector bank is offering its customers an interest rate of 8 per cent on FDs to general customers and 8.50 per cent to customers falling in the category of senior citizens. This bank is now offering an interest rate of 3.75% on FDs maturing in 7 days to 45 days.

What is the interest rate on different periods

DCB Bank is offering an interest rate of 4.00% on tenors between 46 days to 90 days. At the same time, this bank is offering an interest rate of 4.75% on FDs maturing in 91 days to less than 6 months and 6.25% on FDs maturing in less than 6 months to 12 months. At the same time, this bank is offering an interest rate of 7.25% on FDs with maturity between 12 and 15 months. While the bank is offering an interest of 7.75 per cent on deposits of less than 18 months to 700 days.

More than 8 percent interest is being received on this period

DCB Bank is offering an interest rate of 8% for tenures between 700 days to 36 months. At the same time, for a period of more than 36 months to less than 120 months, this bank offers an interest rate of 7.75 percent. At the same time, this bank is offering higher interest rate to the customers falling in the category of senior citizens as compared to the common citizens.

What is the interest rate for senior citizens

DCB Bank is offering interest rates ranging from 4.25 per cent to 8.50 per cent on FDs for senior citizens with tenures ranging from 7 days to 120 months. Bank 2.00% interest rate on savings account with an amount of up to 1 lakh, 3.75% interest rate on savings account with an amount of 1 lakh to 2 lakh, savings account with an amount of 2 lakh to 5 lakh But is offering an interest rate of 5.25 per cent and 6.25 per cent on a savings account with an amount of 5 lakh to 10 lakh.

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Let us tell you that on Monday, RBI has imposed a fine of lakhs on 4 cooperative banks for violating different norms. These include Tamil Nadu State Apex Co-operative Bank, Bombay Mercantile Co-operative Bank, Janata Sahakari Bank and Baran Nagrik Sahakari Bank. A fine of Rs 44 lakh has been imposed on these banks.

License canceled on 24 April 2023

According to the notification issued by RBI, the cancellation of the bank’s license has become effective from the close of business on April 24, 2023. On behalf of RBI, it was said that Adoor Co-operative Urban Bank Limited was given a banking license on January 3, 1987 for banking business in India under the Banking Regulation Act. The notification of cancellation of the bank’s license has become effective from the close of business on April 24, 2023.

What will happen to depositors’ money?

Account holders of Adoor Co-operative Urban Bank will get the benefit of insurance cover on deposits up to Rs 5 lakh. This insurance is available from the Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of the Reserve Bank, which provides financial security to the customers of the Co-operative Bank.

Customers having deposits of Rs 5 lakh or less with Adoor Co-operative Urban Bank will get full claim from DICGC. But such customers who have more than Rs 5 lakh deposited in their account, they will not be able to get the full amount.

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Interest up to 7.60% will be available in the scheme

According to the State Bank of India (SBI) website, the 400-day Amrit Kalash Special Fixed Deposit Scheme will fetch an interest of 7.10% to general customers. At the same time, senior citizens will get 7.6% interest. In this special scheme of State Bank, there is also the option of premature withdrawal and loan against deposit.

This is how you can invest in SBI Amrit Kalash scheme

The calculation of interest in Amrit Kalash scheme is done on monthly, quarterly and half-yearly basis. Interest will be paid on maturity for Special Term Deposits. The bank will deposit the interest, net of TDS, in the customer’s account at the end of the scheme tenure. TDS on Fixed Deposit Scheme will be deducted as per the Income Tax Act. You can book SBI Amrit Kalash Fixed Deposit Scheme through SBI Branch, Internet Banking or through SBI YONO App.

Disclaimer: Here only the information about the performance of the stock is given, it is not an investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.

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If you are a customer of State Bank of India, the country’s government bank and have taken a bank locker in this bank, then the bank has issued a notice for you. There has been an amendment in the rules regarding bank lockers, which banks have to implement by 30 September. In such a situation, SBI has asked the customers to update their bank locker agreement. Lockerholders will have to show eligibility for a new locker agreement and enter into an agreement for renewal.

In a tweet recently, SBI told its customers that “the bank has issued revised / supplementary locker agreement incorporating the rights of customers. Customers availing locker facility with SBI are requested to contact their locker branch.” Get in touch and make changes as per the revised/supplementary agreement.”

RBI has issued a guideline

The Central Reserve Bank has given a timeline to banks for issuing amendments to the bank locker agreement. Banks had to give this information by April 30 and have been asked to implement the rule of locker agreement up to 50 percent by June 30 and 75 percent by September 30. Banks will also have to give this information on the efficient supervisory portal. RBI has implemented these rules to give more security to the customers in the bank locker rules, so it is important that they renew their agreement as soon as possible for their benefit.

What are the new bank locker rules?

Whenever the customer accesses his locker, the bank will send its alert through e-mail and SMS.
– Banks will compensate you under certain circumstances, if- If the contents of the locker are damaged due to the negligence of the bank, incidents like fire, theft/robbery, building collapse, in which the bank is at fault, or the bank has You have shied away from the responsibility of the goods.
– If you suffer losses due to fraud on the part of the bank’s employees, the bank will compensate you up to 100 times the annual rent of the locker.
Banks will continue to accept fixed deposits to recover locker rent. To ensure prompt payment of locker rent, banks are permitted to obtain a fixed deposit at the time of allotment, which will cover three years’ rent and locker opening charges in case of any such eventuality.

What are the locker charges of SBI? (SBI Locker Charges)

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Users can generate UPI using Aadhaar through National Payments Corporation of India (NPCI). Also you can set your UPI PIN without using debit card. Right now the company has started this service with only a few banks. Which will soon start with all the banks.

This facility has been introduced to help a large number of users to create UPI ID and enable them to make digital payments.

Because the number of UPI users is increasing rapidly and the number of people paying through UPI is also increasing. After the launch of Aadhaar based UPI, Google Pay customers can set their UPI PIN without debit card .

This will make it easier for many users. Along with this, online payment will also increase.

How to use Aadhaar for UPI activation

1. First of all, users have to choose one of the available options.
2. Users who want to generate UPI through Aadhaar must have mobile number registered with UIDAI and bank account. Also, their bank account should be linked to Aadhaar.
3. After this, users can select the option to generate debit card and Aadhaar-based UPI.
4. When you select the option of Link with Aadhaar Card, you will need to enter the first 6 digits of Aadhaar Card to initiate the process.
5. After this OTP will come on your registered mobile number. After entering which the process will be completed.

What is UPI number?

UPI number is the phone number verified by the bank which represents your UPI ID. Through this, it helps in receiving and paying money from the users. No matter which app the user is on. You can create maximum 3 UPI numbers for one UPI ID. This can be your phone number or any 8-10 digit numeric ID of your choosing.

How to create UPI number

• Step 1: In the top right of the app, click on your profile.
• Step 2: Under “Payment Methods”, select the bank account for which you want to create a UPI number.
• Step 3: Click on “Manage UPI Number”.
• Step 4: Follow the on-screen steps.

When you create the ID as your UPI number, remember that your UPI number cannot be all the same number of digits (for example, all zeros). You also cannot use the same three digits at the end of your UPI number. Nor can there be a choice of numbers in the form of counting. (eg 123456)

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SBI has tweeted about the notice on the revised locker agreement and said that the customers of the locker should go to the bank to know and sign the new agreement. Locker customers of SBI Bank must read the notice first.

RBI circular on bank locker

The Reserve Bank of India (RBI) directed banks to inform all customers about the requirements by April 30 and ensure that 50% and 75% of existing customers sign Revised Bank Locker Agreement by June 30 and September 30, respectively. Give

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Let us tell you that on Monday, RBI has imposed a fine of lakhs on 4 cooperative banks for violating different norms. These include Tamil Nadu State Apex Co-operative Bank, Bombay Mercantile Co-operative Bank, Janata Sahakari Bank and Baran Nagrik Sahakari Bank. A fine of Rs 44 lakh has been imposed on these banks.

License canceled on 24 April 2023

According to the notification issued by RBI, the cancellation of the bank’s license has become effective from the close of business on April 24, 2023. On behalf of RBI, it was said that Adoor Co-operative Urban Bank Limited was given a banking license on January 3, 1987 for banking business in India under the Banking Regulation Act. The notification of cancellation of the bank’s license has become effective from the close of business on April 24, 2023.

What will happen to depositors’ money?

Account holders of Adoor Co-operative Urban Bank will get the benefit of insurance cover on deposits up to Rs 5 lakh. This insurance is available from the Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of the Reserve Bank, which provides financial security to the customers of the Co-operative Bank.

Customers having deposits of Rs 5 lakh or less with Adoor Co-operative Urban Bank will get full claim from DICGC. But such customers who have more than Rs 5 lakh deposited in their account, they will not be able to get the full amount.

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Government in preparation to stamp

According to a media report, that the central government is seriously considering the demand of 5 working days week of bank employees. The Finance Ministry is preparing to seal this old demand of bank employees, after which a notification can be issued regarding this and the change can be brought into effect.

Now every Saturday is not a holiday

If this happens then bank employees will now have to work only 5 days every week. In the current system, bank employees get a holiday on every Sunday of the month, but there is no holiday in banks on every Saturday. Banks are open on the first, third and fifth Saturdays of every month, while the second and fourth Saturdays of the month are holidays for bank employees.

IBA has sent the proposal

The employees of the banks have been demanding for a long time that the system of 5 working days week should be implemented for them. The Indian Banks Association had also given a proposal to the government in this regard. Quoting sources in the news, it has been claimed that the government is moving ahead positively on the proposal of the Indian Bank Association and a notification may be issued soon with the wage board revision.

Long standing demand

The demand for five working days first arose after the Corona epidemic. However, the Indian Banks’ Association then rejected this demand and instead offered a 19 per cent pay hike. Later, the demand for a five-day week kept gaining momentum. Under the leadership of the United Forum of Bank Unions, the bank employees also went on strike for two days in January this year for this demand.

Working hours will increase

According to a news of Times of India, the Indian Bank Association has agreed to the demand of 5 days week after the working hours will be increased. The Indian Banks’ Association had agreed in February 2023 that it would look into the demand for a 5-day week. With this, he had added the condition of increasing the working hours by 40 minutes every day. If this happens then the bank employees will have to work from 09:45 in the morning to 05:30 in the evening.

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Many of us use bank lockers for the safety of jewelery to important documents. If you also hold a locker in a bank or are planning to do so soon, then you should know the new rules related to it. The Reserve Bank of India (RBI) has also given instructions to the banks for this.

RBI says that banks will now have to renew the contract for renting lockers with their customers. According to the new rules, this contract will be prepared, in which it will be clearly mentioned that what kind of goods the customers can keep in their locker and what kind cannot.

Only these things can be kept in the locker

According to the new rules of RBI, now customers will be able to keep only legally valid items like jewelery and important documents in the bank locker. In the contract with the bank, the customer will be told in detail what kind of goods are allowed to be kept and what are not.

Not only this, the lockers of the bank will now be given only to the customers for their personal use. These will be non-transferrable. Indian Banks Association will make a model agreement. On the basis of this, banks will prepare the contracts to be done with their customers.

Bank will bear the cost of stamp paper

The bank will bear the cost of stamp paper for renewal of the contract of the existing locker customers of the bank. While other customers will have to pay the cost of stamp paper of the contract on taking the bank locker.

There will be a ban on keeping these goods

Many people keep such things in their bank locker which are not legally valid. Sometimes it is also harmful. Now RBI has also made it clear that what items the customers cannot keep in their lockers.

It has been said by the central bank that now customers will not be able to keep cash or foreign currency in their lockers. Along with this, there will be a ban on keeping weapons, drugs or medicines, contraband or any dangerous or poisonous goods.

Bank will get relief from these responsibilities

With this, the agreement that will be signed between the bank and the customer. In that, the bank will get relief from many responsibilities. For example, the bank will not be responsible for any misuse or illegal use of the password or key of the bank locker. It will be the responsibility of the customer only.

At the same time, the customer will have the right to keep his belongings in the locker. The bank will have to protect the same and if the bank fails to do so, it will have to pay compensation to the customer under the rules related to it from time to time.

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Today we are telling you about such a scheme of post office, by investing in which you can double your money soon. The name of this scheme is Kisan Vikas Patra. On April 1, 2023, the interest rate available under this scheme was increased from 7.2 percent to 7.4 percent by the central government. After the increase in the interest rate, now the amount deposited under this scheme will double soon. We are telling you about the details of this scheme.

Know about Kisan Vikas Patra-

Kisan Vikas Patra Scheme is a lump sum deposit scheme run by the central government. In this scheme, the investor can get double the amount in a fixed period by investing the amount at one go. Under this scheme, you can open an account by going to any post office. This scheme has been specially designed for the rural population. In this, you can invest a minimum of Rs 1,000 and a maximum of any lump sum amount.

Money will double in this time

After the government’s decision to increase the interest rate of the Kisan Vikas Patra scheme in April 2023, the period for doubling the deposits under this scheme has now reduced. Where earlier it used to take 120 months to double, now under Kisan Vikas Patra the money will double in just 115 months. If you invest Rs 10 lakh in the scheme, then after 115 months you will get an amount of Rs 20 lakh on maturity. Under this scheme, the government gives the benefit of compounding interest rate.

Who can open the account?

If you open an account in any post office under Kisan Vikas Patra, you can invest a minimum of Rs.1000. And the maximum amount can be invested in multiples of Rs 100. Under this scheme, two or three people together in single or joint can open an account. Under this scheme, the account of children above 10 years of age can be opened under KVP.

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Now a bank has increased the interest rates on FD. Actually, Fincare Small Finance Bank has changed its FD interest rates for senior citizens and others. Recently, the bank said in a statement that common customers can earn up to 8.51 per cent interest on FDs and senior citizens can earn up to 9.11 per cent, but for this the minimum deposit should be Rs 5000. The revised rates have come into effect from May 25, 2023.

Up to 9.11 percent interest to senior citizens

Fincare Bank is offering 9.11 percent interest on 1000 days FD to senior citizens. This is the highest interest rate offered by this bank over different tenures. For common citizens, the interest rate on FD of 1000 days is 8.51 percent.

FD rates of Fincare Small Finance Bank

The bank is offering 8.6 percent interest to senior citizens and 8 percent interest to others on FDs ranging from 59 days, 1 day to 66 months. On FDs ranging from 66 months 1 day to 84 months, senior citizens will get a return of 7.6 per cent and others up to 7 per cent. The bank is also giving 8.85 per cent interest to senior citizens on deposits of 36 months 1 day to 42 months, while ordinary citizens will get 8.25 per cent interest on FDs of the same duration.

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Not only this, the bank is offering senior citizens a return of up to 9.11% on a minimum FD of Rs 5000. The new rates have come into effect from today i.e. 25 May.

Returns up to 9.11% for senior citizens

Fincare Bank is offering 9.11% interest on 1000 days FD to senior citizens. This is the highest interest rate offered by this bank over different tenures. For common citizens, the interest rate on FD of 1000 days is 8.51 percent.

How much interest will be received on FD of different periods

The bank is offering 8.6 percent interest to senior citizens and 8 percent interest to others on FDs ranging from 59 days 1 day to 66 months. On FDs ranging from 66 months 1 day to 84 months, senior citizens will get a return of 7.6 per cent and others up to 7 per cent. The bank is also offering 8.85 per cent interest to senior citizens on deposits of 36 months 1 day to 42 months, while general citizens will get 8.25 per cent interest on FDs of the same tenure.

These banks also increased interest rates

Let us tell you that recently Suryoday Small Finance Bank has also announced an increase in FD rates. This bank is offering up to 9.6 percent interest to senior citizens. Unity Small Finance Bank has also announced a maximum interest of 9.5 per cent for senior citizens.

The bank said in its statement that better FD rates can be availed at Fincare Bank. For this, the customer can visit the bank branch or login to internet banking or mobile app to open the FD account.

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This potentially helps in the prevention of financial crime or money laundering in any form. The Reserve Bank of India (RBI) has made it mandatory for all banks to complete the KYC of each of their customers. Government sector Bank of Baroda has now given special information about this to its lakhs of customers.

The bank has given this information to the customers through a tweet. The bank has told the customers that if there are any changes in the documents with the help of which the customers completed the KYC process at the time of account opening, they should inform the bank. Such customers will have to inform the bank within 30 days of updating the document so that the bank can include the updated document in its records.

What did the bank write in the tweet?

Bank of Baroda wrote in this tweet, “According to the RBI guidelines, the KYC documents submitted at the time of account opening. If there is any change in them, the information has to be given to the bank within 30 days of the updation so that the bank can keep its records.” I can update it.”

The bank also said that for more information on this, customers can contact the nearest branch of Bank of Baroda. Know further that if you are a customer of this bank, then how can you update your KYC documents.

Re-KYC document submission process

Bank of Baroda customers can choose any one of the two methods for re-KYC. The first way is to go to the home branch and submit the re-KYC document form and KYC document along with your signature.

Apart from this, customers can submit KYC details through e-mail/post/courier along with self-declaration. This will be valid only for change of address in KYC document. If there is no change in any document and the customer needs to re-KYC, the customer can e-mail it along with a self-declaration to rekyc@bankofbaroda.com. In this, it will be mandatory to send a scanned copy of their KYC documents.

pic.twitter.com/YexN05Xpxe

— Bank of Baroda (@bankofbaroda) May 16, 2023

What documents are required for KYC?

Passport for Customer Personal Account, Driving License with photograph, Proof of having Aadhaar Number, Voter ID Card issued by Election Commission, Job Card issued by NREGA duly signed by State Government Official or National Census Register The letter issued by the bank containing the name and address can be used as a KYC document.

No hassle of completing KYC process again and again through CKYC

Through KYC, the bank saves the data of its customers in digital format. Earlier, customers had to do KYC several times for different purposes. But now this process is completed through Central KYC i.e. CKYC. Due to this, customers do not have to update KYC again and again for different tasks like opening an account, taking insurance or opening a demat account.

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RBI has taken this decision under the Clean Note Policy. Explain that these notes can be returned to the bank till 30 September. RBI has also issued guidelines in this matter. It has been said that people should not unnecessarily crowd the bank. 4 months time has been given for note withdrawal, which is sufficient.

Reserve Bank of India Governor Shaktikanta Das said that we have given 4 months time. Change notes easily. Don’t crowd the bank. We have given the deadline so that people take it seriously. People whose notes could not be deposited or changed on the fixed deadline. We will decide on that later.

all problems will end

Das further said that if any kind of problem arises, we will remove it. RBI will also monitor this process through banks. There is nothing to worry about in this. Under the currency management operation, the work of removing 2000 notes from circulation has been started. There will be no shortage of other notes in the market at all. 2,000 rupee notes were already not accepted in small shops. The Reserve Bank of India has already said that even after September 30, these 2000 notes will remain legal tender. By September 30, most of the notes will come to us and then we will decide on it later.

Note ban is not there, this note is still running

RBI has made it clear that you still should not consider demonetisation regarding Rs 2000 note. Understand in clear words that you can run this 2000 rupee note in the market right now. You can buy stuff from it. You can do a transaction of Rs 2000 with anyone. These are completely valid till 30 September. No one can refuse to take it.

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DCB Bank

Private sector’s DCB Bank is paying 7.6 percent interest on 5-year recurring deposit. This rate will be available on RD of less than Rs 2 crore.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 7.25 per cent interest on recurring deposits of 5 to 10 years. At the same time, the bank is giving interest at the rate of 7.5 percent to senior citizens.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 7.2% interest on Recurring Deposits for 36 to 60 months.

Deutsche Bank

Deutsche Bank is paying 7.25 percent interest to its customers on 5-year recurring deposits.

IndusInd Bank

IndusInd Bank is offering 7% interest on Recurring Deposits of 61 months and above. Senior citizens are getting an extra interest of 0.50 per cent.

Axis Bank

Axis Bank is offering 7% interest on 5 years RD.

HDFC Bank

HDFC Bank is paying 7% interest on RD of 5 years. At the same time, the bank is offering 7.50 percent interest to senior citizens.

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In such a situation, where the crowd of customers has reduced in banks, now many types of work have also become easier. In this sequence, State Bank of India, the largest public sector bank, has announced a good news for its customers. Actually, now there will be no need for the customers to come to the bank for the account statement. The bank has made this service completely online.

Now if you need your account statement then you can get it sitting at home. For this, the bank has issued some numbers on which you will have to register a request by calling. Account statement will be sent to your mobile phone through e-mail as soon as you raise the request.

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How to get account statement

To get account statement on phone sitting at home, you have to call SBI Contact Center. For this, the bank has issued toll free numbers. You can call on any toll free number 1800 1234 or 1800 2100. After making the call, you have to press 1 to get the account balance and transaction details. After this enter the last 4 digits of your bank account number.

In the next step, you will have to press 2 to get the account statement, after which you will be asked to select the statement period. As soon as you select the period of the statement, it will be sent to your email ID by the account assistant bank.

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For example, PNB allows premature withdrawal without penalty to customers under its PNB Sugam Fixed Deposit Scheme. Meanwhile, PNB has made a change in this popular FD scheme. According to the decision of Punjab National Bank (PNB), under the PNB Sugam Fixed Deposit Scheme, now customers will be able to invest up to a maximum of Rs 10 lakh only.

What is Sugam Fixed Deposit Scheme?

The bank said, “Account holders of existing Sugam Fixed Deposits who have mandated for auto-renewal of their FDs on maturity, will get the same interest rate as on FDs.” The bank further said, “However, due to the amendment in the scheme, the amount which is more than Rs 10 lakh at the time of maturity, will be renewed under a separate fixed deposit scheme of the bank.”

Who can invest?

• Individual (Singly or Jointly) or with Joint Account

• Minor who is 10 years of age or more

• Proprietorship/Partnership Firm, Commercial Organization, Company/Body Corporate

• Hindu Undivided Families (HUFs)

• Association, Club, Society, Trust or Religious/Charitable or Educational Institution

• municipality or panchayat, government or semi government body

• Illiterate and blind person can also open account

The minimum deposit amount for PNB Easy Deposit is Rs.10,000 and in multiples of Rs.1 thereafter.

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Tenure of PNB Easy Term Deposit

The tenure of an easy term deposit can be anything from 46 days to 120 months, such as 13 months, 14 months, 37 months and 16 days etc. for deposits up to Rs.10 crores.

Premature withdrawal of deposit

The biggest advantage of this scheme is that the depositor has the option of withdrawing any amount before maturity with a minimum withdrawal of Rs.1000. Whenever he needs money, he can withdraw the required amount without breaking the entire deposit amount. By doing this, the principal amount of the term deposit i.e. the value of the original amount will be reduced. No penalty will be levied on partial withdrawal of the deposit.

According to the PNB website, “If the amount bracket is changed due to part withdrawal of the deposit, the rate applicable for the new amount bracket of the deposit will be applicable from the date of such withdrawal.” The depositor can choose to receive interest on a monthly, quarterly or annual basis. If the balance period of the deposit with the bank is 6 months and above, interest will be paid compounded quarterly.

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Many of us use bank lockers for the safety of jewelery to important documents. If you also hold a locker in a bank or are planning to do so soon, then you should know the new rules related to it. The Reserve Bank of India (RBI) has also given instructions to the banks for this.

RBI says that banks will now have to renew the contract for renting lockers with their customers. According to the new rules, this contract will be prepared, in which it will be clearly mentioned that what kind of goods the customers can keep in their locker and what kind cannot.

Only these things can be kept in the locker

According to the new rules of RBI, now customers will be able to keep only legally valid items like jewelery and important documents in the bank locker. In the contract with the bank, the customer will be told in detail what kind of goods are allowed to be kept and what are not.

Not only this, the lockers of the bank will now be given only to the customers for their personal use. These will be non-transferrable. Indian Banks Association will make a model agreement. On the basis of this, banks will prepare the contracts to be done with their customers.

Bank will bear the cost of stamp paper

The bank will bear the cost of stamp paper for renewal of the contract of the existing locker customers of the bank. While other customers will have to pay the cost of stamp paper of the contract on taking the bank locker.

There will be a ban on keeping these goods

Many people keep such things in their bank locker which are not legally valid. Sometimes it is also harmful. Now RBI has also made it clear that what items the customers cannot keep in their lockers.

It has been said by the central bank that now customers will not be able to keep cash or foreign currency in their lockers. Along with this, there will be a ban on keeping weapons, drugs or medicines, contraband or any dangerous or poisonous goods.

Bank will get relief from these responsibilities

With this, the agreement that will be signed between the bank and the customer. In that, the bank will get relief from many responsibilities. For example, the bank will not be responsible for any misuse or illegal use of the password or key of the bank locker. It will be the responsibility of the customer only.

At the same time, the customer will have the right to keep his belongings in the locker. The bank will have to protect the same and if the bank fails to do so, it will have to pay compensation to the customer under the rules related to it from time to time.

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The bank has increased the MCLR on certain fixed tenure loans and has also implemented these increased rates from today.

Which tenure loan interest rates have increased

HDFC Bank has increased its MCLR by 0.15 percent or 15 basis points. According to the official website of the bank, the MCLR of HDFC Bank’s overnight tenure loan has increased from 7.80 per cent to 7.95 per cent. The MCLR of one month loan has increased from 7.95 per cent to 8.10 per cent.

Know MCLR of other loans

HDFC’s three-month loan rate has increased to 8.40 percent at this time and the six-month loan rate has come down to 8.80 percent at this time. Apart from this, the rate of one year HDFC MCLR has increased from 8.95 percent to 9.05 percent at this time.

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At the same time, the bank has offered senior citizens an additional interest rate on FD investment. Dhanlaxmi Bank gives customers the opportunity to invest on FDs ranging from 7 days to 10 years. According to the official website of the bank, the bank has offered a minimum interest rate of 3.25% to 7.25% on FD investment with maturity of 7 days to 10 years. Senior investors will be given the benefit of additional interest rate. The new rates are effective from 3 May 2023.

Dhanlaxmi Bank FD Interest Rates

• The bank will now pay an interest rate of 3.25% on FDs maturing in 7 to 14 days.
• Dhanlaxmi Bank will pay an interest rate of 5.75% on FDs maturing in 15 to 45 days.
• Will give an interest rate of 6.25% on deposits with a tenure of 91 days to 179 days.
• An interest rate of 6.00% is offered on FDs of 46 days to 90 days.
• Interest will be given at the rate of 6.50% on FDs maturing in 180 days or less than one year.
• FDs with a tenure of 1 year and more than 2 years will earn interest at the rate of 6.75%.
• 7.25 percent interest rate will be given on FDs maturing in 555 days (18 months and 7 days).
• 6.50% interest rate is offered for FDs above 2 years and up to 5 years.

Additional Interest Rate to Senior Citizens

Senior citizens are eligible for an additional interest rate of 0.50% per annum as per Dhanlaxmi Bank website. The bank said that except for Dhanam Tax Advantage Deposit Scheme, seniors will continue to get the benefit of additional interest rate on all domestic FDs of 1 year or more.

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SBM Bank (India) started operations on 1 December 2018 after obtaining a banking license from RBI. The bank is offering a host of services to customers including small businesses, MSMEs, NRIs. SBM Bank has a network of 11 branches across India. This bank is a subsidiary of SBM Holdings, which is based in Mauritius. SBM Group is a financial group that provides services like FD, loan for carbor and card.

SBM Bank is offering different types of FDs to the customers. The bank is offering 4.25% interest to customers on FDs maturing in 7 to 90 days. The interest on FDs maturing in 91-120 days is 4.8%. The bank is paying 5% interest on FDs of 121-180 days. The interest on FDs of 181 days to 1 year is around 6.55%. Interest is being received at the rate of 7.05% and 6.50% on FDs maturing in 1 year to 389 days and FDs maturing in 390 days.

The bank is now offering 7.05% interest on FDs maturing in 391 days to 18 months. The bank is offering an interest of 7.3% on deposits maturing in 18 months to 3 years and 2 days. SBM Bank is offering interest at the rate of 7.4% on FDs of 3 years and 2 days. Offering an interest rate of 8.35% on FDs of 3 years and 2 days to 5 years. Interest will be given at the rate of 7.75% on FDs maturing in 5 years. Interest will be available at the rate of 7.4% on FDs of 5 to 10 years. The bank is offering an additional interest of 0.50% to senior citizens.

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While some investments are risky, some investments are quite safe as well. Many people give more importance to safe investment and invest money in FD. Fixed Deposit (FD) is considered to be one of the most common financial instruments to invest your hard earned money. Bank FDs are considered to be the most preferred investment option as it is considered safer than investing in equities like stocks, SIPs or mutual funds (MFs).

At the same time, small finance banks offer higher interest rates on FDs as compared to commercial banks. In such a situation, today we are going to talk about those banks which provide 9% interest on FD.

Unity Small Finance Bank Latest FD Interest Rates

It offers interest rates between 4.5% to 9% for regular customers. It currently offers an interest rate of 9.5% per annum to senior citizens. Retail investors get 9% on FD with conditions. These rates are effective from 2 May 2023.

Unity Small Finance Bank Latest FD Interest Rates for Individuals

– 6 Months to 201 Days: 8.75%
– 501 Days: 8.75%
– 1001 Days: 9.00%

Unity Small Finance Bank Latest FD Interest Rates for Senior Citizens

– 6 Months to 201 Days: 9.25%
– 501 Days: 9.25%
– 1001 Days: 9.50%

Utkarsh Small Finance Bank Latest FD Interest Rates

Deposits maturing in 700 days in Utkarsh Small Finance Bank will now earn a maximum interest rate of 8.25% for general public and 9% for senior citizens. According to the official website of the bank, the new FD rates are effective from 27 February 2023. The bank offers FDs to senior citizens with interest rates ranging from 4.75% to 9%.

Utkarsh Small Finance Bank Latest FD Interest Rates for Citizens

– 700 days 8.25%

Utkarsh Small Finance Bank Latest FD Interest Rates for Senior Citizens

– 700 Days 9.00%

Fincare Small Finance Bank Latest FD Interest Rates

Fincare Small Finance Bank now offers interest rates on FDs ranging between 3% to 8.4% for general citizens and 3.60% to 9.01% for senior citizens. The highest interest rate of 9.01% is offered for a tenure of 1000 days. These rates are applicable from March 24, 2023.

Fincare Small Finance Bank Latest FD Interest Rates for Citizens

– 1000 days – 8.4%

Fincare Small Finance Bank Latest FD Interest Rates for Senior Citizens

– 1000 days 9.01%

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The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent

Presently the recovery rate from written off accounts is less than 15 per cent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.

The meeting will be held with the officials of the government bank.

Sources said that it seems that after writing off the bad loans, the banks get complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed that as per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the Boards of Directors of the banks, Non-Performing Assets (NPAs) have been written off from the books of the concerned banks by writing them off. It also includes NPAs for which full provisioning was made.

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Even though today almost every type of banking service is available online and digitally, but still it becomes necessary to go to the bank for many works. In such a situation, it is very important for us to be updated with the banking holidays. So that we can avoid the hassle of going to the bank.

How many days bank will remain closed in May

The bank will remain closed for a total of 12 days on different occasions in May. This includes every Sunday as well as the holiday on every second and fourth Saturday. In the month of May, there will be no work in banks on Maharashtra Day, Buddha Purnima, Maharana Pratap Jayanti and many such occasions. This holiday will be on different days in different zones. Let us have a look at the list of bank holidays.

The bank will remain closed on these occasions in May

The first banking holiday will be on May 1 only. Bank holidays will be observed in Belapur, Bengaluru, Chennai, Guwahati, Hyderabad, Kochi, Kolkata, Mumbai, Nagpur, Panaji, Patna and Trivandrum on May 1 on the occasion of Maharashtra Day and Labor Day.

After this the next holiday will be on 5th May. Banks in Agartala, Aizawl, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla and Srinagar will not be closed on May 5 on the occasion of Buddha Purnima. . After this, on the occasion of Sunday, May 7, banks will remain closed in the whole country.

Banks will remain closed even on these days

After this, on May 9, on the occasion of Rabindranath Tagore’s birth anniversary, the banks of Kolkata zone will remain closed. Banks will remain closed across the country due to the second Saturday on 13th May. After this, banks will remain closed in the entire country on Sunday, May 14. Banks in Sikkim will remain closed on May 16 on account of Statehood Day. Due to Sunday on May 21, there will be a holiday in banks.

Banks in Shimla zone will remain closed on May 22 on account of the birth anniversary of Maharana Pratap. After this, on May 24, the banks of Tripura zone will remain closed on the occasion of Kazi Nazrul Islam Jayanti. May 27 is the fourth Saturday due to which banks will be closed across the country. After this, banks will remain closed in the whole country on Sunday, May 28.

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After this, banks have also increased the interest rates on their FDs. If you want to get FD then this is a good opportunity for you. In this sequence, now Bank of India has started the ‘Shubh Aarambh FD’ scheme. In this scheme, senior citizens will get higher interest rate on FD. Under the scheme, senior citizens will get an additional interest rate of 0.50% and very senior citizens will get 0.65% more interest rate. This ‘Shubh Aarambh FD’ scheme has been launched in the bank. Let us tell you about this FD.

Senior citizens will get benefits

Bank of India has launched its “Shubh Aarambh Deposit” scheme keeping senior citizens in mind. This scheme is designed for very senior citizens of 80 years and above. In this scheme, an additional interest rate of 0.50% will be available for senior citizens and an additional interest rate of 0.65% for very senior citizens. This increased interest rates have been implemented in the bank with immediate effect.

Shubh Aarambh Deposit is offering a very high interest rate of 7.80% on 501 days FD to very senior citizens. The objective of this scheme is to provide a safe investment option. At the same time, an interest rate of 7.65% is being provided for senior citizens in the age group of 60 to 80 years.

Getting great interest

Apart from this, Bank of India is offering great interest rates for FDs ranging from 7 days to 10 years. Deposits with a tenure of 7 days to 10 years will fetch an interest rate of up to 7.40% for very senior citizens and up to 6.75% for regular customers. These revised interest rates are applicable to Domestic, NRO and NRE deposits. For deposits of three years and above, there is an additional interest rate of 0.75% for senior citizens and 0.90% for very senior citizens over and above the normal interest rate.

Apart from this, customers can avail a loan of up to 90% of the outstanding amount of their FD. For more information in this regard, the nearest branch of Bank of India can be contacted. At the same time, information can also be obtained by visiting the official website of the bank https://bankofindia.co.in/.

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According to the PNB website, if you do not have sufficient balance in your account and the ATM transaction does not go through, you will be charged Rs 10 + GST ​​for cash withdrawal transactions. PNB told its customer, “Dear Customer, w.e.f. 01.05.2023, a charge of Rs 10 + GST ​​will be levied on domestic ATM cash withdrawal transactions that fail due to insufficient balance.

Revision in Debit Card Charges

As informed by PNB, the bank is revising debit card and prepaid card issuance charges and annual maintenance charges. Apart from this, PoS and e-commerce transactions done through debit cards will be charged. However, this charge will be levied only if the customer’s bank account does not have sufficient funds and the transaction could not be done because of this. That is, when you buy goods from an e-commerce website like Amazon Flipkart and pay with POS and debit card, but for some reason there is not enough balance in your account and the transaction fails, even then the bank is planning to impose penalty.

Below are the guidelines for failed ATM transactions as per PNB’s website.

1. Complaint regarding failed ATM transaction is to be addressed within 7 working days.
2. If the transaction does not happen within 30 days from the date of failure, a compensation of Rs 100 per day will be given by the bank.
3. If there is any problem or complaint, you can contact on customer care number 0120-2490000 or 18001802222, 1800 103 2222.

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Fixed Deposit Interest Rates: In such a situation, there are many small finance banks in the country where customers are getting up to 9.50 percent interest rate on fixed deposit schemes. The customers of these banks also get an insurance cover of Rs 5 lakh through DICGC on deposits.

Unity Small Finance Bank is offering its customers an interest rate of 4.50% to 9% on FDs ranging from 7 days to 10 years. On the other hand, senior citizens are getting interest rates ranging from 4.50 per cent to 9.50 per cent.

Suryoday Small Finance Bank is offering interest rates ranging from 4.00 percent to 8.51 percent on FDs ranging from 7 days to 10 years to general customers. At the same time, the bank is offering interest ranging from 4.5 percent to 8.76 percent to senior citizens in this tenure.

Utkarsh Small Finance Bank is offering 4 per cent to 8.25 per cent interest rate for fixed deposits ranging from 7 days to 10 years to general customers. At the same time, interest rates ranging from 4 percent to 9 percent are being offered to senior citizens.

Jan Small Finance Bank is offering 3.75 per cent to 8.15 per cent interest rate to customers on FDs ranging from 7 days to 10 years, while Senior Citizen Bank is offering customers interest rates ranging from 3.75 per cent to 8.75 per cent.

Fincare Small Finance Bank is offering interest rates ranging from 3% to 8.11% to its general citizens. At the same time, the bank is offering interest rates ranging from 3 percent to 8.11 percent to senior citizens.

Ujjivan Small Finance Bank is offering 3.75 percent to 8.25 percent interest rate on FDs ranging from 7 days to 10 years to general citizens and senior citizens.

ESAF Small Finance Bank is offering interest rates ranging from 4% to 8.50% to its general customers. At the same time, senior citizens are being offered interest rates ranging from 4.50 percent to 9 percent on FDs ranging from 7 days to 10 years.

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These types of deposits also mature on a fixed date. Banks offer RD for a period of one to 10 years. It allows investors to invest a fixed amount every month and build a corpus for short term needs. It works like a Systematic Investment Plan (SIP) of a mutual fund. Investing in RD brings discipline.

However, for this it is also necessary that you have the required amount of money to invest every month. Conservative investors who have a source of regular income can consider RD. After 6 consecutive rate hikes by the Reserve Bank of India (RBI) in FY23 starting May, many banks have increased the interest rates on RDs for 5 years tenure.

Let us know about some such banks which are giving better returns on RD of 5 years.

IndusInd Bank

IndusInd Bank gives 7.25 per cent interest on RD for a tenure of five years. If you invest Rs 5,000 every month for five years, you will get Rs 3.62 lakh at the end of the tenure.

AU Small Finance Bank and Ujjivan Small Finance Bank

AU Small Finance Bank and Ujjivan Small Finance Bank are paying 7.20 per cent interest on RD for a period of five years. If you invest Rs 5,000 every month, you will get Rs 3.62 lakh in tenure.

DCB Bank

DCB Bank gives 7.60 per cent interest on RD for a period of five years. Among private banks, this bank offers the best interest rates. If you invest Rs 5,000 every month for five years, you will get Rs 3.66 lakh when the amount matures after 5 years.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is paying 7.5 per cent interest for a tenure of five years. Suryodaya is offering the best best interest rates in Small Finance Bank. If you invest Rs 5,000 every month for five years, you will get Rs 3.65 lakh at the end of the tenure (5 years).

Big private banks are paying so much interest

Major private banks, including Axis Bank, HDFC Bank and ICICI Bank, are offering 7 per cent interest on RDs for a period of five years. Other small private banks, including IDFC First Bank, RBL Bank and Yes Bank, are offering 7% interest on RDs with a tenure of 5 years. If you invest Rs 5,000 every month, you will get Rs 3.60 lakh at the end of the tenure.

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The bank has taken this action due to ignorance of the rules. In this, a penalty of Rs 16 lakh has been imposed on The Tamil Nadu State Apex Co-operative Bank, Chennai. Apart from this, the Reserve Bank has imposed fine on 3 more banks.

Reserve Bank said this

Giving information on the action on the banks, the RBI said that the aim of the central bank is that all the rules of the Reserve Bank are followed by the banks. Along with this, the bank does not intend to interfere in any transaction between the bank and the customers. Significantly, the central bank has imposed a fine of crores of rupees earlier also for ignoring the rules.

Action taken on which banks

The co-operative banks that have been fined by the Reserve Bank of India are the Bombay Mercantile Co-operative Bank. A fine of Rs 13 lakh has been imposed on this bank. The bank could not transfer the Depositor Education and Awareness Fund (DEAF) funds within the stipulated period. At the same time, the Reserve Bank has also imposed a fine of Rs 13 lakh on Janata Sahakari Bank, Pune. This penalty has been imposed for not paying interest on deposit rates at the right time.

At the same time Tamil Nadu State Apex Cooperative Bank also could not transfer the funds of DEAF on time. Along with this, the bank did not inform NABARD about the fraud transaction that happened at the right time.

In such a situation, the Reserve Bank has imposed a hefty fine of Rs 16 lakh on this bank. Apart from this, Baran Nagrik Sahkari Bank Rajasthan (Baran Nagrik Sahkari Bank Rajasthan) has also been fined Rs 2 lakh. This action has been imposed on the bank for ignoring the rules.

What will be the effect on customers?

In such a situation, the question arises that what will be the effect of 44 lakh fine imposed by RBI on four banks on the customers of the bank? These penalties have nothing to do with the customers of the bank. This penalty has been imposed on the banks for not completing the operation. It has nothing to do with the account transactions of the bank’s customers.

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Depending on the requirement, you can choose the tenure of the FD as per your requirement. Many banks are currently giving bumper returns on FDs. Some banks have launched special FD scheme. Indian Bank has also increased the validity of its special term deposits. Now you can take advantage of this FD till 30.06.2023.

While giving information about this special FD scheme, the bank has told how to invest in this scheme. For this, you can adopt both online and offline methods. An amount ranging from Rs 10,000 to less than Rs 2 crore can be invested in this.

Indian Bank has increased FD rates

From 20 April 2023, Indian Bank had also revised its interest rates on “IND Super 400 Days”. The bank has earlier offered 7.10% interest rate to general public, 7.15% interest rate to women customers, 7.65% interest rate to women senior citizens, 7.60% interest rate to senior citizens, 7.90% interest rate to women super senior citizens and 7.90% interest to super senior citizens. Was getting the benefit of 7.85% interest rate. But now in this special fixed deposit, general customers are getting the benefit of 7.25% interest rate, senior citizens 7.75% interest rate and super senior citizens 8.00% interest rate.

Indian Bank FD Rates

Bank offers its customers 2.80% on FDs of 7 days to 14 days, 2.80% on FDs of 15 days to 29 days, 3% on FDs of 30 days to 45 days, 3.25% on FDs of 46 days to 90 days % and is paying 3.50% interest on FDs of 91 days to 120 days. The bank is paying 3.85% interest on FDs ranging from 121 days to 180 days, 4.50% on FDs ranging from 181 days to less than 9 months and 4.75% on FDs ranging from 9 months to less than 1 year.

Indian Bank offers its customers 6.10% on FDs of 1 year, 6.30% on FDs above 1 year and less than 2 years, 6.70% on FDs of 2 years to less than 3 years, 3 years to less than 5 years Is paying 6.25% interest on FD. Apart from this, the bank is paying 6.25% interest on FDs of 5 years and 6.10% on FDs above 5 years.

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It is a part of our new era banking solutions that integrate traditional and digital channels. RBL Bank, one of the renowned private banks in the country, has announced the launch of Digital Fixed Deposit for its customers. Customers can book digital FDs within minutes without visiting the branch or opening a savings account with the bank.

Branch and Business Banking Head of RBL Bank, Deepak Gadhyan said that the bank has started its digital fixed deposit for new customers. It is a part of our new era banking solutions that integrate traditional and digital channels. Online Fixed Deposit is a secure and reliable investment route, which helps the customer to generate better returns and save over time.

Benefits of RBL Online Digital FD

1. Online FDs come with several additional benefits, such as embedded insurance cover, easy savings account open process, tracking and managing FDs digitally, etc.
2. FD holders can opt for insurance cover under the Hospital Daily Cash Benefit Policy which provides daily cash benefit for hospital expenses.
3. Customers can download the RBL Bank MoBank app to view their FD receipts online.
4. Digital FDs are enabled through an online KYC process, making it easy and hassle-free for customers to open FDs within minutes.
5. In three easy steps (i) providing Aadhaar linked mobile number and PAN details, (ii) completing KYC status using video KYC, and (iii) funding the FD using online payment methods.

How much will be earned

With an interest rate of up to 7.8 per cent for a tenure of 15 months to 725 days, RBL Bank’s Digital FD is offering investors an interesting investment option.

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Unity Small Finance Bank is offering 9.5% interest to senior citizens on 1001 days FD. However, 9 percent interest is being given to retail investors on this. Bank retail investors are getting 8.75 per cent and senior citizens 9.25 per cent interest on the 501-day fixed deposit scheme of Unity Small Finance Bank.

Utkarsh Small Finance Bank is giving up to 9% interest on 700 days

FD Utkarsh Small Finance Bank is giving 8.25% interest to general investors and 9.00% to senior citizens on 700 days FDs. The bank is giving an interest rate of 7.50% to general customers and 8.25% to senior citizens on fixed deposits (FDs) of 701 days to 5 years.

Equitas Small Finance Bank is giving up to 9% interest for 888 days.

Equitas Small Finance Bank is giving up to 8.5% interest to common people and up to 9% interest to senior citizens on FDs of 888 days. Recently, the bank has changed the interest rates for FDs of less than Rs 2 crore. According to the official website of the bank, the new FD interest rates have come into effect from April 11, 2023.

The pace of increase in the repo rate has stopped after 6 consecutive shocks.

Recently, the Reserve Bank of India (RBI) has given great relief to the common man. Actually, in the first MPC meeting of the new financial year, it has been announced to keep the repo rate stable. The repo rate has been retained at 6.50 per cent. Earlier, RBI had increased the repo rate by 2.50 percent from May 2022 to February 2023.

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Earlier the bank had launched this FD scheme for a fixed period and it was valid from 15 February 2023 to 31 March 2023. Premature and loan facilities are also included in Amrit Kalash Deposit.

According to the SBI website, the bank has re-launched the Amrit Kalash Deposit Scheme with a special tenure of 400 days. The deadline for investment in this FD scheme will be from 12 April 2023 to 30-June-2023. General and senior citizens are being given the opportunity to invest on FD investment. However, the interest rate has been fixed separately for both the categories.

SBI Amrit Kalash Interest Rate

Investors can invest less than 2 crores in the SBI Amrit Kalash Deposit Scheme with a tenure of 400 days. According to SBI, 7.10 percent interest rate will be given to ordinary citizens investing in Amrit Kalash Deposit Scheme, while 7.60 percent interest rate will be given to senior citizens.

How interest will be paid to the investors

Interest is paid to the investors of SBI Amrit Kalash at monthly, quarterly and half-yearly intervals. On maturity of SBI Amrit Kalash, the interest amount after deducting TDS will be added to the customer’s account. Premature and loan facilities are also included in Amrit Kalash Deposit.

SBI FD Interest Rates

State Bank of India offers regular citizens an interest rate of 3% to 7% on FD investments for tenures ranging from 7 days to 10 years. The interest rate offered under the “SBI V-Care” deposit scheme for senior citizens ranges from 3.5% to 7.50% including an additional premium of 0.50%.

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The Reserve Bank of India (RBI) has continuously increased the Repo Rate. Because of this, the private and government banks of the country have tried to make them attractive to the customers by increasing the interest rates of their Fixed Deposit (FD) schemes. Some banks are paying more than eight per cent interest on fixed deposits, while some are giving up to 9 per cent interest.

Interest on 501 days FD

Unity Small Finance is one such bank, which is offering up to 9% interest on FDs to common depositors. At the same time, the bank is giving 50 basis points additional interest on FD to senior citizens. That is, Unity Small Finance Bank is offering 9.50 percent interest on its FD. According to the information available on the website of Unity Small Finance Bank, this private bank is offering an interest rate of 8.75 per cent on FDs of 181-201 days. The bank is offering 8.75 per cent interest on 501 days FD. At the same time, Unity Small Finance Bank is offering an interest rate of 9 percent on FD of 1001 days.

Senior citizens will get 9.50% interest

Like any other bank, Unity Small Finance Bank is also offering an additional 50 basis points interest rate on bank fixed deposits belonging to senior citizens. This means, if a senior citizen invests in Unity Small Finance Bank’s FD of 181 to 201 days and 501 days, then he will get interest at the rate of 9.25 per cent per annum. At the same time, on investment in FD of 1001 days, it is offering interest at the rate of 9.50 percent to senior citizens. So, Unity Small Finance Bank is offering up to 9 percent interest on FD to the common people.

Increase in repo rate

The Reserve Bank of India had increased the repo rate by 25 basis points or 0.25 per cent in the month of February. All types of loans become expensive due to increase in repo rate. To control the inflation rate, the Reserve Bank had increased the repo rate. In this financial year, the Reserve Bank has increased the repo rate by more than two percent.a=

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Interest on 222 days special FD

In the PSB Utkarsh 222 days special FD scheme offered by Punjab and Sind Bank, 8.00 percent interest is being given to general citizens, 8.50 percent to senior citizens and 8.85 percent to very senior citizens.

Interest on 300 days special FD

PSB Fabulous 300 days special FD from the bank is getting 7.50 percent interest for general investors, 8.00 percent for senior citizens and 8.35 percent for very senior citizens.

Interest on 601 days special FD

PSB Fabulous 601 days special FD is being given 7.00 percent interest to general investors, 7.50 percent to senior citizens and 7.85 percent to very senior citizens by Punjab and Sind Bank.

Interest on 1051 days special FD

PSB SRSD 1051 Days Special FD has been launched by the bank, in which interest of 7.00 percent is being given to investors and 7.50 percent to senior investors.

Interest on normal FD

On behalf of Punjab and Sind Bank, interest of 2.80 percent to 6.25 percent is being given on FDs of 7 days to 10 days. In this, the maximum interest of 6.75 percent is being given on FDs of more than two years and less than three years.

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Due to this, their work is also done and their loan is also being completed gradually through EMI. But sometimes due to loss of job or any other reason, the situation becomes such that it becomes difficult to pay the EMI of the loan.

If the EMI of the loan is not given for three months, then the bank can also declare the borrower a defaulter and in such a case his CIBIL score gets affected and there is a problem in taking loan in future. In such a situation, Loan Moratorium can be helpful for you. Through loan moratorium, you can ask the bank for some time to repay the installment. Know here what is loan moratorium and how it can be a relief for you.

What is loan moratorium

For loan moratorium you have to apply in the bank. If you have a valid reason, then through loan moratorium, you are given a short time from the bank. In this, the person does not have to pay the installment for a certain time. This gives a lot of relief to the person struggling with financial problems.

Interest has to be paid even during the grace period

Through loan moratorium, you definitely get some time to pay the installment, but your EMI is not waived in this, nor do you get any concession in the interest charged on it. In the period in which you are exempted from the EMI of the loan, you also have to pay the interest charged on the loan. The amount of interest only is very less as compared to the entire EMI of the loan.

These are its advantages

Many people think that when interest has to be paid, then what is the use of loan moratorium? So the advantage is that if you skip EMI normally, then penalty has to be paid along with interest. Along with this, your CIBIL score is also bad. But with the loan moratorium, you get time from the bank to stop the EMI for some time. In this case, there is no effect on your CIBIL score.

Who can apply

Now it comes to who can apply for loan moratorium, then the answer is that any company or person can apply for loan moratorium. If your reason is valid, then you can apply for moratorium from the bank for home loan, car loan or credit card repayment etc.

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Now no one takes such notes from you. Any vegetable seller, auto seller, bus seller or milk seller from you flatly refuses to accept such notes. Now you have only one option left, that is, there is a way to go to the bank and deposit the note. Know what rules RBI has set for the bank in this regard.

Bank will change bad note

Often in the market, no shopkeeper takes the note if it is mutilated or damaged. Because of this, such bad notes get accumulated with you. You can easily exchange such notes by going to the bank. The bank replaces your bad notes except some conditions. A circular has also been issued in this regard by the Reserve Bank of India (RBI Bank).

Bank will not refuse to exchange notes

According to RBI rules (RBI Bank Rule), you can easily change your notes by going to your nearest bank or RBI office. Although the bank cannot deny this clearly. Note limit is fixed for this. 1 person can get more than 20 notes exchanged at a time. But its value should not exceed Rs.5000. So the bank will pay it immediately. If the note is exchanged for more than this, the bank receives it, and the money is transferred to your account. The bank takes a little longer to exchange notes above Rs 50,000.

Bad notes from atm

It has been seen many times that some bank ATMs dispense bad notes. If something similar has happened to you too, then what should you do? You have to go to the bank whose ATM is there. You will have to explain the whole matter in writing to the bank branch. Along with this, ATM slip will also have to be shown. If the slip does not come out from the ATM, then the details of the SMS received on the mobile will have to be given. Only after this your notes can be easily changed.

How much will you get on torn note

You get money back according to how much your note is torn. For example, if there is 88 square centimeters of a 2000 rupee note, you will get the full price. At the same time, if there is a share of 44 square centimeters, you will get half the money. Similarly, if 78 square centimeters of a torn note of 200 rupees is safe, full money is received and half the money if it is 39 square centimeters.

If no one listens, then take help from here

Often the bank always sees the condition regarding the torn note. If the note is intentionally torn, or completely burnt, it cannot be replaced. Such notes have to be deposited in the RBI office itself. You can give a missed call to RBI’s helpline number 14440 to get more information related to note exchange.

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8.50% interest is being given to senior citizens on FDs for 2 to 3 years. According to the official website of the bank, the new rates on the bank’s FD will be applicable from February 15, 2023. The bank has increased the interest on fixed deposits above Rs 2 crore. After increasing the repo rate of RBI, most all the banks are increasing the interest on FD.

ESAF Small Finance Bank FD Rates

ESAF Small Finance Bank (SFB) is offering a maximum interest of 8.60% to senior citizens and 8.00% to general public. These new rates are being given on new FDs and renewable FDs. These new rates will not be applicable on existing running FDs.

Getting so much interest

The bank is now offering interest on FDs maturing in 7 days to 10 years. SFB is offering 4.00% to 8.10% interest to general public and 4.50% to 8.60% interest to senior citizens. The bank is paying 8.10 per cent interest to common people and 8.60 per cent to senior citizens on FDs maturing in 999 days. The bank is offering the highest interest on FDs of 999 days only.

These are the interest rates

ESAF Small Finance Bank is offering 4.00% interest on FDs maturing in 7 to 14 days. Apart from this, ESAF Small Finance Bank is offering an interest of 4.50% on deposits maturing in 15 to 59 days, 5.00% on FDs maturing in 60 to 90 days. ESAF Small Finance Bank is paying 5.25% interest on FDs maturing in 91 to 182 days.

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Jammu and Kashmir Bank has increased FD interest rates after the Reserve Bank of India (RBI) increased the repo rate to 6.5 percent. The increased interest rates of the bank have come into effect from 11 February.

FD interest rates of Jammu and Kashmir Bank

3.50 percent interest will continue to be available on FDs of 7 days to 30 days in J&K Bank. Whereas for a period of 31 days to 45 days, this interest rate will be 3.70 percent.

Jammu and Kashmir Bank has increased the FD interest rate by 0.25 percent for a period of 46 days to 180 days. Now it has become 4.75 percent instead of 4.50 percent. And for a period of 181 days to 270 days, the FD interest rate will be 5.50 percent.

Will get more interest on FD of 2 years

6 percent interest will be available on FD in J&K Bank for a period of 271 to 364 days. Earlier it was 5.75 percent. At the same time, the bank FD interest rate will be 7.25 percent for a period of one year to 2 years. Earlier it was 6.75 percent.

For FDs of two years to three years, customers in the bank will get 6.75 percent interest. While the bank will pay 6.50 percent interest on FDs with a period of 3 to 10 years.

J&K Bank working since 1938

Jammu & Kashmir Bank was started in 1938. Its head office is in Srinagar. Then Maharaja Hari Singh of Jammu and Kashmir started this bank with a paid-up capital of only Rs 5 lakh. It is one of the oldest commercial and private sector banks in the country.

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Let us tell you that the deposit rates of banks usually change after the announcement of lending rates by RBI. Banks change all their rates to adjust the benchmark rates according to the RBI’s repo rate. It also affects the interest rate of the loan.

Bank increased interest on FD

The bank’s new rates are effective from Friday. After this, investors will be able to take advantage of the increased interest in FDs of every segment. If you are also interested in getting FD, then you can choose the fixed deposit of the bank.

What is the interest rate of the bank

Deposits of Rs 2 crore to Rs 5 crore for a period of 15 months to 2 years will get 7.25 per cent interest. 7.10 percent interest will be given on deposits of up to Rs 2 crore from 12 months 25 days to 2 years. With the increase in key interest rates by the RBI, we have passed on to our customers the benefit of higher returns on their savings, said Virat Dewanji, Head, Consumer Bank in his statement.

where how much benefit

Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.

FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.

where how much benefit

Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.

FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.

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After increasing the repo rate of RBI, most of the banks have increased the interest on FD. RBI started increasing the interest from May 2022 and last time on 7th December, RBI has increased the repo rate.

FD Rates of Shivalik Small Finance Bank

The bank now offers 3.75% interest on FDs maturing in the next 7 to 14 days. Shivalik Small Finance Bank (SFB) is offering 4.00% interest on FDs maturing in 15 to 29 days. Shivalik Small Finance Bank is paying an interest of 4.50% on FDs of 30 days to 90 days. The bank is offering an interest of 5.00% for FDs of 91 days to 180 days.

These are FD rates

5.75% interest will be given on FDs maturing in less than 6 months to 12 months. FDs maturing in less than 12 months to 18 months will get a return of 7.50%. Shivalik SFB is now offering customers a maximum return of 8.00% on FDs maturing in 18 months to 36 months. Deposits maturing in 36 months and 1 day to 60 months will earn an interest of 7.00%. Shivalik SFB customers will now get a return of 6.75% on deposits maturing in 60 months 1 day to 120 months. The bank’s tax saver FD ie 5 years (60 months) is getting a return of 7.00%.

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The bank has made this big change to protect its customers from fraud. Soon this rule will be seen applicable on SBI ATMs. This rule will act as an additional safeguard against unauthorized transactions.

According to the bank, while completing the transaction, the bank customers will have to share the OTP while withdrawing cash from the ATM, so that it is ensured that the ATM user is the right user. OTP is a system-generated four-digit number that the bank will send to the customer’s registered mobile number. This OTP will authenticate the cash withdrawal and will be valid for only one transaction.

OTP cash withdrawal started from January 1, 2020

The country’s largest lending bank SBI had started OTP-based cash withdrawal services from January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms from time to time. It is appealing to all its customers to avail the service.

OTP will be required in transactions of 10 thousand or above

Now this service will come in handy for SBI customers at the time of withdrawing cash from ATMs. SBI made these rules in view of the increasing fraud, cyber crime. Let us tell you that customers withdrawing Rs 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction.

Withdraw cash using OTP

You must have your Debit Card and Mobile Phone while withdrawing cash from SBI ATM OTP will come Enter the OTP received on your phone on the ATM screen After entering the valid OTP, the transaction will be completed

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From the first day of the new year, new rules are being implemented regarding the bank locker. If you also keep or are planning to keep goods in the bank locker, then there is important news for you. According to RBI rules, from January 1, 2023, there is going to be a change in the rules related to the Reserve Bank Locker, which will have a direct impact on the customers. Bank customers will get a big benefit from this rule.

Locker rules will change from January 1

According to this rule, if there is any damage to the goods kept in the locker, then the bank will have to compensate for it. Not only this, customers will have to sign an agreement till December 31, in which all the information about the locker will be given. With this, bank customers will always be updated about their essential items.

Locker agreement will be necessary

Before the new year i.e. January 1, 2023, the locker owners will have to get an agreement made, and for this it is necessary for them to be eligible. Messages are also being sent by the banks to the customers to get the locker agreement done. Punjab National Bank (PNB) is also sending an alert to its customers, in which it is written, ‘As per RBI guidelines, the new locker agreement has to be executed before 31 December 2022.’

In these circumstances, the bank will give compensation

According to the new rules of RBI, now the customers will get a big benefit. Actually, if the salmon kept in the locker is damaged due to the negligence of the bank, then the bank will have to pay. Means now according to the new rule, the responsibility of the bank has increased. Not only this, the bank will also compensate for the loss caused due to fraud by the employees of the bank. Under this, the liability of the bank will be up to 100 times the annual rent of the locker.

When will not get compensation

Now the question is under what circumstances the customers will not get compensation. According to the new rule, if there is any damage to the contents kept in the locker due to natural calamities like lightning, earthquake, flood, storm etc., due to customer’s fault or negligence, the bank will be responsible for it.

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The bank’s new FD rates have become effective from December 15, 2022. With this hike, the bank is offering one of the highest interest rates across the industry. Customers will now get an interest rate of 7.85 per cent on deposits for a period of 2 to 3 years, while senior citizens are being offered an interest rate of 8.80 per cent for the same period.

Jana Small Finance Bank New FD Rates for Common Citizens

7 to 14 days – 3.75%
15 to 60 days – 4.25%
61 to 90 days – 5.25%
91 days to 180 days – 5.50%
181 days to 364 days – 7.00 Per cent
365 days – 7.25 per cent
> 1 year-2 years – 7.50 per cent
> 2 years-3 years – 7.85 per cent
> 3 years- 5 years-10 years – 6.00 per cent

RBI has increased the repo rate 5 times this year

Reserve Bank has increased the repo rate 5 times so far this year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7.

Many banks have increased the rates of Fixed Deposits

It is noteworthy that recently SBI, Kotak Mahindra Bank, HDFC Bank, Indian Overseas Bank, Suryoday Small Finance Bank, Yes Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.

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On Thursday, December 15, Kotak Mahindra Bank has increased the interest on some of its FD schemes by 0.25 percent. The bank is currently offering a maximum interest rate of 7.50 per cent on FD.

Let us tell you that in the monetary policy meeting held on December 7, the Reserve Bank had increased the repo rate by 35 basis points to 6.25 percent. After increasing the repo rate by the Reserve Bank, almost all the banks have increased the interest rates on FDs. Banks are increasing rates to attract more and more customers. Most banks are increasing interest on loans and FDs.

Kotak Bank has increased FD rates three times in 7 days

Kotak Mahindra Bank has increased its FD rates three times in the last seven days. Before increasing FD rates by 0.25 per cent on 15 December, the bank had increased FD rates on 10 December and 14 December as well. The bank’s new rates will be applicable to FDs with an amount of less than Rs 2 crore. The bank is now paying interest at the rate of 7% on 390 days FD. These new FD rates of Kotak Bank are effective from 15 December.

New FD rates of Kotak Mahindra Bank

Bank is now offering 2.75% interest to common people and 3.25% interest to senior citizens on FDs of 7 to 14 days. At the same time, for 15-30 days, interest is being given at the rate of 3 percent to the common people and 3.50 percent to the senior citizens.

Similarly, on FD of 390 days (12 months 25 days), it is offering 7 percent interest for the general public and 7.50 percent interest for the senior citizens. On FDs ranging from 5 years to 10 years, the bank is paying 6.20 percent interest to the general public and 6.70 percent interest to senior citizens. You can check the latest FD rates for all FD schemes on the bank’s website.

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This is a good news for people in rising inflation. Now the name of Suryoday Small Finance Bank has been included in the banks which have revised the interest rates of FD. This bank has increased its FD interest rates by up to 50 basis points. The revision of interest rates has been done for FDs of less than Rs 2 crore.

Now the bank is paying up to 9.1% interest on FDs of less than ₹ 2 crore. At the same time, senior citizens are getting interest up to 9.26 percent. The new interest rates have come into effect from 6 December. In a statement issued by the bank, it has been said that interest ranging from 4 percent to 9.01 percent is now being received on FDs of less than Rs 2 crore from 7 days to 10 years. At the same time, senior citizens will be given interest ranging from 4.50 to 9.26 percent.

What are the interest rates

The bank is giving 4% interest for a period of 7 to 14 days. At the same time, 4.25 percent interest is being received on FDs of 15 to 45 days. After this, 4.50 per cent on FDs of 46 to 90 days, 5 per cent on FDs of 91 days to 6 months, 5.50 per cent on FDs of more than 6 months to 9 months and 6 per cent on FDs of more than 9 months to 1 year. Getting percent interest.

The bank is paying 7% interest on FDs ranging from 1 year to 1 year 6 months. The same bank is paying 8.01 percent interest on FDs ranging from 1 year, 6 months to more than 2 years. The bank is paying 7.51 percent interest on FDs ranging from 2 years to 998 days.

The bank is giving 8.01 cheap interest on 999 days FD. 7.25% interest is being received on FDs that are going to mature in 2 months, 27 days to 3 years. 6.75 percent interest is being received on FDs of 3 years or more and less than 5 years. The bank is paying 9.01% interest on FDs maturing in 5 years. At the same time, 6.30 percent interest is being paid on FDs ranging from 5 years to 10 years.

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