1. IndusInd Bank

IndusInd Bank is offering 6.75% interest on three-year FD. This rate is the highest among private banks. An investment of Rs 1 lakh here will become Rs 1,20,250 after three years.

2. Axis Bank

Axis Bank is offering 6.6% interest on three-year FD. An investment of Rs 1 lakh on this maturity will become Rs 1,19,800. This return is better for investors who want stability and balance.

3. ICICI Bank

ICICI Bank is also offering 6.6% interest on three-year FD. Rs 1 lakh invested here will become Rs 1,19,800 after three years. It is considered a competitive option in the private sector.

4. HDFC Bank

The largest private sector bank HDFC Bank is offering 6.4% interest on three-year FDs. At this rate, an investment of Rs 1 lakh will become Rs 1,19,200 after three years.

5. Kotak Mahindra Bank

Kotak Mahindra Bank is also offering 6.4% interest on three-year FD. Here too, an investment of Rs 1 lakh will grow to Rs 1,19,200 on maturity.

6. Punjab National Bank

Punjab National Bank is offering 6.5% interest on three-year FD. This rate is the best among government banks. An investment of Rs 1 lakh here will become Rs 1,19,500 in three years.

7. Bank of Baroda

Bank of Baroda is giving 6.4% interest on three-year FD. At this rate, an investment of Rs 1 lakh will be Rs 1,19,200 after three years. It gives balanced returns with the trust of government banking.

8. Union Bank of India

Union Bank is also offering 6.4% interest on three-year FD. Rs 1 lakh invested here will become Rs 1,19,200 after three years. This option is good for those who want stable returns.

9. State Bank of India (SBI)

SBI is offering 6.3% interest on three-year FD. At this rate, an investment of Rs 1 lakh will be Rs 1,18,900 on maturity. Being the largest bank in the country, it guarantees trust to investors.

10. Canara Bank

Canara Bank is offering 6.25% interest on three-year FD. At this rate, an investment of Rs 1 lakh will be Rs 1,18,750 after three years.

The post Top 10 Banks Giving Highest Interest on Savings & Fixed Deposits first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post Post Office Launch New Plan: Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

(KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post New Post Office Plan: Big news! Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Four consecutive repo rate hike by the Reserve Bank of India (RBI) has prompted banks to increase their fixed deposit (FD) rates. Some banks are also offering inflation beating rates on FD.

Bandhan Bank Latest FD Rates for Senior Citizens

Bandhan Bank has started offering a special limited tenure of higher interest rates on Fixed Deposits. These rates are applicable on retail deposits up to Rs 2 crore and are effective from November 7, 2022. This will be applicable to fresh deposits as well as renewal of matured deposits. With this new offering, the bank is offering one of the highest interest rates on fixed deposits in the entire banking sector.

Customers will now get a higher interest rate of up to 7.5 per cent on deposits for a tenure of 600 days. Senior citizens can avail 0.50% or 50 bps more, which will take their returns up to 8% for FDs of 600 days tenor.

600 days-8%

Suryoday Small Finance Bank Latest FD Rates

Suryoday Small Finance Bank Latest FD Rates for Senior Citizens Suryoday Small Finance
Bank (SSFB) offers 8.01 percent for general public and 8.26 percent for senior individuals on FDs maturing in 999 days. The bank has recently increased the interest rates on fixed deposits with effect from November 2.

999 days -8.25%

Unity Small Finance Bank Latest FD Rates for Senior Citizens

Senior citizens can get up to 8.3% interest on FDs with Unity Small Finance Bank. This interest rate is applicable on deposits of 1 year – 1 day. Senior individuals will get 8.15% interest on FDs maturing in 2 years to 3 years and 3 years to 5 years. These rates are effective from 1 November.

1 year – 1 day : 8.30%

2 years -3 years: 8.15%

>3 years – 5 years: 8.15%

AU Small Finance Bank Latest FD Rates for Senior Citizens

AU Small Finance Bank offers 8% interest to senior citizens on deposits maturing in 2 years to 3 years and 3 years to 45 months. The interest rates applicable on fixed deposits have become effective from October 10.

24 months 1 day to 36 months – 8.00%

36 Months 1 Day to 45 Months – 8.00%

The post Senior Citizen Fixed deposit: Good News! Fixed deposit rates for senior citizens getting more than 8 percent interest rates first appeared on Rightsofemployees.com.

Though tax saving plans are usually included in the 5-year fixed deposit scheme, there are other FD options available during this tenure. Yes Bank has the highest earning FD option, which offers an interest rate of 6.50 per cent per annum for a tenure of five years.

1. State Bank Of India (SBI)

For an investment tenure of 5 years, SBI pays 5.50 per cent per annum in interest to all holders of normal fixed deposits. Senior citizens charge interest at the rate of 6.30 per cent per annum for this period.

2. Axis Bank

Axis Bank, one of the other well-known and reputed banks in India, offers an interest rate of 5.75 per cent per annum for fixed deposits of 5 years. For older citizens, an interest rate of 6.50 per cent per annum is offered over an investment tenure of 5 years.

3. Yes Bank

Yes Bank is offering fixed deposits to the general public with an annual interest rate of 6.50 per cent for five-year terms. Yes Bank will pay the senior citizens at the rate of 7.25 per cent per annum. Investors have a choice between a standard fixed deposit and a tax-free FD of five years. The interest rate is same for both the FDs. Interest will be paid monthly or quarterly.

4. Citibank

Citibank offers fixed deposits with an interest rate of 3.50 per cent per annum for investments made over a period of five years. Citibank will give interest at the rate of 4.00 per cent per annum to older people. The amount invested is subject to the rates of Rs.2 crore. The bank also offers tax saving term deposit plans.

5. HDFC Bank

The rate of return on fixed deposits opened with HDFC Bank for a tenure of five years is 5.70 per cent per annum. The bank offers an interest rate of 6.20 per cent per annum to senior citizens.

The post Best FD: These 6 banks are offering the best 5 year fixed deposit scheme in India first appeared on Rightsofemployees.com.