FD Interest Rates: To save your earnings, there are many investment options available in the market, including stock options for quick short-term profits. For long-term investments, you can invest in bank fixed deposits (FDs). If you’re investing for at least five years, both can be a good option. If you want to earn money through fixed deposits, be sure to calculate the interest rates offered by banks before investing.

FDs offer fixed interest rates and ensure your money is safe. Long-term FDs generally have higher interest rates. Senior citizens also receive higher interest rates than ordinary citizens. Several banks in the country offer interest rates as high as 7%. These include both private and public sector banks. Here’s a list of popular banks in the country, highlighting which banks offer the highest interest rates on one-year FDs.

1. HDFC Bank
HDFC Bank, one of the country’s largest private banks, offers excellent returns on FDs. One-year FDs offer 6.25% interest, while senior citizens are offered 6.75%.

2. ICICI Bank
One-year FDs at ICICI Bank offer 6.25% annual interest, while senior citizens are offered 6.75%. Three-year FDs offer 6.45% to 6.60% interest, and five-year FDs offer 6.40% to 6.60% interest.

3. Kotak Mahindra Bank
This private bank also offers 6.25% interest on one-year FDs for ordinary citizens. It offers 6.75% for senior citizens. Furthermore, it offers the highest returns for FDs with maturities ranging from 391 days to 23 months.

4. Federal Bank
Federal Bank offers 6.25% interest on one-year FDs for general citizens and 6.75% for senior citizens. The highest returns are available for 999-day deposits, with an interest rate of 6.70%.

5. State Bank of India
Investors at State Bank of India, the country’s largest public sector bank, are earning 6.25% and 6.45% annual interest on one-year and two-year FDs. However, the highest returns are available for 2- to 3-year deposits, with an interest rate of 6.45%.

6. Union Bank
This public sector bank offers 6.40% interest on one-year fixed deposits for ordinary citizens. Senior citizens are offered 6.90% interest. The highest return is on 3-year fixed deposits, offering 6.6% interest. Senior citizens are offered 7.1% interest.

7. Canara Bank
This public sector bank offers 6.25% interest on one-year fixed deposits for general citizens and 6.75% for senior citizens. The highest returns are available on FDs with a duration of 444 days. The interest rate for general citizens during this period is 6.50%, while for senior citizens it is 7%.

8. Punjab National Bank
This public sector bank offers 6.25% interest on general citizens and 6.75% for senior citizens. The highest returns are available on FDs with a duration of 390 days. The interest rate during this period is 6.1%, while for senior citizens it is 7.1%.

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The post FD Rates : 8 banks offering the highest interest on 1-year fixed deposits – See the full list first appeared on Rightsofemployees.com.

Fixed deposit is called time deposit in post office. But, do you know how much interest is given in post office time deposit and SBI FD and where is the interest higher.

Since people across the country like to invest money in State Bank of India and Post Office schemes and FDs, it is important for you to know which of these two gives higher interest on FD and in how many years the money doubles.

What is the interest rate on SBI FD?

India’s largest public sector bank, State Bank of India, offers interest on FDs based on the deposit tenure. SBI offers interest in the range of 6.25% to 6.30% for FDs with tenures of 1 to 5 years.

– The interest rate on FDs with tenors of one year and less than 2 years is 6.25%.

– The interest rate on FDs with tenors of two years and less than three years is 6.45%.

– The interest rate on FDs with tenures of three years and less than 5 years is 6.30%.

Interest rates in Post Office Time Deposits

The interest rate in Post Office Time Deposits is higher than SBI.

– The interest rate on post office time deposit for one year is 6.9%.

– The interest rate on Post Office Time Deposit for 2 years is 7.0%.

– The interest rate on Post Office Time Deposit for 3 years is 7.1%.

– The interest rate on Post Office Time Deposit for 5 years is 7.5%.

Where money doubles quickly

If the interest on SBI FD and Post Office Time Deposit is calculated as per Rule 72, then money doubles quickly in Post Office Time Deposit. Because, Post Office gives 7.50% interest on a period of 5 years, so the money doubles in 9.5 years.

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Let us tell you that RBI has cut the repo rate by 100 basis points since February 2025. After this, most of the banks have reduced the interest on FD. But there are still some small finance banks which are giving more than 8% interest to regular customers. Experts believe that if you want higher returns on FD, then it would be better to lock in these rates soon, because the rates can decrease anytime in these banks too.

The post FD Rates 2025: These 5 banks are giving strong returns of up to 9% on fixed deposits, check the list first appeared on Rightsofemployees.com.

Which banks are getting more interest?

• Small Finance Bank Interest Rates
• Suryoday Small Finance Bank – 9.1% interest on 5 year FD
• Unity Small Finance Bank – 8.65% interest
• Northeast Small Finance Bank – 8.5% interest
• Utkarsh Small Finance Bank – 8.35% interest
• Jana Small Finance Bank – 8.2% interest

All these interest rates are for senior citizens and will be applicable on deposit amount up to Rs 3 crore.

Tax exemption is also possible

If you follow the old tax system, you can get a deduction of up to Rs 1.5 lakh on a 5-year tax saving FD under Section 80C of the Income Tax Act. Apart from this, senior citizens also get a deduction of up to Rs 50,000 on additional interest income under Section 80TTB. If a person’s interest income exceeds Rs 1 lakh, then TDS (tax) can be deducted. But if your total income does not fall under the tax bracket, then you can avoid TDS by filling Form 15H.

Caution is necessary

Keep in mind that DICGC (Deposit Insurance and Credit Guarantee Corporation) provides insurance only on deposit amount up to Rs 5 lakh. Therefore, while investing in FD, make sure that your amount is within this limit. This is a good opportunity for senior citizens to invest their money in a safe and profitable option. However, before investing, take any decision keeping in mind the credibility of the bank and your needs.

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Senior citizens who have idle money can earn good returns from this FD in a short period. Also, from April 1, 2025, senior citizens can enjoy a higher limit of TDS deduction on FD interest. The following banks are offering good interest rates on one-year FDs:

Interest rate up to 8.25%

Bandhan Bank is offering interest rates up to 8.25% on one year FDs for senior citizens.

Interest rate up to 8%

IndusInd Bank is offering interest rates up to 8% on one year FDs for senior citizens.

Interest rate up to 8%

RBL Bank is offering interest rates up to 8% on one year term FDs for senior citizens.

Interest rate up to 7.75%

Tamilnad Mercantile Bank is offering interest rates up to 7.75% on one year tenure FDs for senior citizens.

You will get the benefit of higher TDS limit

While presenting Budget 2025, the Finance Minister had said that TDS rates will be rationalised, which will provide a big relief to taxpayers. The limit of tax deduction at source (TDS) on interest for senior citizens has been doubled from the current Rs 50,000 to Rs 1 lakh. This means that if your interest amount in a bank FD is less than Rs 1 lakh, then the concerned bank will not deduct any TDS. Also, even if the interest amount is more than Rs 1 lakh, but your total income after all deductions is less than Rs 12 lakh, then you can submit Form 15H. By doing this, the bank will not deduct TDS even if the interest exceeds Rs 1 lakh for the financial year 2025-26 (assessment year 2026-27).

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These banks are offering the highest interest rates

1. North-East Small Finance Bank

It is offering an interest rate of 9.00% on FDs of 1 year to 3 years, making it the most attractive short-term investment.

2. Suryodaya Small Finance Bank

This bank is offering an interest rate of 9.10% on 5-year FD, which makes it a good option for long-term investors.

3. Unity Small Finance Bank

It is giving 9.50% interest on 1001 days FD and 8.65% on 3 years FD. This bank is giving high returns.

4. Jan Small Finance Bank

It is offering 8.75% interest on FDs of 1 year to 3 years, which makes it a profitable opportunity for short and medium term investors.

5. Equitas Small Finance Bank

It is offering 8.60% interest on 1 year FD and 8.50% interest on 3 year FD, which is the best option to get safe and good returns.

6. Ujivan Small Finance Bank

It is offering 8.60% interest on 18-month FDs, which is an attractive option for medium-term investors. Small finance banks such as Northeast (9.00%), Suryoday (9.10%), and Unity Bank (9.50%) are offering higher returns on FDs than larger banks. Senior citizens who want higher interest while keeping their savings safe can invest in FDs of these banks.

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The post Highest FD Rates: THESE 6 Banks are giving more than 9% interest on FD, check Interest Rates first appeared on Rightsofemployees.com.

Small finance banks in India are offering attractive interest rates on fixed deposits (FD) to senior citizens. Many banks are offering 8.5% or more interest, allowing senior citizens to earn good returns while keeping their savings safe.

These banks are offering the highest interest rates

1. Northeast Small Finance Bank

It is offering 9.00% interest rate on FDs ranging from 1 year to 3 years, making it the most attractive short term investment.

2. Suryoday Small Finance Bank

It is offering 9.10% interest rate on 5-year FD, making it an excellent option for long-term investors.

3. Unity Small Finance Bank

It is giving 9.50% interest on 1001 days FD and 8.65% interest on 3 year FD. This bank is offering higher returns.

4. Jana Small Finance Bank

It is offering 8.75% interest on FDs ranging from 1 year to 3 years, making it a profitable opportunity for short and medium term investors.

5. Equitas Small Finance Bank

It is giving 8.60% interest on 1 year FD and 8.50% interest on 3 year FD, which is the best option to get safe and good returns.

6. Ujjivan Small Finance Bank

It is offering 8.60% interest on 18-month FDs, which is an attractive option for medium-term investors. Small finance banks like Northeast (9.00%), Suryodaya (9.10%), and Unity Bank (9.50%) are offering higher returns on FDs than big banks. Senior citizens who want higher interest while keeping their savings safe can invest in FDs of these banks.

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Following this, a private bank has already cut its savings bank interest rate. Not only this, there are expectations that most private and government banks will soon start cutting their interest rates on FDs. Before the banks do so, it is also considered an opportune time to lock your savings in FDs.

However, experts also advise to avoid locking too much money in FDs as interest income on FDs is taxable and those in the highest tax bracket, i.e. 30 per cent, effectively get less than 5 per cent of their interest income on FDs when the interest offered is 7 per cent.

However, if you are planning to invest a part of your portfolio in FDs for one year, these are the banks and their interest rates.

FD Interest Rates on One Year Deposit

HDFC Bank: The largest private bank offers 6.6 per cent and 7.10 per cent interest to general and senior citizens on one-year FD deposits.

ICICI Bank: This private lender offers 6.7 per cent and 7.20 per cent interest to general and senior citizens on one-year FD deposits.

Kotak Mahindra Bank: This private bank offers slightly higher interest rate of 7.10 per cent to general citizens and 7.6 per cent to senior citizens on 1-year FD deposits.

Federal Bank: It offers 7 per cent and 7.5 per cent interest to general citizens and senior citizens on 1-year FD deposits.

Bank of Baroda: This bank gives 6.85 percent interest to general citizens and 7.35 percent interest to senior citizens on 1 year FD.

Union Bank of India: This government bank gives 6.8 percent interest to general citizens and 7.3 percent interest to senior citizens on one-year FD.

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The post FD interest rates: THESE 6 banks offer up to 7.5 percent on their 1-year fixed deposits first appeared on Rightsofemployees.com.

RBI has cut the repo rate after 5 years. With this decision of the Reserve Bank (RBI), people will get some relief in loan EMI. Along with this, the interest rates of bank FD will also be reduced. In such a situation, if you want to invest in fixed deposit (FD), then do it as soon as possible.

If you want to earn good profits by investing in FD, then you can book FD through some of the apps given below and earn up to 9.5 percent interest. The special thing is that if you book FD through these apps, you will not have to open an account in the concerned bank. But you may have to do KYC.

FD through Stable Money app (up to 9.5% interest)

• Unity Small Finance Bank – 9.5 percent interest (1001 days FD)
• Shivalik Small Finance Bank – 9.3 percent interest (1 year 5 months 25 days FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)

FD through Super.Money app (up to 9.3% interest)

You can easily book FD through Super.Money, an app owned by Flipkart. You can also make UPI payments through this app. According to the list of banks listed on the app, you can earn up to 9.3 percent interest here.

• Shivalik Small Finance Bank – 9.3 percent interest (1 year 6 month FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)
• South Indian Bank – 7.9 percent interest (1 year 7 month FD)
• FD through Tata Neu App (up to 9.1% interest)
• Suryoday Small Finance Bank – 9.1% interest (5 year FD)

Up to Rs 5 lakh is safe in case of bank failure.

In case of bank failure or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover is available up to Rs 5 lakh. No matter how much money is deposited in all your accounts in a single bank, you will get an insurance cover of only Rs 5 lakh. This amount includes both the principal and the interest amount. DICGC’s deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and co-operative banks.

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The post Bank Super FD: Highest returns of up to 9.5% on Fixed deposits, no need to open a Bank Account first appeared on Rightsofemployees.com.

Many banks are offering attractive interest rates on Fixed Deposits. The interest on FDs also depends on the tenure of the FD. Here we are telling you about some such banks which are offering attractive interest on FDs.

FD rates of small finance banks: Small finance banks are similar to other commercial banks, but their business activities are limited compared to them.

Northeast Small Finance Bank : 9.00% interest rate for a period of 546 days to 1111 days.
Unity Small Finance Bank : 9.00% interest rate for a period of 1001 days.
Suryoday Small Finance Bank : 8.60% interest rate for FDs of 2 to 3 years.
Jana Small Finance Bank: 8.25% interest rate for FDs of 1 to 3 years.
Utkarsh Small Finance Bank : 8.50% interest rate for 2 to 3 years.
Equitas Small Finance Bank: 8.25% interest rate for 888 days.

The post Highest FD rate: These banks are giving the highest interest rate on FD, read this news before investing first appeared on Rightsofemployees.com.

Keeping the interests of the people in mind, government and private banks also keep launching attractive FD schemes. Now Punjab National Bank has also launched two new fixed deposits. Up to Rs 3 crore can be invested in these 303-day and 506-day fixed deposits.

Investors depositing money in the new FD of Punjab National Bank with a tenure of 303 days will get 7 percent interest. Similarly, the interest rate for the tenure of 506 days is 6.7 percent. These new interest rates have come into effect from January 1, 2025. Senior citizens and super senior citizens will get more interest by investing money in both these FDs. Senior citizens will be given 7.5 percent interest on the FD with a tenure of 303 days and 7.2 percent interest on the FD with a tenure of 506 days. Punjab National Bank is giving 7.85 percent interest on the FD with a tenure of 300 days and 7.5 percent interest on the FD with a tenure of 506 days to super senior citizens.

Interest for general customers from 3.50% to 7.25%

Punjab National Bank FD for general citizens from 7 days to 10 years. The bank’s interest rate is from 3.50% to 7.25%. The highest interest rate is 7.25%, which is available on FD with a tenure of 400 days. For senior citizens, PNB is offering 4% to 7.75% interest on FD for 7 days to 10 years. The highest interest of 7.75% is available on FD with a tenure of 400 days.

For super senior citizens (80 years and above), Punjab National Bank is offering interest ranging from 4.30% to 8.05% on FDs for 7 days to 10 years. Currently, the bank is offering 8.05% interest on a tenure of 400 days.

The post New Bank FD: Govt bank launches 2 new FDs, from interest to tenure, know all the important things first appeared on Rightsofemployees.com.

The Reserve Bank of India (RBI) will implement revised rules related to fixed deposits (FDs) with non-banking financial companies (NBFCs) and housing finance companies (HFCs). These updates, announced in August, include guidelines on deposit acceptance, repayment, nominations and emergency expenses.

Major changes in fixed deposit rules

As per the new RBI guidelines, depositors can withdraw small deposits up to Rs 10,000 without interest within three months of deposit. For large deposits, partial withdrawals up to 50% of the principal amount or Rs 5 lakh (whichever is lower) are allowed within the same time frame, without interest.

In cases where a depositor faces a critical illness, they can withdraw the entire principal amount prematurely, regardless of the period of deposit. This provision dictates that individuals can access their funds during an emergency without any penalty.

Notification requirements for NBFCs

In addition, NBFCs are now required to inform depositors about maturity information at least two weeks before the maturity date. This requirement is aimed at providing timely updates and ensuring that depositors are well informed about their investments.

These changes reflect RBI’s efforts to enhance transparency and flexibility in fixed deposit schemes. By understanding these new rules, one can make informed decisions about their financial plans for the year.

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The post RBI Fixed Deposit Rules: Reserve Bank made these changes in fixed deposits from January 1, Check Details first appeared on Rightsofemployees.com.

Experts believe that senior citizens should focus on investment options that can give fixed and good returns with low risk. Fixed Deposit (FD) is one of the most reliable and safe investment options in India. It gives returns at a fixed interest rate for a fixed period. Many banks are offering interest rates of 7.5% or more to senior citizens on 5-year FD schemes.

Banks offering interest rates of 7.5% or more

SBM Bank is offering FD option to senior citizens with the highest interest rate of 8.25% and Yes Bank is offering 8%. Axis Bank, IndusInd Bank and DCB Bank are offering interest ranging from 7.75% to 7.9%. Apart from this, HDFC Bank, ICICI Bank and SBI are also offering interest on FD at the rate of 7.5%.

Banks offering 7% to 7.5% interest

Banks like Bank of Baroda, Canara Bank, Union Bank of India, and IDFC First Bank are offering interest ranging from 7% to 7.5%. Apart from this, Karnataka Bank and Tamil Nadu Mercantile Bank also fall in this category.

Eligibility for FD for senior citizens

Indian residents aged 60 years or above are eligible to invest in FDs. NRI senior citizens can also invest through NRE or NRO accounts. Proof of age, Aadhaar card, passport, PAN card, passport size photo and address proof (such as electricity or telephone bill) are required to apply for FDs.

FD is a safe and reliable investment option for senior citizens, which provides a stable income. If you want a fixed income at the time of your retirement, it would be a wise move to choose FD schemes with an interest rate of 7.5% or more. This will not only keep your capital safe but will also become a good source of regular income.

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The post Top FD Rates for Senior Citizens : You Can Get interest up to 8% on THESE Fixed Deposits first appeared on Rightsofemployees.com.

These interest rates have been revised on FDs up to Rs 3 crore. According to the bank’s website, the new rates have come into effect from December 1, 2024.

Canara Bank is offering FDs for tenures ranging from 7 days to 10 years. After the revision, Canara Bank is offering 4% to 7.40% interest on FDs to the general public and 4% to 7.90% interest to senior citizens.

New interest rates on Canara Bank FDs

Canara Bank is now offering 4 per cent interest rate on FDs maturing between 7 to 45 days and 5.25 per cent interest rate on deposits maturing between 46 to 90 days. Canara Bank is offering 5.50 per cent interest rate on deposits maturing in 91 to 179 days and 6.15 per cent interest on deposits maturing in 180 to 269 days. The bank is offering 6.25 per cent interest rate on FDs of tenure less than 70 days and 1 year, while 1-year FDs will offer 6.85 per cent return, while FDs maturing in 444 days will offer 7.25 per cent return.

FD rates for super senior citizens –

According to Canara Bank’s website, an additional interest rate of 0.60 per cent for super senior citizens (80 years and above) has been introduced only under Canara-444 scheme. It will be 7.85 per cent for callable deposits and 8 per cent for non-callable deposits.

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Whenever there is talk of savings, the name of Fixed Deposit i.e. FD definitely comes up. Your investment in Fixed Deposit is safe, along with this you get guaranteed returns. If you also want to invest in FD then this is useful news for you. It is very important for investors to compare the interest rates of different banks before investing in FD. Today we are going to tell you about the interest rates on FD offered by the top-7 banks on one year FD.

HDFC Bank

HDFC Bank is offering 6.6 per cent interest rate to general citizens and 7.1 per cent interest rate to senior citizens on one-year FD.

ICICI Bank

ICICI Bank is offering 6.7 per cent interest rate to general citizens and 7.2 per cent to senior citizens on FDs of one year to 15 months.

Kotak Mahindra Bank

Kotak Mahindra Bank is offering 7.1 per cent interest rate to general citizens and 7.6 per cent to senior citizens on one-year FD.

Federal Bank

Federal Bank is offering 6.8 per cent interest rate to general citizens and 7.3 per cent to senior citizens on one-year FD.

SBI

State Bank Of India is offering 6.8 per cent interest rate to general citizens and 7.3 per cent to senior citizens on one-year FD.

Punjab National Bank

Punjab National Bank is offering 6.85 percent interest rate to general citizens and 7.35 percent interest rate to senior citizens on one year FD.

Canara Bank

Canara Bank is offering 6.85 per cent interest rate to general citizens and 7.35 per cent interest rate to senior citizens on one-year FD.

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The post Super FD Rate: Top 7 Banks are offering BUMPER interest on FD – Check Details first appeared on Rightsofemployees.com.

If you are planning to invest in FD then this news is of your use. In October 2024, 7 banks including Shivalik Small Finance Bank, IndusInd Bank, Federal Bank, Punjab and Sindh Bank, Bank of Baroda and Punjab National Bank revised their FD interest rates.

Shivalik Small Finance

Bank had changed the interest rates on 24 October. The bank is giving 3.5% to 8.3% interest to customers on FDs, while senior citizens are getting 4% to 8.8% interest. The highest interest is being given on FDs of 18 months to 24 months duration, which is 8.30% for general customers and 8.80% for senior citizens.

Indusind

Bank had changed the interest rates on 7 October. The bank is giving interest ranging from 3.5% to 7.75% on FDs to general customers while senior citizens are getting interest ranging from 4% to 8.25%. The highest interest is being given on FDs with tenure of 1 year to 2 years.

IDFC First Bank

New rates of IDFC First Bank are applicable from 16 October. The bank is offering interest ranging from 3% to 7.75% to its customers. The highest interest rate of 7.75% is being given by the bank on fixed deposits of 400 to 500 days duration.

Federal Bank

Federal Bank’s new FD rates are effective from October 16. The bank is offering interest rates ranging from 3% to 7.4% to its customers. The highest interest rate of 7.40% is being offered on FDs with a duration of 777 days.

Bank of Baroda

Bank of Baroda’s new FD rates are effective from October 14. The bank is giving interest ranging from 4.25 percent to 7.30 percent to its customers. Senior citizens are being given an extra 0.50 percent interest on FD.

Punjab National Bank

Punjab National Bank is offering FD rates ranging from 3.50% to 7.25% for tenures ranging from 7 days to 10 years for general customers. For senior citizens, the bank offers interest rates ranging from 4% to 7.75% and for super senior citizens, it offers interest rates ranging from 4.30% to 8.05%. These rates are effective from October 1, 2024.

Punjab & Sind Bank

Punjab & Sind Bank is offering FD rates ranging from 4% to 7.45% on callable deposits for tenures ranging from 7 days to 10 years for general citizens. The bank is offering the highest interest rate of 7.50% on non-callable deposits for tenures up to 555 days.

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The post New FD Rates: These 7 banks changed FD rates in October, opportunity to earn up to 8.8 percent interest first appeared on Rightsofemployees.com.

Meanwhile, experts believe that this good time for investors who like FDs may soon end. Because central banks around the world have started cutting interest rates and India can also join this list soon.

This may be the last opportunity for fixed deposit investors to keep their funds safe at the current high rates and take full advantage of this situation. When can the reduction start According to experts, another 50 basis points cut can be seen from the US Federal Reserve in November this year. Therefore, it is believed that RBI will be forced to cut the repo rate in the next MPC meeting to be held in December.

If inflation remains low, then there may be further reduction in rates in FY 2025. When will the interest rates be cut? If the repo rate is cut in December 2024, then the interest rates of FD schemes can be seen decreasing from the beginning of the new year. However, due to strong loan demand and better economic environment, banks may offer competitive deposit rates, which may keep the rates high for some time. What should FD investors do? The present time offers a great opportunity for fixed income investors.

Given the uncertainty in future interest rates, fixed interest rates may prove beneficial for investors instead of variable rate options. Apart from this, the current interest rate cycle is expected to reverse, as interest rates are expected to come down in the coming months, but there is still a possibility of a rate hike in the short-term. Experts believe that interest rates have reached their peak and may start declining soon. When interest rates start coming down, usually short to medium term FD schemes are affected first. After this, long-term FD rates come down.

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The post Best FD Rates: Banks are giving more than 9% interest on fixed deposits, Check details first appeared on Rightsofemployees.com.

1. North East Small Finance Bank : This bank offers 9% interest rate on FDs maturing in 3 years. This is an excellent option if you want to invest your money at a high interest rate.
2. Suryoday Small Finance Bank : This bank is offering an interest rate of 8.60% on FDs maturing in 3 years, which presents an attractive return option for investors.
3. Utkarsh Small Finance Bank : Utkarsh Small Finance Bank is offering 8.50% interest rate on 3 year FD, which is included in the good interest rates.
4. Jan Small Finance Bank : This bank is offering an interest rate of 8.25% on FDs maturing in 3 years, which is comparatively more competitive.
5. Unity Small Finance Bank : This bank offers an interest rate of 8.15% on 3-year FD, which provides satisfactory returns to the investors.

 Here are the interest rates offered by them:

1. North East Small Finance Bank : 9% interest rate
2. Suryoday Small Finance Bank : 8.60% interest rate
3. Utkarsh Small Finance Bank : 8.50% interest rate
4. Jana Small Finance Bank : 8.25% interest rate
5. Unity Small Finance Bank : 8.15% interest rate

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These schemes are very much liked by those customers who like to grow their money without any risk. In these, banks offer higher interest rates for senior citizens. However, now the deadline of these special FD schemes is 30 September. Today we give you complete information about them so that you can take advantage of them before the deadline ends.

Special FD schemes of SBI, IDBI and Indian Bank are ending

The duration of these special FD schemes of SBI, IDBI Bank and Indian Bank is 300 to 444 days. These are giving 7.05 to 7.35 percent interest. It is expected that the US Federal Reserve may cut interest rates by 0.25 percent. If this happens, it will be the first time in 4.5 years. After this decision, the Reserve Bank of India (RBI) can also announce a reduction in interest rates in its next monetary policy meeting. Due to this, banks will also cut interest rates. In such a situation, the interest rates of special FD schemes will also decrease.

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Banks are giving this much interest, senior citizens get more benefits

This is the reason why these three banks have also announced the closure of their special FD schemes. In SBI Amrit Kalash FD scheme, the bank offers 7.10 percent interest rate per annum to all and 7.60 percent interest rate to senior citizens for 400 days. In IDBI Bank Utsav FD scheme, you can deposit money for 300, 375, 444 and 700 days. In this, senior citizens are getting the benefit of 7.55 to 7.85 percent interest rate per annum. Apart from this, others are being given 7.05 to 7.35 percent interest rate per annum.

RBI may reduce interest rate due to reduction in inflation

Indian Bank has launched special FD schemes named IND Supreme and IND Super. IND Supreme is offering 7.05% interest rate on 300 days FD and IND Super is offering 7.25% interest rate on 400 days FD. Inflation rate in India was 3.65% in August. In July, the figure was 3.6%. RBI has kept the inflation target in the country at a maximum of 4%. In such a situation, an environment of reduction in interest rates is being created. In such a situation, if you want to take advantage of these schemes, then you have a chance now.

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These new FD rates have come into effect from 16 September 2024. Federal Bank is offering interest rates ranging from 3% to 7.4% to general citizens (below 60 years of age). These rates are for FDs ranging from 7 days to 5 years or more. The highest interest rate is 7.4%, which is available on FDs of 777 days and 50 months.

Federal Bank FD Interest Rates for Senior Citizens

For senior citizens aged 60 years or above, the bank is offering interest rates ranging from 3.5% to 7.9%. Senior citizens are getting the highest interest rate of 7.9% on FDs of 777 days and 50 months. With these new interest rates of the bank, investors will get better returns on FDs.

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Federal Bank FD Rates

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Earlier, SBI had launched schemes called ‘SBI Amrit Kalash’ for general and senior citizens and ‘SBI WeCare’ for senior citizens only. The duration of SBI Amrit Kalash scheme is 400 days, and an interest rate of 7.10% per annum is being offered for general citizens. The last date for investment in this scheme is September 30, 2024.

According to the SBI website, the interest rate of 7.10% in the special period scheme of 400 days (Amrit Kalash) is applicable from April 12, 2023. Senior citizens are being given an interest rate of 7.60%. This scheme is valid till September 30, 2024.

SBI has introduced ‘SBI WeCare’ deposit scheme exclusively for senior citizens, which offers them additional interest rate on their deposits. The scheme is valid till 30 September 2024. It offers an additional premium of 50 basis points (bps) over the normal interest rate. The scheme is available on fresh deposits and also on renewal of maturing deposits.

SBI Amrit Vrishti Interest Rate

Amrit Vrishti Yojana offers an interest rate of 7.25% per annum on 444 days deposits. An additional interest rate of 0.50% is offered for senior citizens. Loans can also be taken against these deposits. The time limit for investment in this scheme is 31 March 2025.

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SBI Sarvottam

SBI Sarvottam Term Deposit was launched last year for investors who wanted to deposit a larger amount. It offers higher interest rates than traditional FDs. Under SBI Sarvottam Term, the bank offers an interest rate of 7.4% for a period of 2 years. The interest rate for a period of one year has been fixed at 7.10%. Senior citizens get an additional premium of 50 basis points (bps) over the interest rate of general investors. They can get an interest rate of 7.9% on 2-year deposits and 7.6% on 1-year deposits. The interest rate on ‘Sarvottam (Non-Callable)’ is applicable only on deposits of Rs 1 crore to Rs 3 crore. There is no last date for investment in this scheme.

SBI Green Rupee Term Deposit

SBI has launched SBI Green Rupee Term Deposit Scheme to promote green projects. Under this scheme, the bank offers 6.65% interest rate for a period of 1111 days, 1777 days. For a period of 2222 days, the bank offers 6.40% interest rate. For senior citizens, under this scheme, the bank offers 7.15% interest rate for a period of 1111 days and 1777 days. For a period of 2222 days, the bank offers 7.40% interest rate. There is no last date for investment in this scheme.

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Also, there can be a difference in the interest rates of banks. Therefore, it is better to compare the interest rates of different banks before making a bank FD.

Today we will tell you about those banks of the country which give the highest interest on FDs of five years duration. State Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Punjab National Bank give high interest rates on 5-year FDs. Let us know what their interest rates are..

State Bank of India (SBI): SBI offers 6.5 per cent interest to general citizens and 7.5 per cent to senior citizens on its 5-year FDs. However, the country’s largest lender offers the highest interest rate of 7 per cent on 2-3 year FDs.

Bank of Baroda (BOB): This government bank gives 6.5 percent annual interest to general citizens and 7.15 percent to senior citizens on 5-year FD. In Bank of Baroda’s special FD scheme, Monsoon Dhamaka, general customers get the highest interest of 7.25 percent. The duration of this FD is 399 days.

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HDFC Bank: The country’s largest private bank gives 7 percent interest to general citizens and 7.5 percent annual interest to senior citizens on its 5-year FD. At the same time, the bank gives the highest interest of 7.4 percent to customers on 55 months FD.

ICICI Bank: ICICI Bank gives 7% interest to general citizens and 7.5% interest to senior citizens on 5-year fixed deposits. As far as the highest interest paying FD of the bank is concerned, the bank gives the highest interest of 7.25% on FDs of 15 to 18 months.

Kotak Mahindra Bank: The bank gives 6.2 percent and 6.7 percent interest to general and senior citizens respectively on five-year FDs. Kotak Mahindra Bank gives the highest interest rate of 7.4 percent to its customers on FDs of 390 days.

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These new rates are according to the recent decision of the Reserve Bank of India (RBI), in which the definition of retail deposit has been changed. Now deposits of less than Rs 3 crore will be considered retail deposits. Earlier, deposits up to Rs 2 crore were considered retail FDs.

ICICI Bank is now offering 3% interest to the general public for deposits of less than Rs 3 crore for 7 to 29 days and 3.5% for 30 to 45 days. The highest interest rate is 7.2%, which is being offered on FDs with tenures ranging from 15 months to less than 18 months. The bank is offering 6.9% annual interest for 7 years 1 day to 10 years.

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Higher interest to senior citizens

ICICI Bank is offering higher interest on fixed deposits for senior citizens (above 60 years). On deposits less than Rs 3 crore, the bank is offering 3.5% interest for 7 to 29 days and 4% for 30 to 45 days. The highest interest rate is 7.75% for tenures of 15 months to less than 18 months. 7.4% annual interest is being offered for tenures of 7 years 1 day to 10 years. 7.2% interest is being offered for tenures of 1 year to less than 15 months and 7.7% interest is being offered for tenures of 18 months to 2 years.

Withdrawal rules also changed

ICICI Bank has also changed the withdrawal rules of its fixed deposits. These new rules will be applicable on all new and old FDs. If a person withdraws his money within 7 days, he will not get any interest. Not only this, there will also be a penalty for withdrawing money before time. Half percent interest will be charged on withdrawal before one year, one percent on withdrawal between 1 to 5 years, and one percent on withdrawal after 5 years, one percent on deposits less than 5 crores and one and a half percent on deposits of 5 crores or more.

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After increasing the limit of bulk deposits, FD investors can earn more interest by making FDs of more money.

If you invest through bank FD (Fixed Deposit), then there is good news for you. You may soon get the benefit of higher interest rates on FD. Actually, the Reserve Bank (RBI) has decided to revise the definition of bulk as ‘single rupee fixed deposit of Rs 3 crore or more’ for scheduled commercial banks and small finance banks. RBI Governor Shaktikanta Das said that the limit of bulk deposit was last increased from Rs 1 crore to Rs 2 crore in 2019.

How to get more interest?

According to the proposal announced by RBI, now bank fixed deposits of Rs 3 crore and above will be considered as bulk deposits. Currently, bank FDs of Rs 2 crore and above are considered bulk FDs. The disadvantage of this is that bulk FDs offer lower interest rates than retail FDs. In such a situation, after increasing the limit of bulk deposits, FD investors can earn more interest by making FDs of more money.

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How is the interest rate decided?

It is completely up to the banks to decide the interest rate on their fixed deposits. This is the reason why the interest rate on FD is different in most banks. This depends on the period of fixed deposit and the age of the investor. Banks usually offer different interest rates on deposits as per their needs and asset-liability management (ALM).

Benefits of Bank FD

• Your money is completely safe in fixed deposit.
• In this, the fluctuations of the stock market do not affect the returns.
• The interest on FD is higher than that on normal savings accounts.
• You also get the facility to take loan on FD.

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While making a fixed deposit, every investor wants to get the maximum interest rate on his investment. Every bank offers different interest rates on FD. Apart from this, the interest rate also depends on how long you are making the FD.

For example, if you make an FD in State Bank of India (SBI), the interest rate on a three-month FD is 5.5 percent, while on a 1-year FD it increases to 6.8 percent. Today we will tell you about the interest rates (FD Best Interest Rate) offered by the country’s top banks on 5-year FDs.

SBI: State Bank of India is offering an interest rate of 6.5 percent on a five-year FD (SBI FD Interest Rate), while the interest rate on a one-year FD is 6.8 percent. These rates are applicable from May 15, 2024.

ICICI Bank: The private bank is offering an interest rate of 7 percent on five-year FDs while it is offering an interest rate of 6.7 percent on one-year FDs. These rates are applicable from February 17.

HDFC Bank: This largest private sector bank is offering 7 percent interest on five-year FDs while one-year FDs offer an interest rate of 6.6 percent. These rates are applicable from February 9, 2024.

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Bank Of Baroda, BOB: The public sector bank offers an interest rate of 6.50 percent on 5-year fixed deposits while it offers an annual rate of 6.85 percent on one-year FDs. These rates are applicable from January 15, 2024.

Kotak Mahindra Bank: This private sector bank is offering an interest rate of 6.20 percent on five-year fixed deposits while it is offering 7.10 percent interest on one-year FDs. These rates are applicable from February 27, 2024.

Punjab National Bank, PNB: The public sector bank is offering 6.55 percent interest on five-year fixed deposits (FD), while it is offering 6.8 percent interest on one-year FD. These interest rates are applicable from April 12, 2024.

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The bank is giving interest ranging from 3.50 percent to a maximum of 7.99 percent to general customers. The bank is giving an extra interest of 0.50 percent to senior citizens as compared to general customers. Senior citizens are getting a maximum interest of 8.25 percent. These new rates have come into effect from May 28, 2024.

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Fixed Deposit Rate on IndusInd Bank

Interest on FDs maturing in 7 to 30 days – 3.50%

Interest on FDs maturing in 31 to 45 days – 3.75%

Interest on FDs maturing in 46 to 60 days – 4.75%

Interest on FDs maturing in 61 to 90 days – 4.75%

Interest on FDs maturing in 91 to 120 days – 4.75%

Interest on FDs maturing in 121 to 180 days – 5%

Interest on FDs maturing in 181 to 210 days – 5.85%

Interest on FDs maturing in 211 to 269 days – 6.1%

Interest on FDs maturing in 270 to 354 days – 6.35%

Interest on FDs maturing in 355 to 364 days – 6.50%

Interest on FDs maturing in 1 year to 1 year 6 months – 7.75%

Interest on FDs maturing in 1 year to 6 months to 2 years – 7.75%

Interest on FDs from 2 years to 3 years to 2 years 6 months – 7.25%

Interest on FDs from 2 years 6 months to 2 years 7 months – 7.99%

2 years 7 months to 3 years 3 months – 7.25 percent

3 years 3 months to 61 months – 7.25%

61 months and above – 7 per cent

Interest rate on tax saving FDs maturing in 5 years – 7.25%

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The Reserve Bank of India (RBI) did not make any change in the policy rate repo for the seventh consecutive time in the first bi-monthly monetary policy review of the current financial year on April 5, 2024 and kept it at 6.5 percent. At the same time, the public sector Indian Overseas Bank, established on 10 February 1937, has increased the interest rates on fixed deposits i.e. FD.

The bank has increased the interest rates for select tenures by 0.50 percent. According to the official website of the bank, the bank has changed the interest rates for FDs less than Rs 2 crore. The new FD interest rates of the bank will be applicable from April 15, 2023.

7.30 percent interest will be available for 444 days.
After the change, the bank will give maximum interest of 7.30 percent on FD of 444 days. The bank will continue to offer additional 0.50 per cent interest on the standard rate to senior citizens and 0.75 per cent interest to its super senior citizens.

New FD rates of Indian Overseas Bank:

The bank is offering its customers 4 percent on FD of 7 days to 14 days, 4.5 percent on FD of 15 days to 29 days, 4.5 percent on FD of 30 days to 45 days and 46 percent to 60 days. Will give 4.5 percent interest on FD. Whereas the bank will give 4.25 percent interest on FD of 61 days to 90 days, 4.75 percent interest on FD of 91 days to 120 days and 4.25 percent interest on FD of 121 days to 179 days.

On the other hand, the bank offers 5.75 percent interest on FDs of 180 days to 269 days, 5.75 percent interest on FDs of 270 days to less than 1 year and 6.90 percent interest on FDs of 1 year to less than 2 years (except 444 days). Will give.

Post Office Superhit Scheme: In this scheme of Post Office, you will get pension of Rs 5000 every month on investment of Rs 210.

Bank FD Interest Rate : Customers are getting more than 9% interest on FD in these 3 banks; Check full list

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In this comparison, private banks come out ahead. However, government banks also offer very good interest to their customers. Along with this, they keep changing the interest rates from time to time. In this context, Bank of India has now made changes in its FD dates.

New rates updated

Bank of India has updated its fixed deposit interest rates for deposits less than Rs 2 crore. After this update, the bank is now offering interests ranging from 3 percent to 7.25 percent for deposit periods ranging from 7 days to 10 years. These updated interest rates are applicable from the beginning of this month i.e. 1st April.

The bank is offering extra 50 basic points to senior citizens on tenure of 6 months and above. Whereas super senior citizens get 65 basic points extra. Apart from this, for deposits less than Rs 2 crore and tenure of 3 years or more, the bank gives 25 basic points extra premium to senior citizens and super senior citizens.
Latest interest rates on fixed deposits of different banks-

Bank of India
Bank of India 3 percent on deposits maturing between 7 days to 45 days, 4.50 percent on deposits maturing between 46 days to 179 days, 5.50 percent on deposits maturing between 180 days to 269 days and 270 days Offers an interest rate of 5.75 percent on deposits maturing in less than 1 year.

Apart from this, the bank is offering 6.80 percent on deposits maturing between 1 year to 2 years, 7.25 percent on deposits maturing between 3 years to 5 years and 6.50 percent on deposits maturing between 5 years to 5 years. Offers an interest rate of 6 percent on deposits maturing within 10 years.

State Bank of India

State Bank of India offers interest rates ranging from 3.5 percent to 7 percent to general customers on fixed deposits maturing between 7 days to 10 years. Whereas for the same period, the bank is giving interest rates ranging from 4 percent to 7.5 percent to senior citizens. These updated rates are applicable from December 27 last year.
HDFC bank
HDFC Bank is offering interest ranging from 3 percent to 7.25 percent to its general customers on fixed deposits maturing between 7 days to 10 years. Whereas for senior citizens these interest rates range from 3.5 percent to 7.75 percent. These updated rates are applicable from February 9 this year.

ICICI Bank

ICICI Bank is also offering interest ranging from 3 percent to 7.25 percent to its general customers on fixed deposits maturing between 7 days to 10 years. Whereas for the same period, the bank is giving interest rates ranging from 3.5 percent to 7.75 percent to senior citizens. These updated rates are applicable from February 17 this year.

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SBI vs Bank of Baroda: Many government banks are giving good returns on deposits to the customers, but if you are confused about which government bank to invest your money in, then today we will remove your tension. At present, State Bank of India and Bank of Baroda are providing green fixed deposit facility to the customers. Before investing anywhere, you should check the latest interest rates-

SBI is providing the facility of Green Rupee Term Deposit and Bank of Baroda Earth Green Term Deposit to the customers. Let us check where you will get more benefit.

SBI Green Term Deposit Scheme

Senior citizens are getting the benefit of higher interest under the Green Deposit Scheme. Senior citizens are getting interest at the rate of 7.15 percent on deposits with tenure of 1111 days and 1777 days. At the same time, interest at the rate of 7.40 percent will be available on deposits with a tenure of 2222 days. Common citizens are getting the benefit of interest at the rate of 6.65 percent on FDs of 1111 days and 1777 days. At the same time, interest is being given at the rate of 6.40 percent on retail deposits maturing in a period of 2222 days.

Who can take advantage of the scheme?

Residents, Non-Individuals and NRI Customers are all eligible to invest in this special deposit scheme. You can avail the benefits of this scheme through branch network. Apart from this, this scheme is not yet available on digital channels like YONO, Internet Banking, but it is expected that soon this scheme will also be available online.

Bank of Baroda Earth Green Term Deposit

Apart from this, Bank of Baroda is providing Earth Green Term Deposit facility to the customers. The objective of this scheme of the Bank is to mobilize deposits to fund qualifying environmental initiatives and sectors. The bank has brought this facility to customers for amounts ranging from Rs 5000 to less than Rs 2 crore. The interest rates offered to bank customers are 6.75% for one year period, 6.75% for 18 months, 7.17% for 777 days, 6.4% for 1111 days, 6.4% for 1717 days and 6.4% for 2201 days.

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How much interest will you get on FD?

Senior citizens will get the benefit of higher interest in this FD of Bajaj Finance. If you book this FD on Finserv app and web, then you will get the benefit of interest rate of 8.85 percent on 42 months FD. Apart from this, people below 60 years of age will get interest rate of 8.60 percent on this FD. The revised rates will be applicable on new deposits and renewals of completed deposits up to Rs 5 crore for a period of 42 months.

Company secretaries are making customers digital

Sachin Sikka, Head of Fixed Deposit and Investment Division, Bajaj Finance, said that our offering on FD now enables depositors to think digitally. In this, the facility of higher interest is available especially on FD through Bajaj Finserv App and Web…’

44.68 million net users

As of September 30, 2023, Bajaj Finance has 76.56 million customers with about 44.68 million net users on its app platform. According to data.io report, Bajaj Finserv app is the fourth most downloaded app in the finance sector on Play Store in India. At the same time, by September 30, 2023, the company has emerged as the largest company in the country to book deposits worth Rs 54,821 crore and more than 14 lakh.

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Many banks have increased the interest rates on FD this month. According to experts, the trend of earning on FD may continue for a few more months i.e. in 2024. Let us also tell you which bank has increased the interest on FD by how much.

Bank of India increases FD rates in December 2023

Bank of India has increased the interest rates on FDs of Rs 2 crore and above and less than Rs 10 crore for its customers and general public from December 1, 2023. Bank of India has increased its FD rates for short periods. 5.25% on FD of 46 days to 90 days, 6.00% on FD of 91 days to 179 days, 6.25% on FD of 180 days to 210 days, 6.50% on FD of 211 days to less than 1 year and one year FD But interest is available at 7.25% per annum.

DCB Bank increases FD rates in December 2023:

Fixed deposit rates on selected tenures have been increased for FDs less than Rs 2 crore. The new rates are effective from December 13. According to the bank’s website, after the change in rates, general customers will get 8% interest and senior citizens will get 8.60% interest. General customers are being given interest rates ranging from 3.75% to 8% on FDs of seven days to 10 years and senior citizens are being given interest rates ranging from 4.25% to 8.60%.

Kotak Bank increases FD rates in December 2023

Kotak Mahindra Bank increased the interest rates for periods ranging from three to five years. After revision, Kotak Bank is offering interest rates of 2.75% to 7.25% on FDs maturing in seven days to ten years. It is offering interest rates of 3.35% to 7.80% for senior citizens. These rates are applicable from 11 December 2023.

Federal Bank increases FD rates in December 2023:

The bank has increased the FD rates from December 5, 2023 to 7.50 percent for 500 days. At the same time, for senior citizens, maximum interest is given at 8.15% for a period of 500 days and 7.80% for a period of more than 21 months to less than three years.

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According to the information given on the website of ICICI Bank, the interest on FD of Rs 2 crore to Rs 5 crore for a period of 7 to 14 days is 4.75 percent. The interest on FD of 30 days to 45 days is 5.5 percent and the interest on FD of 46 days to 60 days is 5.75 percent. Apart from this, interest on FD of 61 days to 90 days has been fixed at 6 percent, interest on FD of 91 days to 120 days has been fixed at 6.5 percent.

6.5 percent interest is being given on FDs of 121 days to 150 days, 6.75 percent interest is being given on FDs of 271 days to 289 days. The bank is offering 7.25 percent interest on FDs of one year to 389 days.

HDFC Bank also changed FD interest rate

HDFC Bank has also changed the interest rates on FDs of Rs 5 crore or more. The bank is now offering interest ranging from 4.75 percent to 7.00 percent on FDs of more than Rs 5 crore.

Let us tell you, recently the Federal Bank has changed the interest rates of some selected tenure FDs of less than Rs 2 crore. Now the bank is offering 7.50 percent interest rate to common citizens on FD of 500 days and 7.05 percent interest rate on FD of 21 months to less than 3 years. At the same time, banks are giving additional interest of 0.50 percent to senior citizens on FDs of both the tenures.

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However, after the decision of the Reserve Bank of India (RBI) to stop the increase in repo rate, banks have stopped increasing FD rates. In the month of September, Kotak Mahindra Bank, Axis Bank and IDBI Bank have changed their FD rates.

Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank has revised the interest rates of its fixed deposits. After this change in interest rates, Kotak Bank is giving 2.75% to 7.25% interest to general customers on FD of 7 days to 10 years. At the same time, the bank is giving 3.25% to 7.75% interest to its senior citizen customers on the same time period. The increased new interest rates are applicable from September 13, 2023.

Axis Bank FD Rates

Axis Bank has changed the interest rates on its fixed deposits. According to the official website of the bank, these rates are applicable from September 18, 2023. Axis Bank is offering 3% to 7.10% interest to its general citizens and 3% to 7.75% interest to its senior citizen customers.

IDBI Bank interest rates

IDBI Bank has also revised its fixed deposit rates. According to the bank’s website, these rates are effective from September 15, 2023. IDBI Bank is giving 3% to 6.8% interest on FD of 7 days to 5 years to general customers and 3.5% to 7.3% interest to 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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Although there are many investment options available in the market. But even today Fixed Deposit (FD Rates) is considered the safest and best option. In which investors get a return in a fixed time. There is no effect of market fluctuations on this. At present, many big banks are giving better returns to their customers on fixed deposits. But today we have brought for you information about FD rates of some such banks in which customers are being given huge returns in just three years.

AU Small Finance Bank and Equitas Small Finance Bank

are offering 8 percent interest to customers making three-year fixed deposits in AU Small Finance Bank and Equitas Small Finance Bank. If an investor invests Rs 1 lakh in these FDs, then after three years this amount will become Rs 1.27 lakh. This FD, which gives huge returns in such a short period of time, remains a favorite of the people.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 8.60 percent interest to bank customers on three-year FD. If you invest in this FD scheme for three years, then after three years you will get 1.27 percent interest.

Deutsche Bank

Deutsche Bank is also giving tremendous returns to its customers on FD. You would be given 7.75 percent interest on FD only for three years. If you invest Rs 1 lakh in Deutsche Bank’s FD scheme for three years, then after three years you will get a return of Rs 1.26 lakh.

That means, if you want to invest your money for three years in a place where you get good returns and there is no risk of market fluctuations, then you can invest in these three banks.

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This scheme is ‘SBI Amrit Kalash’. Under this scheme, the bank is offering 7.10% interest on 400 day FD to its general customers and 7.60% interest to its senior citizen customers. Under this scheme you can invest up to Rs 2 crore. Let us know about this scheme in detail.

Bank extended the deadline for the second time

Let us tell you that the bank had launched this scheme on April 12, 2023. While launching, the bank had kept its deadline as 30th June. However, considering the popularity of this scheme, the bank had once again extended its deadline till August 15. In this series, the bank has once again given a chance to its customers and has extended its deadline till 31st December.

This document is necessary to open an account

Under SBI’s Amrit Kalash Special FD Scheme, any citizen of 19 years of age or above can open an account. If you want to open your account offline i.e. by going to the bank, then for this you will need Aadhar card, ID proof, age identity proof, income proof, registered mobile number and passport size photo.

SBI Regular FD Rate

On the other hand, State Bank of India offers its customers 3% on FDs of 7 days to 45 days, 4.50% on FDs of 46 days to 79 days, 5.25% on FDs of 180 days to 210 days, 5.25% on FDs of 211 days to 1 year. It is offering 5.75% interest on FDs of less than 1 year, 6.80% interest on FDs of 1 year to less than 2 years, 7% interest on FDs of 2 years to less than 3 years and 6.50% interest on FDs of 3 years to 10 years. Is.

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

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The bank is currently offering interest ranging from 3.5 percent to 7.10 percent to its customers. The bank is offering FD from 7 days to 10 years. Axis Bank is offering this interest on FDs of less than Rs 2 crore.

Axis Bank interest rates on FD less than Rs 2 crore

Also Read: Post Office RD: You can avail loan against Post Office RD also, know what are its rules?

• 7 days to 14 days: 3.00 percent for general public; 3.50 percent for senior citizens
• 15 days to 29 days: 3.00 percent for general public; 3.50 percent for senior citizens
• 30 days to 45 days: 3.50 percent for general public; 3.50 percent for senior citizens
• 46 days to 60 days: 4.25 percent for general public; 4.00 percent for senior citizens
• 61 days to less than 3 months: 4.50 percent for general public; 5 percent for senior citizens
• 3 months to less than 4 months: 4.75 percent for general public; 5.25 percent for senior citizens
• 4 months to less than 5 months: 4.75 percent for general public; 5.25 percent for senior citizens
• 5 months to less than 6 months: 4.75 percent for general public; 5.25 percent for senior citizens
• 6 months to less than 7 months: 5.75 percent for general public; 6.25 percent for senior citizens
• 7 months to less than 8 months: 5.75 percent for general public; 6.25 percent for senior citizens
• 8 months to less than 9 months: 5.75 percent for general public; 6.25 percent for senior citizens
• 9 months to less than 10 months: 6.00 percent for general public; 6.50 percent for senior citizens
• 10 months to less than 11 months: 6.00 percent for general public; 6.50 percent for senior citizens
• 11 months to less than 11 months 25 days: 6.00 percent for general public; 6.50 percent for senior citizens
• 11 months 25 days to less than 1 year: 6.00 percent for general public; 6.50 percent for senior citizens
• 1 year to less than 1 year 4 days: 6.70 percent for general public; 7.20 percent for senior citizens
• 1 year 5 days to less than 1 year 11 days: 6.70 percent for general public; 7.20 percent for senior citizens
• 1 year 11 days to less than 1 year 24 days: 6.70 percent for general public; 7.20 percent for senior citizens
• 1 year 25 days to less than 13 months: 6.70 percent for general public; 7.20 percent for senior citizens
• 13 months to less than 14 months: 6.70 percent for general public; 7.20 percent for senior citizens
• 14 months to less than 15 months: 6.70 percent for general public; 7.20 percent for senior citizens
• 15 months to less than 16 months: 7.10 percent for general public; 7.60 percent for senior citizens
• 16 months to less than 17 months: 7.10 percent for general public; 7.60 percent for senior citizens
• 17 months to less than 18 months: 7.10 percent for general public; 7.60 percent for senior citizens
• 18 months to less than 2 years: 7.10 percent for general public; 7.60 percent for senior citizens
• 2 years to less than 30 months: 7.10 percent for general public; 7.60 percent for senior citizens
• 30 months to less than 3 years: 7.10 percent for general public; 7.60 percent for senior citizens
• 3 years to less than 5 years: 7.10 percent for general public; 7.60 percent for senior citizens
• 5 years to 10 years: 7.00 percent for general public; 7.50 percent for senior citizens.

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Everyone wants to save some part of their earnings and invest it in such a place where their money will be safe and they will also get strong returns. In this sense, fixed deposits have always been popular and now many banks are offering great interest on FDs.

If we talk about senior citizens, they are getting even higher returns than common investors. One such great scheme is the WeCare Scheme of State Bank of India (SBI WeCare Scheme), in which only a few days are left for investment.

This scheme is closing on 30th September.

Generally, while investing, senior citizens choose such an option in which the risk is negligible and for this, FD schemes are included in their favorite list. Talking about SBI WeCare Scheme, they get excellent returns in this. However, only 18 days are left to avail the benefits of this scheme, because this FD scheme of SBI is going to close on 30 September 2023. In such a situation, the sooner you take advantage of this scheme, the better it will be.

The scheme was started for this purpose.

In this scheme of State Bank of India (SBI), senior citizens are offered more interest than ordinary investors. Under SBI WeCare Scheme, senior citizens get the benefit of additional interest up to 0.50 percent. Through minimum investment in this scheme, you can get good returns in 5 to 10 years. SBI WeCare Special FD Scheme was introduced as an option for senior citizens to keep their money safe in the time of Covid.

Senior citizens get 1% more interest than ordinary investors.

Generally, senior citizens get the benefit of 50 basis points on FD in the bank, but on SBI WeCare FD, they get the benefit of additional 50 basis points. That means in this scheme the elderly get 1 percent more interest. At present, interest up to 7.50 percent is available on SBI’s WeCare Scheme. The interest rates on SBI’s regular FD are between 3.50 percent and 7.50 percent for tenures ranging from 7 days to 10 years.

The deadline for investing in the special FD scheme SBI WeCare (SBI WeCare Fixed Deposit) was extended by three months . Earlier, this special scheme for senior citizens, which was started during the Covid period, was to end on June 30, 2023. But the bank had extended its deadline to 30 September 2023.

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But it is not so because even in government banks now good returns are being received on fixed deposits. The biggest example of this is the country’s largest public sector bank, State Bank of India (SBI). Which provides attractive benefits to senior citizens in a special investment scheme named ‘SBI WeCare Special FD’.

Your money can be doubled

By investing in this FD scheme, the money doubles directly. The bank launched this We Care FD especially for senior citizens during the Covid pandemic. So that along with keeping their funds safe, they can also get high returns with higher interest rates on it. Now the bank has extended the availability of this special FD scheme for senior citizens till 30 September 2023. Let us know the benefits of WeCare FD-

Chance to get 7.50 percent interest

According to the SBI website, senior citizens are eligible for an additional 0.50 per cent interest rate. In the WeCare FD scheme, 7.50 percent interest rate is available on Fixed Deposit (FD) with a tenure of 5 years to 10 years. You can book FD under this scheme through net banking, Yono app or by visiting the branch. On which interest is received after deducting TDS on monthly, quarterly, half yearly or annual basis. The interest rate on Regular Fixed Deposit ranges from 3.50% to 7.50% for tenures ranging from 7 days to 10 years.

Would be so beneficial

By investing in this FD scheme, your money doubles in 10 years. For example, if you invest 5 lakh rupees as FD for a period of 10 years, then in these 10 years the bank gives you an interest of about 5 lakh rupees at an interest rate of 6.5 percent. Due to which your money doubles.

SBI’s Amrit Kalash FD Scheme

Apart from this, SBI has also extended the tenure of ‘Amrit Kalash Special FD scheme’, which provides higher interest rates to both senior citizens and other customers as compared to FDs of different tenures.

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Fixed deposits have become a good option for investment after the increase in interest rates for some time. Many banks are paying good interest rates to the customers on fixed deposits. Here five such banks have been told.

DCB Bank is paying 8.5 percent interest on two-year fixed deposits. This interest rate is being given to senior citizens. At the same time, this bank is offering a high interest rate of 7.75 percent to the common citizens.

Similarly, IndusInd Bank is giving 8.25 percent interest on two-year FDs to senior citizens, while for common citizens, this bank is giving the highest interest of 7.75 percent.

RBL Bank is offering 8 percent interest on two-year FDs to senior citizens. At the same time, the highest interest of 7.80 percent is being given to the common citizens for the tenure of 10 years.

Axis Bank is offering 7.8 percent interest on two-year fixed deposits to senior citizens, while the maximum interest for the highest tenure for common citizens is 7.1 percent.

AU Small Finance Bank is giving 7.75 per cent interest to senior citizens on two-year FDs, while giving maximum 7 per cent interest to common citizens on high tenure.

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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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However, in the last two Monetary Policy Committee meetings, the Reserve Bank has kept the repo rate on hold due to a decline in retail inflation. This decision reflects the objective of keeping the repo rate unchanged.

During the initial year, the Reserve Bank increased the repo rate by 2.50 per cent, resulting in both gains and losses to individuals. On one hand, loans became more expensive, burdening borrowers with higher EMIs. On the other hand, the interest earned on FDs and savings accounts increased.

Consequent to the continuous hike in the repo rate, banks have started offering interest rates above 9 per cent on FDs. It is important to note that this higher rate applies exclusively to senior citizens, while other customers may receive different rates.

Unity Small Finance Bank offers 9.25 percent interest rate on FDs with maturity period of 181 to 201 days. Additionally, an interest rate of 9.50 per cent is available on FDs with a maturity of 1001 days.

Senior citizen customers of Fincare Small Finance Bank can earn an interest rate of 9.11 per cent on FDs with a maturity period of 1000 days.

Jana Small Finance Bank also offers 9 percent plus interest rates to senior citizens. This rate is applicable to FDs with maturity period of 366 to 499 days, 501 to 730 days and 500 days.

Senior citizens can enjoy 9.6 per cent interest rate on fixed deposits with Suryoday Small Finance Bank with a maturity period of 5 years. In addition, 9 percent interest rate is available on FDs with a maturity period of 999 days.

ESAF Small Finance Bank offers 9 percent interest rate on FDs with maturity period of 2 to 3 years to senior citizens.

These attractive interest rates specifically cater to the needs of senior citizens, providing them with great investment opportunities.

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IDBI Bank (IDBI Bank) has changed the interest rates of fixed deposits (FD) of less than Rs 2 crore. The new interest rates have come into effect from June 14, 2023. The bank is offering a rate of 3 per cent on fixed deposits maturing between 7 and 30 days. IDBI Bank will pay an interest rate of 3.25 per cent on fixed deposits maturing between 31 to 45 days. The bank will pay interest at the rate of 4 per cent on fixed deposits maturing between 46 to 90 days. FDs maturing between 91 days and 6 months will now get an interest rate of 4.50 per cent.

Returns on FDs of less than one year

IDBI Bank is offering an interest rate of 5.75 per cent on FDs maturing between more than six months and less than one year. FDs maturing between one to two years (except 444 days) will get an interest rate of 6.80 per cent. 6.5 percent interest rate will be available on FDs with a tenure of more than two years but less than five years.

IDBI Bank tax-saving FD is also offering an interest rate of 6.5 per cent. 6.25 percent interest rate will be available on FDs maturing between five to 10 years.

FD Rates for Senior Citizens

Senior citizens will get an additional 0.50 percent interest rate on all FDs. The interest rate for FDs maturing between 7 to 30 days is 3.50 per cent. The interest rate for FDs maturing between 31 to 45 days is 3.75 per cent. 4.50 percent interest rate will be available on FDs maturing between 46 to 90 days.

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The bank is paying more than seven percent interest on fixed deposits of both these periods. Along with this, senior citizens will get an additional interest of 0.50 percent on the investment. However, this FD scheme is open for investment for a limited period of time.

Interest rate on Special FD

According to the bank, those investing in the Special Fixed Deposit Scheme with a tenure of 35 months or 2 years 11 months will get interest at the rate of 7.20 per cent. At the same time, the bank is offering interest at the rate of 7.25 percent on special FDs with a period of 55 months or 4 years and 7 months. HDFC Bank is offering interest ranging from three per cent to 7.25 per cent on its other term fixed deposits. The bank is offering a maximum interest rate of 7.25 per cent on fixed deposits with a tenure of 4 years, 7 months to 10 years.

FD interest calculation

According to the bank’s website, the current interest rates are applicable from May 29, 2023, on deposits of less than Rs 2 crore. Some time ago HDFC Bank has changed the interest rates of FDs of less than one year and 15 months and made it 6.6 percent. Usually, HDFC Bank gives between 3% and 7.10% on fixed deposits above Rs 2 crore for regular citizens.

HDFC Bank calculates interest based on the actual number of days in a year. If the deposit is in a leap and a non-leap year, interest is calculated based on the number of days. That is, there are 366 days in a leap year and 365 days in a non-leap year.

Fixed repo rate

In the last financial year, the Reserve Bank had increased the repo rate continuously. After this, banks also increased the interest rates to make their FD schemes attractive. In the current financial year, the Reserve Bank has not yet increased the repo rate in any way. Repo rate is the rate at which the Reserve Bank lends to other banks.

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The Reserve Bank did not make any change in the repo rate for the second consecutive time on Thursday. However, before this RBI had increased the repo rate for 4 consecutive times. Due to the increase in the repo rate by the RBI, where the loan interest rates increase on the one hand, on the other hand the interest on fixed deposits increases.

Due to no change in repo rate, people are still getting good interest on FD. If RBI cuts the repo rate in future, then the interest on FD can also reduce.

The country’s largest public sector bank- SBI is paying the highest interest of 7.10 percent on FDs with an amount of less than Rs 2 crore. The name of this FD scheme is Amrit Kalash, whose tenure is 400 days.

Apart from this, 7.00 percent interest is being given on FDs ranging from 2 years to 3 years, 6.80 percent on FDs ranging from 1 year to 2 years, 6.50 percent on FDs ranging from 3 years to 10 years.

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Especially a significant increase was seen in the interest rate of fixed deposits. At the same time, some banks have started cutting the interest of fixed deposits. Here some such banks are being told, which have cut the interest rates. This includes Punjab National Bank, Axis Bank and Union Bank of India.

Axis Bank Fixed Deposit

Axis Bank has cut the interest rate on single tenure of fixed deposits by 20 basis points. After the update of Axis Bank, interest ranging from 3.5% to 7.10% is being given on fixed deposits with a tenure of 7 days to 10 years. At the same time, interest has been reduced from 7.10 to 6.80 percent on tenure of less than five days to 13 months. At the same time, interest has been reduced from 7.15 per cent to 7.10 per cent from 13 months to less than 3 years. This is applicable from 18 May 2023.

Punjab national bank fd rates

PNB has cut the interest rate on single tenure from June 1. This deduction has been made on deposits of less than 2 crores. Fixed deposit interest has come down by 5 per cent to 6.75 per cent on 1-year tenure. This FD is for regular citizens. At the same time, the interest on the tenure of 666 days has come down from 7.25 per cent to 7.05 per cent.

Union Bank of India

During November 2022, this bank was paying the highest interest of 7.30 per cent for General Public, 7.80 per cent for Senior Citizen and 8.05 per cent for Super Senior. According to the website, Union Bank is offering 7 per cent interest for regular, 7.50 per cent for senior citizens and 7.75 per cent for super senior citizens.

What will be the effect

If you are going to invest in fixed deposit schemes in these banks for these tenures, then you will get less interest than before. However, if you keep investing till any other tenure other than these tenures, then the interest will be given as per the old update.

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At the same time, some big banks are launching special FDs to attract investors. In this episode, HDFC Bank has started 2 special FDs. According to the information given on the bank’s website, this offer is for a limited period.

Interest up to 7.75%

It has been told on the website that this FD will get interest at the rate of 7.20% for a period of 35 months and at the rate of 7.25% for a period of 55 months. At the same time, 0.50% additional interest will be given to senior citizens. This means that senior citizens will be able to get an interest rate of 7.70% on FD for a period of 35 months. At the same time, it will reach 7.75% for a period of 55 months.

HDFC Bank FD Interest Rates

HDFC Bank is offering 3% interest rate on FDs maturing between 7 to 29 days. An interest rate of 3.50% is being given on deposits maturing between 30 to 45 days, while an interest rate of 4.50% is being given on FDs maturing between 46 days and less than six months. This bank is offering 5.75% interest for tenors less than six months and 1 day to 9 months.

For a period of 9 months 1 day and less than 1 year, the bank is giving 6% interest. Most FD interest rates for a period beyond one year remain above 7 percent. It means to say that long term investing is a better option to earn more profits.

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The bank has given this information on its website. This fixed deposit includes regular, NRE and NRO savings bank accounts. The bank is giving up to 8% return on deposits to its customers. The bank has implemented its new interest rates from 8 May 2023.

DCB Bank is offering 2% return to its customers on deposits of less than 1 lakh. At the same time, it is giving 3.75% return on deposits above 1 lakh and 2 lakh or less. At the same time, the bank is giving excellent returns to its customers on two-year fixed deposits.

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Let us tell you, on FD of 700 days or 24 months, the bank is giving its customers a chance to get rich. The bank is giving them a bumper return guarantee of up to 8%. At the same time, the bank is offering up to 8.5 percent interest on fixed deposits to senior citizens.

DCB Bank Interest rates

Apart from DCB, other banks have increased the interest rates on their fixed deposits. Bank of Baroda, HDFC, IDFC and IndusInd Bank are also giving their customers a chance to earn big money.

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Fixed deposits are considered a traditional and safe mode of investment. If you are also thinking of making great returns through FD, then there is a great opportunity for you. Actually, recently Suryoday Small Finance Bank has increased the interest rates on FDs. This bank is offering tremendous interest up to 9.6% on FD.

Suryoday Small Finance Bank has increased the interest paid on FDs of less than 2 crores from 49 to 160 basis points for 1-5 years. Now the general customers of the bank are getting the benefit of interest rate ranging from 4 per cent to 9.10 per cent while for senior citizens this interest rate ranges from 4.50 per cent to 9.60 per cent.

FD rates of Suryoday Small Finance Bank

The bank is paying 6.85 percent interest on FDs of 1 year. 8.50 percent interest is being received on FDs of 1 to 2 years. The interest rate on FD of 999 days is 9 per cent while the interest on FD for a period of 5 years is 9.10 per cent. The interest rate goes up to 7.25 percent for a period of 32 months, 27 days to 3 years and 5 years to 10 years.

For senior citizens, it will be one lakh in 5 years, 1.60 lakh

If a senior citizen makes an FD of one lakh rupees in Suryoday Small Finance Bank for 5 years, then he will get Rs 1,60,694 on maturity according to the return of 9.6 percent.

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Axis Bank is offering interest ranging from 3.50 per cent to 7 per cent on fixed deposits ranging from 7 days to 10 years. The bank is offering the highest interest rate of 7.20 per cent on FDs maturing in 2 years to 30 months, while senior citizens will get interest at the rate of 7.95 per cent on FDs of this period.

Axis Bank’s new FD rates

will continue to offer an interest rate of 3.50 per cent on FDs maturing in 7 days to 45 days. The bank will pay 4% interest on deposits maturing in 46 days to 60 days. An interest rate of 4.50 per cent will be offered on deposits maturing in 61 days to 3 months. Now 4.75 percent interest rate will be given on deposits maturing in 3 months to 6 months. Axis Bank will offer 5.75 percent interest rate on deposits maturing in 6 months to 9 months. 6% interest rate will be available on deposits maturing in 9 months to 1 year.

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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Banks are offering good interest rates to their regular customers as well as senior citizens. Many banks are paying interest up to 8.50% per annum on FDs ranging from 1 year to 3 years. Here we know about 5 such banks which are giving up to 8.5% annual interest to the customers on deposits of 1, 2, 3 years. Usually, senior citizens are offered up to 0.50% more interest than regular customers. 

Axis Bank

Bandhan Bank

RBL Bank

IDFC First Bank

DCB Bank

(Note: These interest rates have been taken from the official website of the banks. The rates are effective for deposits less than 2 crores.)

Know tax provisions on FD

The interest income from all term fixed deposits is fully taxable. That is, after adding this income to the total income of the investor, it will have to be taxed according to the tax slab. According to the Income Tax Act, people aged 60 years or more are kept in the senior citizen category. Senior citizens get the benefit of deduction on interest income up to Rs 50,000 during a financial year.

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Source: Kotak Bank

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At the same time, 4.45% to 6.70% interest is being given to senior citizens. Jana Small Finance Bank is giving 8.15% interest to general customers on 500 days FD. At the same time, 8.85% interest is being given to senior citizens on 500 days fixed deposit. The new rates for fixed deposits of Jana Small Finance Bank are effective from 10 April 2023.

Fixed Deposit Rates of Jana Small Finance Bank

Jana Small Finance Bank is paying 3.75% interest to general customers and 4.45% to senior citizens on fixed deposits of 7 days to 14 days. At the same time, on fixed deposits of 15 days to 60 days, the bank is giving 4.25% interest to general customers and 4.95% to senior citizens.

The bank is paying 5% interest to general customers and 5.70% to senior citizens on fixed deposits of 61 days to 90 days. At the same time, Jana Small Finance Bank is giving 6.25% interest to general customers and 6.95% to senior citizens on fixed deposits of 91 days to 180 days.

8.05% interest on FD from 2 years to 3 years

Jana Small Finance Bank is paying 7% interest to general customers and 7.70% to senior citizens on fixed deposits ranging from 181 days to 364 days. At the same time, on fixed deposits ranging from 365 days to 2 years, the bank is giving 7.25% interest to general customers and 7.95% to senior citizens.

Jana Small Finance Bank is offering a standard rate of 7.35% on FDs ranging from 2 years to 3 years. At the same time, senior citizens are getting 8.05% interest on fixed deposits of this period. On fixed deposits ranging from 3 years to 5 years, the bank is giving an interest rate of 7.25% to general customers and 7.95% to senior citizens. At the same time, Jana Small Finance Bank is paying 6% interest to general customers and 6.70% to senior citizens on fixed deposits ranging from 5 years to 10 years.

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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However, if you are below 60 years of age, you can also consider a special post office scheme for higher interest. This scheme is National Savings Certificates (National Savings Certificates or NSC), in this scheme you are getting much more interest than Fixed Deposits.

7.7% interest is being received on National Savings Certificate

The government has increased the interest of National Savings Certificate by 70 basis points (0.70 per cent) for the April-June quarter of the year 2023. In the previous quarter, there was 7% interest on National Savings Certificates (National Savings Certificates or NSC). After the recent hike, the interest rate on National Savings Certificate has increased to 7.7%. Apart from this, 7.5% interest is being given in the post office term deposit of 5 years.

Banks giving 7% interest on tax saving FD

Most popular banks like HDFC Bank, ICICI Bank, Yes Bank, Axis Bank and IDFC First Bank are offering 7% interest on tax-saving fixed deposits. DCB Bank is paying the highest interest of 7.6% on 5-year fixed deposits. At the same time, IndusInd Bank is also offering an interest rate of 7.25% on fixed deposits of the same tenure. According to an ET report, Bank of Baroda is paying 6.5% interest on 5-year fixed deposits, Canara Bank 6.7%, Punjab National Bank (PNB) 6.5% and State Bank of India (SBI) 6.5%.

Keep these things in mind before investing money in NSC

National Savings Certificate (NSC) is a post office savings scheme. You can invest a minimum of Rs 1000 in NSC. At the same time, there is no upper limit of investment. However, the scheme has a lock-in period of 5 years. Also, keep in mind that the interest rate on National Savings Certificates is compounded annually. On the other hand, compounding of interest rates in bank FDs is done on a quarterly basis, which gives a slightly higher annual yield. You can invest only up to Rs 1.5 lakh in tax saving fixed deposits.

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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After the interest rate revision, the bank has increased the interest rates on 501 days special ‘Shubh Aarambh Deposit’.

The new rates will be effective on bank FDs of less than Rs 2 crore. Bank of India is offering an interest rate of 7.65% for senior citizens, 7.15% for regular customers and 7.8% for very senior citizen customers on the ‘Shubh Aarambh Deposit’ programme.

What is the scheme of the bank

• The bank is offering an additional 0.15% interest to Super Senior Citizens (80 years and above) in the 6 months to 10 years bucket. The Bank is offering an interest rate of 7.80% to Super Senior Citizens in a limited period special scheme.

• Offering guaranteed interest of 3.00% on Fixed Deposits below Rs.2 Crore maturing in 7 days to 45 days.

• The bank is promising an interest rate of 4.50% on FDs maturing in 46 to 179 days.

• For deposits of 180 to 269 days, BOI is offering an interest of 5.00% and for deposits of 270 days to less than 1 year, it is offering 5.50%.

• Deposits maturing in more than 1 year and less than 2 years (except 501 days) will fetch an interest rate of 6.00% and Fixed Deposits maturing in 501 days will fetch an interest of 7.15%.

• The bank is offering an interest rate of 6.75% on deposits of 2 years to less than 3 years, while deposits of more than 3 years and less than 5 years will fetch 6.50% interest.

• Deposits with maturity between five and ten years will now earn interest at the rate of 6.00%.

How much interest for senior citizens

Bank of India on its website mentions that ‘senior citizens will be paid an additional premium of 25 bps in addition to the existing 50 bps for all tenors above 3 years on retail term deposits (less than Rs 2 crore). Super Senior Citizens will get an additional interest of 40 bps in addition to the existing 50 bps.

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Additional interest to senior citizen customers:

Under this scheme, the bank is giving 7.40% interest to its general customers and 7.90% additional interest to its senior citizen customers for the same period by 50 basis points. Let us know who can invest in FD under this scheme and with what amount they can start.

You can start FD with this much rupees

In this scheme of State Bank of India (SBI), resident individuals and non-individual customers can open their FD account. Keep in mind, minors and non-resident Indians (NRIs) cannot invest under this special FD scheme of the bank. In this scheme, you can start FD with a minimum of 15.01 lakhs. On the other hand, you can invest in this special FD scheme up to a maximum of Rs 2 crore.

7.50% interest will be available here, on the other hand State Bank of India (SBI) is giving 3% to 7.10% interest to its general customers. While the bank is giving 3.50% to 7.50% interest to its senior citizen customers. You can do FD in the bank for a time period ranging from 7 days to 10 years. Apart from this, the bank is offering an interest of 6.50% for its general customers and 7.50% for its senior citizen customers under its tax saving FD.

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In such a situation, which bank is getting the highest interest on an amount of less than Rs 2 crore for a period of 7 to 10 years? To understand this, we checked the FD rates of SBI, HDFC BANK, AXIS BANK, IDFC FIRST BANK and RBL BANK, which are higher than others in terms of interest offered.

In which bank is getting more interest?

Major banks of the country are offering up to 7.8% interest on FDs for a period of 7 days to 10 years. Now let us understand from the figures of returns in terms of investment of Rs 1 lakh, which bank is getting the highest interest?

• RBL Bank: For general customers, a minimum interest of up to 3.25% is being offered for a period of 7 days. While paying 7.80 percent interest annually for a period of up to 10 years. In this context, an investment of Rs 1 lakh will increase to Rs 2.16 lakh in a period of 10 years.
• IDFC FIRST BANK: For general customers, a minimum interest of up to 3.50 per cent is being offered for a period of 7 days. While paying 7.50 percent interest annually for a period of up to 10 years. The investment amount of Rs 1 lakh will increase to Rs 2.10 lakh on the calculation of maximum interest in a period of 10 years. 
• AXIS BANK: For general customers, a minimum interest of up to 3.50 per cent is being offered for a period of 7 days. While paying 7.26 percent interest annually for a period of up to 10 years. In terms of maximum period and interest, the investment of Rs 1 lakh will be Rs 2.05 lakh.  
• SBI: For general customers, a minimum interest of up to 3% is being offered for a period of 7 days. While paying 7.10 percent interest annually for a period of up to 10 years. If you invest Rs 1 lakh, then after 10 years at an annual interest rate of 7.10 percent, your amount will increase to Rs 2.02 lakh. 
• HDFC Bank: For general customers, for a period of 7 days, a minimum interest of up to 3 percent is being offered. While paying 7.10 percent interest annually for a period of up to 10 years. With an annual return of 7.1%, an investment of Rs 1 lakh will grow to Rs 2.02 lakh over a period of 10 years.

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According to the information available on the bank’s website, the change in interest rate for retail FDs is applicable from February 24, while the interest for bulk deposits has been increased from February 27. Let us know in detail about the latest interest rates.

The minimum interest rate is now 3 percent

For retail term deposits of less than Rs 2 crore, the minimum interest rate is 3 per cent and the maximum interest rate is 7.10 per cent. The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.60 percent. 7 to 29 days FD interest 3%, 30-45 days FD interest 3.50%, 46-60 days FD 4.25%, 61-90 days FD 4.50%, 91-184 days FD 4.75 percent,

7% interest is available on tax saving FD

5.75 per cent is being given on FDs of 185-270 days, 6 per cent interest on FDs ranging from 271 days to less than 365 days. 6.70% interest is being received on FDs from 1 year to less than 15 months, 7.10% from 15 months to 2 years, 7% interest is being received on FDs from 2 years, 1 day to 5 years. 6.90 percent interest is being received on FDs ranging from 5 years 1 day to 10 years. 7% interest is being received on tax saving FDs of more than 5 years, whose limit is Rs 1.5 lakh.

Up to 7.60 percent interest to senior citizens

The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.60 percent. For bulk deposits of more than 2 crores and less than 5 crores, the minimum interest rate is 4.75 percent and the maximum interest rate is 7.15 percent. The minimum interest rate for senior citizens in this category is 4.75 percent and the maximum interest rate is 7.15 percent.

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Public sector bank Central Bank of India has increased interest rates to make its Fixed Deposits scheme attractive. The bank has increased the interest rates on fixed deposits of less than Rs 2 crore. Central Bank of India is offering interest ranging from 4% to 6.25% on FDs maturing in seven days to 10 years. At the same time, senior citizens are being given interest ranging from 4.50 per cent to 6.75 per cent on FD of the same period.

Interest on one year FD

The bank is offering a maximum interest rate of 6.75 percent to common people and 7.25 percent to senior citizens on FDs of more than one year and less than two years. The bank is offering 4 per cent interest on FDs maturing in seven to 14 days. FD maturing in 15 to 45 days will get interest at the rate of 4.50 per cent. The Central Bank of India is promising five percent interest on FDs of 91-179 days.

How much interest on 10 year FD?

The bank will pay interest at the rate of 5.50 per cent on deposits maturing in 180 to 364 days. The bank is offering an interest rate of 6.50 per cent on FDs of more than two years and less than three years. The bank is promising 6.25 per cent interest on deposits maturing in 3 years to 10 years. Apart from this, as an incentive, an additional interest of 0.50 percent per annum will be given on the deposits made by senior citizens above 60 years of age.

555 days special FD

Central Bank of India also runs special fixed deposit schemes of 444, 555 and 999 days. These schemes are available with callable and non-callable options. The bank is offering interest at the rate of seven per cent on deposits of 555 days and at the rate of 6.50 per cent on deposits of 999 days. While senior citizens will get interest at the rate of 7.50 percent and 7.00 percent respectively.

Repo rate has increased

The Reserve Bank of India has recently increased the repo rate by 25 basis points. Because of this loans have become expensive. However, the country’s private and public sector banks are increasing interest rates on fixed deposits. Private and government banks of the country are trying to make it more attractive by increasing the interest rates on FD.

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According to experts, this is the right time to invest money in fixed deposits. Because, banks are revising the interest rates not once but thrice. Ever since the RBI has increased the rate to 6.25 percent on December 7, 2022, since then a continuous increase in interest rates is being seen. In such a situation, if you want to invest with guaranteed returns, then 5 banks are offering good interest rates on tenure of 1 year.

Highest FD Rates are being given by 5 banks on FDs with tenure of 1 year

• Bandhan Bank has offered to pay 7.25 percent interest rate on investing in FDs with a tenure of 1 year.
• DCB Bank has offered investors an interest rate of 7.25 per cent on FDs maturing in 1 year.
• IndusInd Bank has said that it will give 7.00 percent interest rate to investors in 1 year FD.
• RBL Bank will give 7.00 percent interest rate to its customers who invest on FDs maturing in 1 year.
• Yes Bank has also said that it will give 7.00 percent interest rate to its customers instead of investing in FDs with maturity of 1 year.

Investing on FD of 1 year tenure will give 74 thousand profit.

If you choose to invest in FD of Bandhan Bank or DCB Bank and invest 10 lakh rupees, then after 1 year, when the FD matures, you will get a total interest of 7.25%. 10,74,495 will be available. 74,495 will be the interest rate, which will be your profit. On the other hand, if you invest Rs 10 lakh in FD of IndusInd Bank, RBL Bank or Yes Bank, then you will get Rs 71,859 interest at the rate of 7 per cent, while the total return will be Rs 10,71,859.

Penalty rules on FD withdrawal before maturity

Most banks charge a penalty for premature closure of fixed deposits. According to the website of Punjab National Bank, 1% penal interest will be charged at the time of premature withdrawal or partial withdrawal of Domestic Fixed Deposit for all tenures. The penalty rate of banks may vary on pre maturity withdrawal.

Withdrawal option on maturity of FD:

On maturity of your FD, the investor has two options. Investors can either withdraw their entire money or invest the money in a new FD. On FD maturity, you can withdraw your deposit from the bank branch either online or offline.

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The bank’s new interest rates on Fixed Deposit (FD) are applicable from 15 February 2023.Unity Small Finance Bank will now give 9.50% interest on 1001 days fixed deposits to senior citizens. At the same time, common customers will get 9% interest on FD of 1001 days.

9.25% interest on fixed deposits of this time period

Unity Small Finance Bank (Unity Bank) is giving 9.25% interest to senior citizens and 8.75% to general customers on 181-201 days and 501 days fixed deposits. Small Finance Bank is paying 7.50% interest to senior citizens and 7% to general customers on fixed deposits ranging from 5 years to 10 years.

Fixed Deposit Rates of Unity Small Finance Bank

The bank is now offering 4.50% interest on 7-14 day fixed deposits. At the same time, Unity Small Finance Bank is paying 4.75% interest on FDs of 15 days to 45 days. Unity Bank is offering 5.25% interest on fixed deposits with maturity of 46 days to 60 days. At the same time, interest of 5.50% is being paid on fixed deposits of 61 days to 90 days.

Bank’s interest rates for different periods

Unity Small Finance Bank is offering an interest rate of 5.75% on fixed deposits of 91 days to 180 days. While on fixed deposits of 181 days to 201 days, the bank will pay interest of 8.75 percent. The bank is paying 6.75% interest on FDs with maturity of 202 days to 364 days. Unity Small Finance Bank will pay 7.35% interest on FDs of 365 days to 500 days. The bank will pay an interest of 7.65% on fixed deposits with maturity ranging from 1002 days to 5 years.

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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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The bank is now getting a bumper interest of 8 per cent on term deposits of less than 2 years. Recently the bank has updated the interest received on Fixed Deposits. According to the information available on the website of IDBI Bank Bank, interest has increased on Amrit Mahotsav FD from February 13.

Amrit Mahotsav is getting interest up to 8 percent on FD

IDBI Bank’s Amrit Mahotsav FD is of 444 days and 700 days. This is a special FD scheme. For general public, now 7.15 percent interest is being received on term deposits of 444 days. 7.9 percent interest is being given to senior citizens. Now the interest rate for general public on FD of 700 days is 7.25 percent. 8 percent interest is being offered to senior citizens.

How much interest is being received on Retail Term Deposits now

IDBI Bank has also increased the interest rate on Retail Term Deposits from February 13. According to the information available on the website of IDBI Bank, the interest rate has been increased to 3 percent for a period of 7-30 days on retail term deposits of less than 2 crores. The interest rate for 31-45 days has gone up to 3.35 per cent. 4.25% interest on term deposits of 46-90 days, 4.75% interest for 91 days to 6 months, 5.50% interest rate on FDs from 6 months to less than 1 year.

6.25% interest is being received on 5-year FD

6.75% on FDs of 1 year to 2 years (except 444 and 700 days), 6.50% on FDs of more than 2 years and less than 3 years, 6.25% on FDs of 3 years to less than 5 years, 5 Interest is being given on FDs of 6.25 per cent for one year, 6.25 per cent for more than 5 years, 6.25 per cent for more than 7 years and up to 10 years and 4.80 per cent for FDs of more than 10 years and up to 20 years.

Benefits will continue on IDBI Naman Senior Citizen Deposit

The minimum interest rate for senior citizens is 3.50 percent and the maximum rate is 7.50 percent. Senior citizens will continue to get the benefit of additional 75 basis points under IDBI Naman Senior Citizen Deposit. This includes the additional benefit of 50 basis points available to senior citizens. The benefit of 25 basis points will be available separately. This scheme will be valid till 31 March 2023.

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After which the repo rate has become 6.50 percent. The maximum interest rate for fixed deposit customers of Tamil Nadu Mercantile Bank will be 8 per cent for general customers and 8.50 per cent for senior citizens.

Tamil Nadu Mercantile Bank FD Rates

1. The bank will pay 5.25 percent interest on FDs of 7 days to 120 days.
2. The bank will pay 6% interest on FDs of 121 days to less than 1 year.
3. The bank will give a maximum interest rate of 8 percent on FD of 300 days.
4. Tamil Nadu Mercantile Bank will give 7.25 percent interest rate on 1 year FD.
5. The bank will pay 7% interest on FDs of more than 1 year to less than 2 years.
6. The bank will pay 6.75 percent interest on FDs of 2 years to less than 3 years.
7. The bank will pay 6.50 percent interest on FDs of 3 years to 10 years.

Siniya citizens will get this much return

Senior citizens will get 0.50 per cent or 50 basis points more than the standard rate on fixed deposits maturing in 300 days to 10 years. In such a situation, senior citizens can get a maximum return of 8.50 per cent by booking their fixed deposits with Tamil Nadu Mercantile Bank for a tenure of 300 days.

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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.

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The country’s largest bank SBI has also increased its deposit rates on FDs. In this, regular customers are getting a maximum interest of 6.75 percent and senior citizens are getting up to 7.25 percent. SBI gives extra benefits to senior citizens under ‘SBI Wecare deposit scheme’. The deadline of this scheme has been extended to 31 March 2023.

₹2 lakh interest on ₹5 lakh deposit

SBI WeCare Deposit, a special scheme for senior citizens of SBI, is getting interest of up to 7.25 percent. If he deposits Rs 5 lakh in this scheme, then he will get Rs 7,16,130 on maturity of 5 years. That is, only interest income will be Rs 2,16,130.

In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. These interest rates are applicable from December 13, 2022, on deposits of less than Rs 2 crore.

SBI FD: Will get the benefit of tax deduction

Fixed deposits / term deposits of banks are generally considered safe. This is a good option for risk-averse investors. Tax deduction up to Rs 1.5 lakh is available under Section 80C on 5-year tax saving FD. However, the interest earned on FD is taxable. It has a lock in of 5 years. This period can extend up to 10 years. Let us tell you, SBI offers 1% more interest than the existing FD rates to its employees and pensioners.

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The interest rate has been increased on FDs of less than Rs 2 crore. The bank has increased the interest on special FDs of 444 days. The bank said that after this amendment, interest of 7.05 will be available on the special scheme of 444 days for general customers.

Additional benefit of 50 basis points to senior citizens

Senior citizens will get an additional benefit of 50 basis points in interest. The interest rate for them has been increased to 7.55 percent. For general customers, the interest rates on other term deposits maturing in 7 days to 10 years are between 3 percent to 6.75 percent. The revised interest rates are applicable for Domestic, NRO and NRE deposits.

6% interest on 1 year FD

If you get FD done in Bank of India, then you will get 4.50% interest on FD of 46-179 days. 5 percent on 180-269 days, the interest rate on FDs ranging from 1 year to less than 2 years has gone up to 6 percent. The interest on FD of 444 days has now gone up to 7.05 per cent.

6% return on FD of 5-8 years

The interest rate on FDs ranging from 2 years to less than 3 years has gone up to 6.75 percent. The interest on FDs ranging from 3 years to less than 5 years has gone up to 6.50 per cent. Interest rate has been increased to 6% on FDs from 5 years to less than 8 years and 6% on FDs from 8 years to 10 years.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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Let us tell you that this is the first time after 3 years when senior citizen FD rates of most banks have gone above eight percent. In about three years, senior citizens are getting returns of 8% and above on Fixed Deposits. People are running around the banks to review the interest of their existing FDs. Back-to-back repo rate hikes by RBI have finally brought relief to senior citizens who are dependent on interest for their survival.

People re-investing after breaking FD

The rates were reduced to 5.5% due to excess liquidity in the banking system during the Corona pandemic. Now it is a great opportunity to invest in FDs with some private banks offering up to 8% and public sector banks offering over 7.5% interest.

After increasing the interest rates, people are rebooking it again at the new rate by breaking the FDs already done at low interest. They are getting benefit of 20 to 30 thousand from this. Last month, the government capped the returns on the Senior Citizens Savings Scheme (SCSS) to 8%. The government had slashed the interest rate on the Senior Citizens Savings Scheme to 7.4% during the pandemic. However, the difference between SCSS and bank FD has narrowed after the interest rate hike. Some banks are offering even higher rates for super senior citizens or those above the age of 80 years.

Where is the interest

Union Bank of India offers 75 basis points over its regular rate for super seniors. 700-day senior citizens are getting 8% interest. Punjab National Bank is offering 80 bps more interest than the regular rate to Super Senior Citizens. The highest return is 8.1% on a 666 day deposit. Indian Bank offers 25 bps more.

Is it okay to break old FD and get new FD done?

Breaking existing fixed deposits can be beneficial for some customers who have invested in FDs and their bank does not levy penalty for premature withdrawal. If no penalty is being charged then the interest on the earlier FD will reduce with the actual tenure. Another thing to note is that you may need to visit the bank branch to break the FD. FDs can be broken online only if they are booked using netbanking. Where certificates have been issued to customers, the depositors need to approach the bank for premature withdrawal.

Increased interest on savings schemes

RBI has increased the interest rate on its floating rate savings bonds from 7.15% to 7.35%. After this, the interest of National Savings Certificate has become 7%. Apart from banks, NBFCs are offering attractive returns. HDFC’s “Neelmani” deposit scheme offers an interest rate of up to 7.6%. For senior citizens who are also shareholders and use netbanking, the returns are less than 8%. Bajaj Finance, on the other hand, offers up to 7.95% interest on three-year deposits to senior citizens.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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As the new year 2023 begins, it is the right time for senior citizens to plan their investments and choose tax saving FDs to make the most of the rising interest rates on deposits. Lending may become more expensive in the coming times and banks may want to entice investors to keep their money with them to increase their cash flows.

Starting a tax-saving FD teaches a very important lesson, that is to save more. Saving a penny is earning money. This is a general rule, and it works well for senior citizens as well. Here are some of the key features of the tax saving senior citizen FD.

1. Fixed Returns: Many financial instruments show volatility when it comes to returns. Moreover, investors have to wait for an average of three to five years for their investments to grow. On the other hand, FD gives you fixed returns risk free. There is no risk to your money, and you get assured returns.
2. Flexibility in tenure: FD comes with flexibility of tenure and amount. You can choose any tenure and amount you want to invest. However, for tax saving FDs, you must have a lock-in period of at least five years. Longer tenure helps you deposit more amount with interest. Many people opt for longer tenure and higher maturity amount for tax saving.
3. Zero Maintenance Cost: Unlike mutual funds and stocks, when you invest your money in FDs you don’t really need to track the market and ups and downs. This is a one time activity, and you can get your maturity once your FD tenure is over. There is no cost to anything. You put a fixed amount in the FD account, and you get a lump sum when your FD matures.
4. Liquidity: Despite the lock-in period in case of tax saving senior citizens FD, you can still liquidate your investment if you need funds due to an emergency. The lock-in terms and conditions are not very stringent as compared to other financial instruments. However, you must check with the bank for deductions and penalties when you opt for early withdrawal.
5. Safety: Your money remains completely safe in the FD account until your bank defaults. Despite this, you are eligible to claim a maximum of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) with effect from 4 February 2020. This makes FD a very safe investment option for senior citizens.
6. Tax Saving: Tax deduction of up to Rs 1.5 lakh is allowed under Section 80C, when you invest in a tax-saver FD with a minimum lock-in period of five years.

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The bank has made a big change for the customers from January 1. Customers keeping Fixed Deposit in PNB will get many other benefits along with higher interest. The bank has given information about this on the official website.

PNB has given information on the official website According to the official website of PNB, the bank has increased the interest rates of FD. From now on, customers will get the benefit of 50 basis points more interest on FD. Along with this, interest rates on savings account have also increased by 25 basis points.

There has also been a change in the rates of FDs.

If we talk about the rates of fixed deposits, interest will be available at the rate of 3.50 per cent on FDs of 7 to 45 days. At the same time, interest will be available at the rate of 4.50 percent on FDs of 46 days to 179 days.

Interest increased on FD of which period?

Apart from this, if we talk about FD of 1 year to 665 days, then it has increased by 45 basis points, after which you will get interest at the rate of 6.75 percent. 7.25 percent interest will be available on FD of 666 days. 6.75 percent interest will be given on FDs of 667 days to 2 years, 6.75 percent interest on FDs of more than 2 years and up to 3 years, 6.50 percent interest on FDs of 3 years to 10 years.

How much interest will be available on savings account?

If you have a savings account of less than Rs 10 lakh, then you will get the benefit of 2.70 per cent interest per annum. On the other hand, if your balance amount is more than Rs 10 lakh and less than Rs 100 crore, then you will get the benefit of interest at the rate of 2.75 percent. At the same time, an account with an amount of more than 100 crores will get interest at the rate of 3 percent.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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After the increase in the interest rate, many banks are giving more than 8 percent interest on fixed deposits. At some places, up to 9 percent interest is being given to senior citizens. If you are also planning to invest in FD, then here is information about some such banks, which are offering 8.30% interest on FD.

However, this interest rate is not applicable for all senior citizens. Bank Super Senior Citizens, who are 80 years or more, are being given. Let us know which are these banks, which are giving more interest on FD.

RBL Bank

For senior citizens above 60 years and below 80 years of age, this bank is giving 50 basis points more interest than common citizens on fixed deposits. This bank is giving 75 basis points more interest to senior citizens above 80 years. This means that this bank is giving 8.3 percent interest to the super senior citizens. This interest rate is effective from November 25, 2022.

Union Bank of India

This bank is giving 0.50 percent interest per annum to senior citizens, while super senior citizens are paying 0.75 percent interest every year. According to Union Bank’s website, after the increase on November 25, a maximum interest of 8.05 per cent is being given to super senior citizens on fixed deposits with a tenure ranging from 800 days to 3 years.

PNB

According to the bank’s website, senior citizens are being given 50 basis points more interest than the normal FD rate on FDs of less than 2 crores. While 80bps more interest is being given to super senior citizens. On the tenure of 666 days, 8.10 percent interest is being given to the super senior citizens. This interest rate is effective from 12 December 2022.

Indian Bank

According to the website of Indian Bank, under a special FD, an additional 0.25 percent interest is being given on FD to an elderly person of 80 years or more.

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As a result, interest rates on fixed deposits have gone up in the last few months. Fixed Deposits (FDs) are often the preferred investment option for senior citizens. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank and others offer under 50 basis points (bps) higher interest to senior citizens than general customers.

The Reserve Bank of India (RBI) has increased the repo rate by 225 bps from May 2022. As a result, interest rates on fixed deposits have gone up in the last few months.

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If you also make fixed deposits, then know that RBI has made a big change in FD rules. The new rules of FD by RBI have also become effective. On one hand, after increasing the repo rate of RBI, many government and non-government banks have also increased the interest rates on FDs. Therefore, if you are also going to get FD done, or have got it done, then definitely read this news before that. Otherwise you may have to bear the loss.

Change in maturity rule of FD

RBI has changed the rules of Fixed Deposit (FD), now if you do not claim the amount after completion of maturity, then you will get less interest on it.
– The interest you get will be equal to the interest you get on the savings account.
Currently, banks usually pay more than 5% interest on FDs with a long tenure of 5 to 10 years.
At the same time, the interest rates on savings account are around 3% to 4%.

RBI ordered

According to RBI, . The new rule will apply to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. If the Fixed Deposit matures and the amount remains unpaid or unclaimed, the interest rate applicable to the savings account or the interest rate prescribed for matured FDs, whichever is less, will be given

Know what the rules say?

For example, understand that if you have got an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations.

1. If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get FD interest only.

2. If the interest received on FD is more than the interest received on the savings account, then you will get the interest received on the savings account after maturity.

What were the rules earlier?

Now if we talk about the earlier rule, earlier when your FD was matured and if you did not withdraw its money or did not claim it, then the bank used to extend your FD for the same period for which you had earlier FD It was But now it is not so. Now if you do not withdraw money on maturity, you will not get FD interest on it, so it is better that you withdraw money immediately after maturity. This new rule has become effective.

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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 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.

The new interest rate is applicable from December 14 only. According to the information available on the bank’s website, the minimum interest rate on FDs below Rs 2 crore has been reduced to 3 per cent and the maximum interest rate to 7 per cent. The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.75 percent.

According to the information available on the bank’s website, the new interest rate on term deposits of less than 2 crores has been 3 per cent for 7-14 days, 3 per cent for 15-29 days, 3.50 per cent for 30-45 days. . The interest rate on FDs ranging from 46 days to six months has gone up to 4.50 per cent. The interest rate on FDs ranging from six months, one day to 9 months has gone up to 5.75 per cent.

Maximum interest of 7 percent

The interest rate on FDs of 9 months 1 day to less than one year has gone up to 6 per cent. The interest rate on term deposits ranging from 1 year to less than 15 months has gone up to 6.50 per cent. The interest rate on FDs ranging from 15 months to 10 years will be 7 percent.

Senior citizens will get interest up to 7.75 percent

Senior citizens will get at least 3.50 percent interest. The interest rate on FDs ranging from 5 years 1 day to 10 years is 7.75 percent. This is 75 basis points more than the average citizen. An additional benefit of 25 basis points has been given in this. HDFC Bank implemented a scheme on 18 May 2020 which will run till 31 March 2023.

Under this scheme, senior citizens will get an additional benefit of 25 basis points in interest on fixed deposits of less than 5 crores for a period ranging from 5 years 1 day to 10 years. This will be over and above the senior citizen premium of 50 basis points.

SBI has also increased interest on fixed deposits.

On December 13, SBI had decided to increase the interest rate on FDs. State Bank of India is now offering interest of at least 3% and maximum of 6.75% on Fixed Deposits of less than 2 crores. Senior citizens will get the benefit of 50 basis points separately in the interest rate. There will be an additional benefit of 50 basis points in interest under the SBI Wecare scheme. The bank is offering interest of at least 3 percent and maximum of 7.75 percent to senior citizens.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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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.

c (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.

Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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The bank is now offering an interest rate of 3.50 per cent to 6.50 per cent on fixed deposits with maturity of 7 days to 61 months and above. Interest rates on FD for senior citizens range from 4.00 percent to 7.00 percent. Now the maximum interest rate in IndusInd Bank is on FDs of 2 years to 2 years 1 month. At the same time, the highest interest rate for senior citizens is 7.25 per cent for the same period.

Know new interest rates

The bank now has an interest rate of 3.50 percent on FDs ranging from 7 days to 30 days. Whereas, IndusInd Bank is getting interest at the rate of 4.00 percent on fixed deposits of 31 days to 45 days. On the other hand, interest will be given at the rate of 4.25 percent on FDs with a period of 46 days to 60 days. There is an interest rate of 4.50 per cent on FDs with a tenure of 61 to 120 days. Whereas, interest is being received at the rate of 4.75 per cent on FDs with maturity of 121 days and 181 days.

At the same time, 5.50 percent interest rate is now available on FDs ranging from 181 days to 269 days. At the same time, interest is being received at the rate of 5.75 percent on fixed deposits ranging from 270 days to 354 days. IndusInd Bank currently has 6.00 percent interest rate on FDs ranging from 355 days to 364 days.

Tax saving FD will also get more benefits

There is an interest rate of 6.75 per cent on FDs with a tenure of one year to less than 1 year and 6 months. Whereas, interest is being received at the rate of 7.25 percent on fixed deposits ranging from 2 years to 2 years and 1 month. On the other hand, there is an interest rate of 7.00 percent on FDs ranging from 2 years 1 month to three years. Fixed deposits maturing in less than 3 years to 61 months will get interest at the rate of 6.75 per cent. At the same time, 6.50 percent interest rate is available in FDs of 61 months or more.

On the other hand, the bank is paying interest at the rate of 6.75 per cent on Indus Tax Saver Scheme ie 5-year tax saving FD. Whereas, senior citizens will get 7.25 percent interest on this FD.

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The bank is now offering an interest rate of 3.75% for FDS maturing in 7 days to 29 days, and ICICI Bank is now offering an interest rate of 4.75% for those maturing in 30 days to 45 days.

Let us know that ICICI Bank’s FD rates

maturing between 46 and 60 days will fetch interest at the rate of 5.00%, while FDs maturing between 61 and 90 days will fetch interest at the rate of 5.25%. 6.00% interest rate on FDs maturing in 185 days to 270 days, while ICICI Bank is now offering 5.75% interest rate on FDs maturing in 91 days to 184 days.

For maturing in 271 days to less than 1 year, the bank is offering an interest rate of 6.25%. ICICI Bank is now offering an interest rate of 6.75% for maturing in 1 year to 15 months. For maturing in 15 months to 3 years is 6.80% and for maturing in 3 years 1 day to 10 years is 6.50%.

Apart from this, ICICI Bank has also changed the interest rates on FDs of Rs 5 crore and above. After this change in interest rates, ICICI Bank will give 3.75% to 7.15% interest on FDs of 7 days to 10 years to its customers. Apart from this, you will also get the facility of premature withdrawal on FDs above Rs 5 crore.

On the other hand, the bank has not made any change in the interest rate on FDs of less than Rs 2 crore. On FDs of less than Rs 2 crore, the bank is giving 3% to 6.60% interest to its general customers and 3.50% to 7.10% to senior citizen customers.

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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.

FD Rules Changed: If you also do fixed deposits, then know that RBI has changed the big rules of FD. RBI changed the rules related to FD some time back and these new rules have also become effective. After the decision of RBI to increase the repo rate, many government and non-government banks have also started increasing the interest rates on FD. Therefore, before making FD, definitely read this news. Otherwise you may have to suffer loss.

Changed rules on maturity of FD

Actually, RBI has made a big change in the rules of Fixed Deposit (FD) that now after the completion of maturity, if you do not claim the amount, then you will get less interest on it. This interest will be equal to the interest received on the savings account. Currently, banks usually offer more than 5% interest on FDs with a longer tenure of 5 to 10 years. Whereas the interest rates on savings account are around 3 percent to 4 percent.

RBI issued this order

According to the information given by RBI, if the fixed deposit matures and the amount is not paid or claimed, then the interest rate on it as per the savings account or the rate of interest fixed on the matured FD, Whichever is less will be given. These new rules will be applicable on deposits in all commercial banks, small finance banks, cooperative banks, local regional banks.

Know what the rules say

Understand this in such a way that, suppose you have got an FD with 5 years maturity, which has matured today, but you are not withdrawing this money, then there will be two situations on this. If the interest being received on FD is less than the interest being received on the savings account of that bank, then you will continue to get the interest with FD. If the interest earned on FD is more than the interest earned on the savings account, then you will get the interest on the savings account after maturity.

What was the Old Testament?

Earlier, when your FD matured and if you did not withdraw or claim it, then the bank used to extend your FD for the same period for which you had made the FD earlier. But now it will not happen. But now if the money is not withdrawn on maturity, then FD interest will not be available on it. So it would be better if you withdraw money immediately after maturity.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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DCB Bank has offered 7.50% p.a. interest rate to retail customers on Special Fixed Deposits. The tenure of this deposit scheme will be from 700 days to 36 months. At the same time, senior citizens will get interest up to 8.25%. The Reserve Bank of India (RBI) has increased the repo rates four times since May this year. For this reason, banks have announced an increase in the interest rate on various savings schemes including FDs.

Actually special bank FDs are those fixed deposits that come with a fixed tenure. HDFC and SBI usually offer special FD schemes for a specific tenor for a limited period of time.

These banks are also giving more than 7% interest on FD.

Currently, other banks including Catholic Syrian, Bank of India, RBL Bank and City Union Bank offer 7.50%, 7.25%, 7.25% and 7.1% interest per annum on special fixed deposits. are offered. While senior citizens can get interest up to 7.50%, 7.75%. However, the tenure of the highest FD interest rate varies from bank to bank.

Senior citizens can get 7.50% interest on Special FD Scheme. These include Canara Bank (666 days tenor), Bandhan Bank (600 day tenor), Federal Bank (700 day tenor), IDFC First Bank (700 day tenor), Punjab National Bank (600 day tenor), Punjab End Includes Special FDs of Sind Bank (601 days tenor) and Union Bank (599 days tenor).

The rate of interest on FDs may go up to 8%

According to the news of Mint, Pankaj Bansal, Chief Business Officer, Bankbazaar.com says, “Inflation is still at a high level and interest rates continue to be hiked by central banks globally. Hence FD rates will continue to increase in the coming months.

Many banks offer special tenor FDs with higher returns to attract customers. If this situation continues, we expect the rates to go up to 8% in the next few months.”

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For Yes Bank, the new rates came into effect on November 3 and for ICICI Bank, for deposits between Rs 2 crore and Rs 5 crore, the new rates came into effect from today, while the interest rates for deposits below Rs 2 crore amended. This is effective from 29 October. As far as Yes Bank is concerned, the fixed deposit interest rates start from 3.25 per cent and the maximum is 7.5 per cent.

Yes Bank FD interest rates on deposits below Rs 2 crore

Yes Bank is now giving returns of 3.25 per cent for deposits maturing in 7 days to 14 days, 3.7 per cent for fixed deposits maturing in 15 days to 45 days, 4.1 per cent for 46 days to 90 days, 91 days 4.75 percent for 180 days, 5.5 percent for 181 days to 271 days, 5.75 percent for less than 1 year 272 days, 6.5 percent for one year to less than 18 months, 18 months to 10 years 6.75 percent Return will be given. Senior citizens will get an additional interest rate of 0.5 per cent for fixed deposits maturing between 7 days to three years and an additional 0.75 per cent for deposits maturing between three years and 10 years.

ICICI Bank FD rates for deposits below Rs 2 crore

ICICI Bank is now offering an interest rate of 3 per cent for fixed deposits maturing between 7 days to 29 days, 3.5 per cent in case of deposits maturing between 30 days to 45 days, deposits of 46 days to 60 days. 3.75 per cent for deposits maturing in 61 days to 90 days, 4 per cent for deposits maturing in 91 days to 184 days, 5.25 per cent for deposits maturing in 185 days to 210 days, 290 days to less than one year Fixed deposits maturing in 5.5 per cent, 6.1 per cent for deposits of one year to 18 months, 6.15 per cent for deposits from 18 months to 2 years, two years for one day to 3 years fixed deposits 6.2 per cent, 6.35 per cent for 3-year FDs of one day to 5 years and 6.25 per cent for deposits maturing in five years from one day to 10 years.

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Private sector DCB Bank has also increased the interest rates of fixed deposits. The bank has increased the interest rates on FDs below Rs 2 crore. According to the bank’s official website, the new rates have become effective from October 17, 2022. The bank has increased the interest rates by up to 40 basis points. The bank will now pay 7.50% interest to the common customer on deposits maturing in a period of 700 days to 60 months.

Will pay 3.75% interest on FD maturing in 7 days to 90 days. DCB Bank will pay 4.50% interest to customers on deposits maturing in 91 days to less than 6 months. The interest rate on FDs maturing in 6 months to less than 12 months will be 5.70% and fixed deposits maturing from 12 months to less than 15 months will attract 6.10 percent per annum.

The bank will now give interest at the rate of 6.75% on FDs that are completed in less than 15 months to 700 days, an increase of 40 basis points . Similarly, customers will get 7.10% interest on fixed deposits maturing in 700 days. The bank has increased the interest on FDs maturing more than 700 days but less than 36 months by 40 basis points to 7.50% per annum.

DCB Bank has increased the interest rate on fixed deposits from 36 months to 60 months by 25 basis points. Earlier the bank used to give 7% interest, now it has decided to pay interest at the rate of 7.25% per annum. There is no change in the interest earned on FDs maturing in 60 months to 120 months and the bank will continue to pay 7.00% interest on it as before.

Bank Re-launched Security Fixed Deposit

DCB Bank has recently relaunched Security Fixed Deposit. The interest rate of this special FD with a tenure of three years is 7.10 percent per annum. Complimentary life insurance coverage of Rs 10 lakh is given to the customer making this FD. The 36-month term life insurance policy offered by DCB Suraksha FD is effective till the age of the depositor reaches 55 years.

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On the other hand, Recurring Deposit i.e. RD is like a piggy bank, in which you save a fixed amount every month and interest is also charged on it from the bank. If you are planning to invest in FD or RD, then there is good news for you. Recently four banks have increased the interest rates on RD and FD. Know about them here so that you can invest in them after seeing your profits.

These banks increased interest

Axis Bank has increased the interest on FDs by 0.75% to 6.20%. The new rate has come into effect from October 14. At the same time, HDFC Bank has increased the interest rates of FD by 75 basis points i.e. 0.75 percent. At the same time, the bank has increased the interest on its RD by 50 basis points i.e. 0.50 percent. The new rates have come into effect from 11 October 2022. The bank will give 4.25% to 6.10% interest to its general customers on different recurring deposits of 6 months to 12 months. Apart from these banks, Equitas Small Finance Bank has increased the interest rate on savings accounts, FDs and RDs.

SBI interest rates applicable from today

Apart from this, the country’s largest bank SBI has also increased the interest rates on FDs by up to 20 basis points. The new rates will be applicable on FDs below Rs 2 crore. The new rates will be applicable from October 15, 2022. SBI has increased the interest rate on FDs between one year and less than two years from 5.45 per cent to 5.60 per cent.

FDs of two years and less than three years will now get 5.65 percent interest instead of 5.50 percent. At the same time, the interest rate between three years and less than five years has now increased from 5.60 percent to 5.80 percent. At the same time, the interest rate on FDs ranging from five years to 10 years has now increased from 5.65 percent to 5.85 percent. Apart from this, interest rates have been increased from 7 days to 45 days, 46 days to 179 days, on retail domestic term deposits from 180 to 210 days and 211 days on FDs of less than one year and senior citizens FDs.

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But according to the rate at which inflation has increased in the last few years, banks, post offices or other financial institutions providing FD have not increased the interest rates. Due to which the attraction of investors has decreased a bit. But at present, there is also an option where there is an opportunity to earn 8.90 percent annual interest on FD. Here deposits from 1 year to 5 years are getting higher returns than banks.

What is the interest rate for which tenure?

Finance company Shriram Transport Finance Company or STFC has increased the interest rates by 25 basis points for FDs of 1 year i.e. 12 months and now it has become 7 percent per annum. The company has started a new 18-month scheme, on which 7.30 percent annual interest is. For 24-month FDs, STFC has increased the interest rates by 25 basis points and now it is 7.50 per cent per annum. Interest is 8.05 percent on 36-month FD, 8.15 percent on 42-month FD, 8.20 percent on 48-month FD and 8.30 percent on 60-month FD.

Interest rate revised

STFC has revised its fixed deposit interest rates. STFC has increased the interest rates by 0.25% for different tenures. The new rates are effective from 14 October 2022. The revised interest rate is for FDs ranging from 12 months to 60 months i.e. 1 year to 5 years. Women and senior citizens will get more interest than the normal rate. Keep in mind that this additional 0.25% interest rate will be available on all renewals where your scheme is maturing.

How to get interest up to 8.90 percent

If senior citizens open an FD account in their name, they will get 50 basis points more interest. On the other hand, if women are customers, then they will get an additional benefit of 10 basis points. In such a situation, female senior citizens will get 8.90 percent annual interest on FD of 5 years. The company has started an additional 10 point benefit for women in the form of new features.

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The name of Fincare Small Finance Bank has also been added in the race to increase the interest rate in FD. This bank has increased the interest on all FDs less than two crores. The new interest rates have come into effect from October 11.

These are the bank’s new interest rates

Fincare Small Finance Bank has offered interest at the rate of 3% on fixed deposits maturing in 7 days to 45 days and 3.5% on FDs maturing between 46 days to 90 days. Will continue to give This bank will now pay 4.5% interest on FDs that mature between 91 and 180 days. While FDs maturing between 181 to 364 days will get 5.5% interest.

The interest on fixed deposits maturing between 12 and 24 months will be 6.75%. Interest will be 7.25% for a period of 500 days and 7.75% for a period of 1000 days. 7% interest on FD of 24 months 1 day to FD of 48 months, 6.75 percent interest on FD of 48 months 1 day to 59 months. At the same time, interest will be given at the rate of 6 percent on FDs of 66 months 1 day to 84 months.

Senior citizens have benefited a lot in terms of interest on silver FDs of senior citizens. Fincare Small Finance Bank will now offer interest rate of 0.50 percent more than the standard interest rate on FDs of all tenors to senior citizens. Senior citizens will get interest in the range of 3.50% to 8.25% on fixed deposits maturing between 7 days to 10 years. Apart from this, even if they have a joint account with the bank and the first account holder is a senior citizen, they will still get the benefit of the new interest rates.

Why the interest rate of the bank increased, tell that whenever the Reserve Bank increases or decreases the interest rates, it is passed on to all the bank customers because the interest rates on loans and other savings schemes are linked to the benchmark. Most banks offer higher interest rates to senior citizens on FDs or any other savings schemes. In September, RBI has increased the repo rate for the fourth time and with this, banks have also increased the interest rate on loans and savings schemes. In this episode, Fincare Small Finance has implemented new interest rates from October 11.

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The reason for this is that since the increase in the repo rate, debt has become expensive, but investors are getting more returns on FDs. The name of Fincare Small Finance Bank has also been added in the race to increase the interest rate in FD. This bank has increased the interest on all FDs less than two crores. The new interest rates have come into effect from October 11.

Here are the new interest rates of the bank

Fincare Small Finance Bank will continue to offer interest @ 3% on Fixed Deposits maturing in 7 days to 45 days and 3.5% on FDs maturing between 46 days to 90 days. This bank will now pay 4.5% interest on FDs that mature between 91 and 180 days. While FDs maturing between 181 to 364 days will get 5.5% interest. The interest on fixed deposits maturing between 12 and 24 months will be 6.75%. Interest will be 7.25% for a period of 500 days and 7.75% for a period of 1000 days. 7% interest on FD of 24 months 1 day to FD of 48 months, 6.75 percent interest on FD of 48 months 1 day to 59 months. At the same time, interest will be given at the rate of 6 percent on FDs of 66 months 1 day to 84 months.

Senior citizens silver

Senior citizens have benefited a lot in terms of interest on FD. Fincare Small Finance Bank will now offer interest rate of 0.50 percent more than the standard interest rate on FDs of all tenors to senior citizens. Senior citizens will get interest in the range of 3.50% to 8.25% on fixed deposits maturing between 7 days to 10 years. Apart from this, even if they have a joint account with the bank and the first account holder is a senior citizen, they will still get the benefit of the new interest rates.

Why did the bank’s interest rate increase?

Explain that whenever the Reserve Bank increases or decreases the interest rates, it is passed on to all the bank customers because the interest rates on loans and other savings schemes are linked to the benchmark. Most banks offer higher interest rates to senior citizens on FDs or any other savings schemes. In September, RBI has increased the repo rate for the fourth time and with this, banks have also increased the interest rate on loans and savings schemes. In this episode, Fincare Small Finance has implemented new interest rates from October 11.

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Additional interest rate is available on all tenors ranging from 7 days to 10 years. Banks usually offer higher interest rates, 50 bps, over the FD rates of the general public to senior citizens (60 years and above). But, PNB is the first bank that is currently offering higher interest rate on fixed deposits to senior citizens.

Giving information on its website, PNB has said that super senior citizens above the age of 80 years will get an additional interest rate of 80 bps on the card rate applicable in all maturity buckets.

It further states that in case of staff members as well as retired staff members who are also super senior citizens, the maximum interest rate on the applicable card rate shall be 180 bps higher than the applicable card rate across all maturity buckets.

PNB Latest FD Rates for Super Senior Citizens

On September 13, PNB had increased the interest rates on fixed deposits for all tenors for super senior citizens. The bank is offering fixed deposits starting from 7 days to a maximum of 10 years. Super senior citizens are getting interest rates ranging from 3.80% to 6.55% on fixed deposits maturing in 7 days to 1111 days.

Special FD Schemes for Senior Citizens

During the Covid-19 pandemic, banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BOB) had introduced special fixed deposits for senior citizens, where FDs with tenures at higher interest rates was offered. year and above. Some of these banks are still continuing these schemes.

In an effort to make banking services more accessible, PNB has launched banking services through WhatsApp for both customers and non-customers. The WhatsApp banking service will be available 24×7, including holidays, on both Android and iOS-based mobile phones.

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Now the bank is giving a special offer to its senior citizens (Senior Citizen Rates). The bank has increased the interest rates on fixed deposits (FDs) of all tenors for super senior citizens.

PNB is offering an additional 80 basis points (BPS) on Fixed Deposits (FDs) for senior citizens above the age of 80 years. Additional interest rate is available on all tenors ranging from 7 days to 10 years.

PNB Offering Highest Interest

to Senior Citizens Banks usually offer higher interest rates, 50 bps, to senior citizens (60 years and above) over the FD rates of the general public. PNB is the first bank that is currently offering higher interest rates on fixed deposits to senior citizens.

As per the information available on PNB website, super senior citizens above the age of 80 years will get an additional interest rate of 80 bps over the card rate applicable across all maturity buckets. Apart from this, in case of retired staff members who are also super senior citizens, they will get 180 basis points (bps) interest rate on all tenors.

PNB’s Latest FD Rates

for Super Senior Citizens PNB had on September 13 increased the interest rates on fixed deposits for all tenors for super senior citizens. The bank is offering fixed deposits starting from 7 days to a maximum of 10 years. Super senior citizens are getting interest rates ranging from 3.80% to 6.55% on fixed deposits maturing in 7 days to 1111 days.

All information available on WhatsApp

In an effort to make banking services more accessible, PNB has launched banking services through WhatsApp for both customers and non-customers. The WhatsApp banking service will be available 24×7 on both Android and iOS-based mobile phones.

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As a result, the following list of 5 banks have interest rates for senior citizens ranging from 7.50% to 8.25%. This is for those who want to invest in fixed deposit scheme for 2 years.

Bandhan Bank

The interest rates on Fixed Deposits offered by Bandhan Bank are effective from August 22, 2022. The new rates are applicable to retail accounts of less than Rs 2 crore. Bandhan Bank guarantees an interest rate of 7.50% to senior individuals on fixed deposits maturing in more than 18 months but less than two years.

Jana Small Finance Bank

Jana Small Finance Bank FD interest rates are valid from June 15, 2022 and the new card rates are applicable on accounts below INR 2 Crore. At present, Jana Small Finance Bank offers FD returns to senior citizens at an interest rate of 8.05% with maturity between 1 to 2 years.

Yes Bank

The new interest rates on Yes Bank fixed deposits are effective from August 10, 2022. The minimum deposit required by Yes Bank to start an FD is Rs 10,000 and the minimum period of reinvestment allowed is 6 months and 1 day. Yes Bank guarantees that elderly citizens will get an interest rate of 7.50% on fixed deposits of 18 months to less than 3 years.

IndusInd Bank

Interest rates on FD in IndusInd Bank are effective from August 12, 2022. IndusInd Bank is offering an interest rate of 7.50% on fixed deposits with premature withdrawal, maturing in less than 2 years from 1 year 7 months.

Utkarsh Small Finance Bank

The bank last changed the interest rates on its fixed deposits on August 12, 2022. Both the new fixed deposit and the renewal of the present fixed deposit are subject to the revised rates.

Fixed deposits with a tenor of 2 years or 730 days and an interest rate of 8.25 per cent are offered by the bank to senior citizens.

The bank offers fixed deposits maturing in five years from 700 days at 7.50% for general public and 8.25% for senior citizens, which is not only the highest rate in the banking sector, but also much higher than the current rate of retail inflation. is more.

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According to a Live Mint report, IDFC First Bank will pay 7.10% interest on FDs ranging from Rs 2 crore to Rs 25 crore with a maturity period of 366 days to 731 days. Similarly, the bank will pay interest at the rate of 7 per cent per annum on FDs completed in 732 days to 10 years. The bank has decided to pay 6.85% interest on FDs maturing in 271 days to 365 days, while customers will now get 6.45% interest on FDs maturing in 181 days to 270 days.

Will get more interest

The bank has decided to pay 6.35% interest on FDs maturing in 92 days to 180 days. Interest will be 5.60% on FDs with tenor of 61-91 days, and 5.05% on fixed deposits of 46-60 days. Similarly, the bank will give 4.70% to 4.95% interest on fixed deposits that are completed in 7 days to 45 days.

Bandhan Bank also increased interest rates

Bandhan Bank has increased the interest rates of Bulk FDs from Rs 2 crore to Rs 50 crore and above. The bank has decided to pay 7.25% interest on fixed deposits with tenure ranging from 365 days to less than 15 months. The interest rate on FDs ranging from 15 months to less than 5 years is 6.15%. The bank is paying 5% interest on FDs maturing in a period of 5 years to 10 years. The interest rate on FDs maturing from 91 days to 364 days is 6%. Similarly, FDs with tenures ranging from 46 days to 90 days will get 5.05% interest. The bank is giving 3.25% to 3.75% interest on FDs that are completed in 7 days to 45 days.

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According to the information given on the official website of the bank, the new interest rates will be effective from September 23, 2022. Following this change, IndusInd Bank is now offering interest rates ranging from 4.00% to 6.65% on non-callable FDs maturing in 7 days to 61 months or more.

Here are the new rates of interest on FDs

IndusInd Bank is offering a maximum interest rate of 6.65% while increasing the interest rates on non-callable FDs. Looking at the new rates, the bank is now promising an interest rate of 4.00% on non-callable FDs maturing in 7 days to 14 days, 4.10% for FDs of 15 days to 30 days. As per the new rates, IndusInd Bank now offers 4.35% on FDs maturing in 31 days to 45 days, 4.45% for 46 days to 60 days, 4.65% from 61 days to 90 days, maturing in 91 days to 120 days. Offering an interest rate of 5.15% on FD.

6.65% interest rate on FD is maximum

similarly, bank now 5.25% on FDs maturing in 121 days to 180 days, 5.40% on 181 days to 210 days, 269 on 211 days, 5.55%, 270 days to 354 now Interest rate of 5.90% will be available. IndusInd Bank will now pay 6.15% on FDs maturing in 355 days to 364 days, 6.40% on FDs maturing in 6 months, and 6.65% on deposits for a period of 61 months and above.

What is Non-callable FD

IndusInd Bank has stated on its website that a non-callable FD is an FD from which withdrawal is not allowed before the expiry of the term of the FD. Under this, premature withdrawal is not allowed for an amount exceeding Rs 1 crore. The bank offers non-callable FDs only for non-individuals.

The bank has also said on its website that senior citizens (aged 60 years and above) will get 0.75 percent additional interest from the general public on FDs of less than Rs 2 crore. If senior citizens choose to keep deposits of value more than or equal to Rs 2 crore, then they will not get the benefit of additional interest.

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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.

c (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.

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