Post office Dhansu FD Plan - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 12 Apr 2023 04:45:57 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Post office Dhansu FD Plan - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Post Office Dhansu FD Plan: More interest than FD is being received in this scheme, tax will also be benefited https://www.rightsofemployees.com/post-office-dhansu-fd-plan-more-interest-than-fd-is-being-received-in-this-scheme-tax-will-also-be-benefited/ Wed, 12 Apr 2023 05:01:25 +0000 https://www.rightsofemployees.com/?p=14153 Whenever it comes to investing with saving tax, people often consider the option of tax saving Fixed Deposit (FD). Due to increase in interest on fixed deposits in the last 11 months, people’s interest in FD has increased. However, if you are below 60 years of age, you can also consider a special post office […]

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]]> Whenever it comes to investing with saving tax, people often consider the option of tax saving Fixed Deposit (FD). Due to increase in interest on fixed deposits in the last 11 months, people’s interest in FD has increased.

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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]]> Post office Dhansu FD Plan: Post office giving good interest, return reached close to 7%, full guarantee of security https://www.rightsofemployees.com/post-office-dhansu-fd-plan-post-office-giving-good-interest-return-reached-close-to-7-full-guarantee-of-security/ Tue, 11 Apr 2023 04:15:41 +0000 https://www.rightsofemployees.com/?p=14087 Post office Dhansu FD Plan: Due to the increase in interest rates on small savings schemes for three consecutive times, post office FDs have now stood in comparison to bank FDs (Post Office FD vs Bank FD). Under small savings schemes, 6.9 percent interest is being received on two-year fixed deposits in the post office, […]

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]]> Post office Dhansu FD Plan: Due to the increase in interest rates on small savings schemes for three consecutive times, post office FDs have now stood in comparison to bank FDs (Post Office FD vs Bank FD).

Under small savings schemes, 6.9 percent interest is being received on two-year fixed deposits in the post office, which is more than the returns received by most banks on FDs of the same period.

This is happening due to increase in the repo rate by the Reserve Bank. Banks started paying more interest on deposits to raise more money. As a result, during May 2022 to February 2023, the average domestic fixed deposit rate (WADTDR) on new deposits of banks increased by 2.22 percent.

Where in the first half of the financial year 2022-23, the emphasis of banks was more on wholesale deposits, then in the second half their priority changed and they paid more attention to raising retail deposits. The increase in interest rates was a part of this. Significantly, during this period, banks also continuously increased the interest charged on loans.

Government also hiked the interest rates for Small Savings Schemes (SSI) by 0.1-0.3 per cent for the October-December quarter, 0.2-1.1 per cent for the January-March quarter and 0.1-0.7 per cent for the April-June 2023 quarter. increased to percent.

Prior to this, there was no change in the interest rates on small savings schemes for nine consecutive quarters. There was no increase in these from the second quarter of the financial year 2020-21 to the second quarter of 2022-23.

Post office FD giving competition

Reserve Bank has said that “Bank’s FD rates are now competing with post office FD rates”. Percentage done. It was 5.8 percent in September, 2022. After increasing the interest rate on small savings schemes for three consecutive times, the 2-year post office FD is now getting a return of 6.9 percent. While this rate was 5.5 percent in September 2022. The country’s largest bank SBI is paying 6.8 percent interest on deposits of more than one year and less than two years.

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