Senior citizens prefer fixed deposits for the risk-free returns they offer. They can maximize their returns by choosing the best rates that banks are offering
IndusInd Bank offers a 7% interest rate, Axis Bank 6.6% and Bank of Baroda 6.6%
The RBI's 50 basis-point repo rate cut to 5.5% may lead to lower fixed deposit rates, prompting depositors to adopt strategies like laddering and consider alternatives for better returns.
A look at the bank rate actions on deposit rates so far.
Here is why Bajaj Finance Fixed Deposits are the go-to option for the prudent investor
Experts also said that another pause in the repo rate hike cycle is expected from the monetary policy committee on June 8.
This complements our overall strategy of building our granular deposit base, as a retail mass market bank, said MD & CEO of the bank.
Following the hike, 44 months special tenure for senior citizens will invite an interest rate of 8.60 per cent per annum.
What is the growth forecast for Kotak? Who will be the next Kotak CEO? And what is the digital look ahead for Kotak Bank? For answers to these questions & more, watch Moneycontrol's exclusive conversation with the whole-time director of Kotak Mahindra Bank Shanti Ekambaram. She talks about the reasons for FD rate hikes and shares the market perspective. Watch!
From public sector lenders to private banks, all have made changes in their FD rates to attract customers.
The bank will offer 7.60 percent interest per annum for senior citizens for deposit amounts of up to Rs 2 crore.
FD rates have been rising after the Reserve Bank of India (RBI) repo rate hikes. If you are someone looking to lock your funds in a safer instrument, FDs can be a good option at this environment.
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FD rates offered by SFBs are in the range of 7-7.5 percent but are still lower than the 8 percent to 9 percent they were offering in 2018
The pandemic has undoubtedly been disproportionately cruel to the elder citizens, leaving them vulnerable, both health-wise and money-wise. To safeguard the older population against the ravages of COVID-19, the banks have been offering additional returns on top of the special rates applicable for senior citizens.
We have compiled the current fixed deposit interest rates of top lenders in India.
On FDs with maturity between 7 days and 29 days, Axis Bank is offering an interest rate of 2.50 percent. FDs maturing between 30 days and less than 3 months, bank offers 3 percent. 3.5 percent for FDs between 3 months and less than 6 months.
Fixed deposits (FDs) are considered to be a safer investment choice.
There is room to do away with the tax levied on interest earned on deposits for senior citizens, including the Senior Citizens Savings Scheme.
When it comes to investments, all of us would like to earn higher and secured returns. If you also belong to the same category, corporate Fixed Deposits (FDs) pose a good option in these times of high inflation and inflation FD rates.
Deposit Scheme Interest Rates. The interest rate on term deposits w.e.f 19th October,2011.
The revised interest rates for Domestic Term Deposits 'Below Rupees One Crore' effective from the 13.08.2011 would be as under:
Ajay Srivastava, CEO, Dimensions Consulting is concerned that the market is likely to fall post-budget.