Fixed Deposit News

A few banks, including Kotak Mahindra Bank and Bank of Baroda, offer senior citizens an interest rate of 7.6 per cent on their three-year fixed deposits.

The long-term fixed deposits will be on the lines of an annuity plan offered by life insurance companies, but for a limited period. The product is at the trying stage.

There are speculations that the RBI would slash the repo rate later this year, thus kicking off the rate cut cycle starting next calendar year. Lower rates would, more likely than not, ensue lower interest rates on fixed deposits as well.

Union Bank offers an interest in the range of 7.4 to 8.15 percent on a fixed deposit of 333-day tenure. When the tenure is 399 days, the interest rate goes up to 8 per cent. These rates came into force on Aug 1

There is a greater propensity among depositors to opt for a bank in which they have a bank account, yet some of them may decide to open an account with a new bank when the interest differential on fixed deposits is quite significant.

When interest rates rise, it’s an opportunity to boost your FD returns. By applying strategic approaches, you can take full advantage of higher FD rates and maximize your overall investment gains.

ICICI and HDFC Banks have recently updated their term deposit rates, impacting the returns on their fixed deposits. Here’s a comparison of these new rates with those offered by SBI and Axis Bank.

The Amrit Vrishti sponsored by SBI, like many other government-sponsored schemes, appears promising initially but may not significantly contribute to long-term wealth enhancement.

State Bank of India (SBI), Bank of Baroda (BoB), and Bank of Maharashtra launch special FD schemes with attractive interest rates