A number of banks have lately rolled out new deposit schemes to woo the current and new depositors. Some of these schemes are rolled after making minor tweaks in the regular deposit schemes. For instance, Bank of Baroda (BOB) has rolled out a recurring deposit plan which is similar to a recurring deposit wherein depositors … Read more
Have you ever faced a situation wherein you got your debit card linked to a portal for a monthly subscription to use a service such as Netflix or something else? And now you want to discontinue the service with immediate effect? There could be a number of reasons for this. Either you enrolled for it … Read more
When you are looking for bank fixed deposits (FD), one factor to consider is the highest rate of interest offered by different banks. The general thumb rule is that banks tend to offer higher interest rates for long-duration deposits and lower rates for shorter duration. For instance, a five-year FD will offer a higher interest … Read more
Have you ever wondered what can you do if you want to open a fixed deposit account but do not have access to a large sum. Is this possible to accumulate the deposit money in tranches? Well, Bank of Baroda offers systematic deposit plan (SDP) to those depositors who want to start an FD (fixed … Read more
Prior to investing in a fixed deposit (FD), depositors tend to compare the interest rates offered by different banks so that they can choose one bank over the other. Typically, the rate of interest and the tenure of FD go hand in hand. This means the longer the FD tenure, the higher the interest rate. … Read more
Before you decide to open a fixed deposit (FD) account in a bank, it is incumbent upon you to compare the interest rates offered by different banks. The interest rates usually do not vary much from lender to lender. However, there is a rule of thumb that applies to most lenders uniformly —the longer the … Read more
Before opening a fixed deposit (FD) with a bank, depositors tend to compare the interest rates offered by a bank with those of other banks. Typically, banks offer higher rates of interest on long term deposits. This means longer the duration, higher the rate of interest. Conversely, shorter the duration, lower the rate of interest. … Read more
Public-sector banks such as Bank of Baroda, Canara Bank, and UCO Bank, have increased their Marginal Cost of Funds-based Lending Rates(MCLR) in different tenures which will result in higher costs for consumer loans. Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not allowed to lend … Read more
Union Bank of India has recently revised its interest rates on fixed deposits and now it offers a special interest of 7.4 percent to regular citizens on term deposits of 333-day tenure. Senior citizens, meanwhile, are entitled to an extra 50 basis points i.e., 7.9 percent on the term deposit of same tenure, while super … Read more
Before you open a fixed deposit (FD) in a bank, it is natural to compare the term deposit interest rate with those of others. Most banks offer anywhere between 3 and 7 per cent per annum on their fixed deposits based on their tenure. The rule of thumb is this: the longer the tenure, the … Read more