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
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
Bank of India has revised its fixed deposit (FD) rates for deposits less than ₹3 crore and for deposit ranging from ₹3 crore to ₹10 crore. After the revision, Bank of India offers interest rates on deposit tenors of 7 days to 10 years ranging from 3% to 6% for fixed deposits up to ₹10 … 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
What is a secured credit card? It is a type of credit card issued against the security of a fixed deposit. If you don’t have a CIBIL score, you can open a new fixed deposit or offer an existing fixed deposit and ask the bank to offer you a secured credit card against it. The … Read more
Is there a tax benefit available if an individual stays in a rented house and at the same time rents his own house in the same city? —Arindam Mukhopadhyay We assume that you are in employment and are paid a house rent allowance (HRA) by your employer. As per the provisions of the Income Tax … Read more
However, in March 2024, some banks increased their fixed deposit rates. In the case of most banks, the current fixed deposit interest rates being offered are at a decadal high. So, are these the best interest rates on fixed deposits? And should you lock into these high fixed deposit rates? Let us discuss. Also Read: … Read more
This is believed to be either the last or perhaps second last meeting before the interest rates are eventually slashed after a long hiatus. A Reuters poll predicted that the RBI is expected to cut rates in the Sept quarter. Notably, the banking regulator had raised the repo rates by a cumulative of 250 basis points … Read more