FD (Bank Fixed Deposit) is now no more the most favorable option as a secure and trusted in Indian for the small investors. People who are looking for a sure and secure investment with Flexi withdrawal facilities. As the interest rates declined in FD by banks, the small and medium-size investors are looking for other options.
In which PPF account, government and RBI bonds, granted wealth plan of varies insurance company are in first priority. But due to lack of information people are still opting for FD as their first option, as per the recent announcement by India’s big National Bank SBI the revised FD rate starts from 2.9% for 15 days, and it goes looking tenure for 5 years and above which to 5.4 %. Which seems lesser than the inflation rate of India.
In comparison to FD, people are getting more height amount, but it has to limit up to 1.5 lack per Annual with the benefits of Tax under Income Tax Rule 80 C.
Investors who want to invest with a big number of the amounts in Lack can go with granted wealth plan of various insurance companies registered under IRDA. In India, those are secured as FD and PPF. But their special benefits made them more attractive for the intelligent investors, as they not only provide tax benefits. These also provide insurance cover to the investor in any mishappening with the user as per the senior Branch Manager of Exide life Insurance, Udaipur Branch Mr. Abhishek Arora said that “the Guaranteed wealth plan of their company is providing the highest return in this category with the committed return.
Rates Announced by SBI For FD’s
Between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective from 8 January 2021.
New Delhi: The State Bank of India (SBI) has declared an increase in the interest rate of FD’s of more than Rs 2 crore. This declaration, which came into effect on December 15, 2021. The hike in its interest rate is provided for the new deposits and the ones whose accounts have matured. SBI has frozen its interest rates on FD’s under Rs. 2 crores. Based on the domestic deposits, the bank has concluded to raise the high-value deposits over the range of Rs. 2 crores by 10 basis points.
SBI FD’s between 7 days to 10 years will give 2.9% to 5.4% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective from 8 January 2021.
7 days to 45 days – 2.9%
7 days to 45 days – 2.9%
46 days to 179 days – 3.9%
180 days to 210 days – 4.4%
211 days to less than 1 year – 4.4%
1 year to less than 2 years – 5%
2 years to less than 3 years – 5.1%
Chief Reporter-Arvind Pathak, email ascent303@gmail.com 9001021888
