Bank FD Interest Rate: Bank FD is a great way to invest to enhance your future and keep your future secure. You can earn big money from interest on bank FD. However, for this it is important to know which bank is providing better interest on FD. Banks keep changing the interest rates from time to time according to the rate cycle and liquidity, hence it is important to have correct information about it. This year, public sector, private sector and small finance banks are offering very different interest slabs, let’s take a look at them so that if you are also thinking of getting FD, then it can help you in getting good returns.

State Bank of India

State Bank of India is currently giving 3.05 percent to 6.60 percent annual interest rate to general customers on FD. The bank is giving about 0.50 percent more interest to senior citizens. The highest rate on some specific buckets is around 7.10 percent. On one year fixed deposits, general customers are getting interest at the rate of 6.25 percent and senior citizens are getting interest at the rate of 6.75 percent.

Punjab National Bank (PNB)

Punjab National Bank is offering interest rates ranging from 3.00 percent to 6.60 percent on FD for the common people, in which senior citizens get interest up to 6.90 percent for some time. On one year FD, regular depositors are getting interest at the rate of 6.25 percent and senior citizens are getting interest at the rate of 6.75 percent.

Kotak Mahindra Bank

Kotak Mahindra Bank is giving interest ranging from 2.75 percent to 6.70 percent to general customers on FD. At the same time, the rate for senior citizens is going up to about 7.10 percent. Generally, on one year FD, 6.25 percent interest is being given to regular depositors and 6.75 percent interest to senior citizens.

RBL Bank

The interest rate on FD for general customers in RBL Bank ranges from 3.50-7.80 percent. At the same time, for senior citizens it is going to increase further to 4-8.30 percent.

Bank of Baroda

Bank of Baroda is currently offering FD rates of around 3.50% to 6.60% per annum for general public and 4.00% to 7.10% per annum for senior citizens. The rate on one year standard deposit is 6.25 percent for regular investors and 6.75 percent for senior citizens.

HDFC Bank

The interest rate on FD for regular customers in HDFC Bank ranges between 2.75 percent to 6.60 percent, while senior citizens can earn around 7.10 percent at certain times. For one year maturity, regular depositors are generally getting 6.25 percent interest and senior citizens are getting 6.75 percent interest.

ICICI Bank

In ICICI Bank, interest rates on FD for general customers are between 2.75 percent to 6.60 percent per annum and for senior citizens it is between 3.25 percent to 7.10 percent. The FD rate for regular depositors for tenure less than 1 year to 18 months is 6.25 percent and for senior citizens it is 6.75 percent.

DCB Bank

DCB Bank is giving interest at the rate of 3.75 percent to about 7.20 percent on FD to general customers. At the same time, for senior citizens this rate is around 4.00 percent to 7.70 percent annually. Rates for regular customers are usually around 6.90%-7.00% and for senior citizens, rates are usually around 7.15%-7.50% for a tenure of about one year.

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Auto Sweep Service: Many people like us open our accounts in the bank, but remain unaware of all the facilities provided by the bank to the customers. If we have correct information about them, we can remain profitable. One such facility is Auto Sweep Service.

People keep depositing money in their savings or current accounts, on which they get 2.5-3 percent interest. However, if you use a little wisdom, you will get three times more interest on it. Generally, banks give 7-8 percent interest on fixed deposits (FD), but you can also earn the same interest on the money kept in your savings or current account. For this you will have to do a little work.

What is Auto Sweep Service?

Auto Sweep is a feature through which you can link your bank account with fixed deposit. As soon as this service is enabled in the account, you will get increased interest on the surplus funds. There is a limit to this. As soon as the amount deposited in the savings or current account crosses the sweep limit, auto sweep gets activated, after which interest is higher than the interest applicable on surplus funds, which is equal to FD.

Understand it this way – Suppose you have fixed the auto sweep limit in the bank at Rs 50,000, while the account has Rs 80,000. In such a situation, the amount which is more than the fixed limit i.e. Rs 30,000 will automatically be deposited in the fixed deposit, on which you will get more interest than a normal savings account. If the balance in your account decreases or if needed, you can get the money from FD ‘swept in’ back to your account. In a way, liquidity is maintained and huge interest is also available on the deposited amount.

Benefits of Auto Sweep

That is, if you do not know how and where to invest due to this service, then this is a great way of investment for you. Apart from this, you do not need to go to the bank separately to get FD because this work is completed automatically through auto sweep. Generally, you cannot break the FD until the maturity period is completed, but in this you can withdraw the money by breaking your fixed deposit anytime. You can get this work done both offline and online.

How to start the service?

To start the service offline, you just have to go to the bank and ask to enable the auto sweep service. Apart from this, you can also start it with the help of bank’s website or mobile banking. For this you will have to log in to your bank account and go to the fixed deposit option. Then along with clicking on ‘More’ you will get the option of ‘Auto Sweep Facility’. After this you will have to decide the limit and click on ‘Submit’ button.

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Small Savings Schemes: After reducing the repo rate of the Reserve Bank of India (RBI), banks have also reduced interest on fixed deposits (FD). Apart from FD, many banks are also losing interest rates on savings accounts. However, due to guaranteed returns, the trust of the people on FD still remains. Today we are going to tell you about some such government schemes through this news, in which there is no danger of drowning money and returns are more than FD.

Sukanya Samriddhi Yojana

In the Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana), investors are getting interest at the rate of 8.2 percent. The purpose of this savings scheme of the Government of India is to secure the future of the girls so that there is no obstruction in their education or marriage in the coming time. Under this scheme, their parents or legal guardians can open the account in the name of girls under 10 years of age.

In this, from Rs 250 to Rs 1.5 lakh can be deposited annually. This account can be opened by going to banks or post offices. The maturity period in the scheme is about the girl’s 21 years or 18 years of marriage. Under Section 80C of the Income Tax Act, 1961, it gets tax exemption up to Rs 1.5 lakh.

Farmer development letter

Kisan Vikas Patra is also a savings scheme of the Government of India, on which 7.5 percent interest is currently getting. Its most special thing is that the amount invested in it doubles in 115 months i.e. 9 years and 7 months. It is also a safe option of investment, which provides guaranteed returns.

In this scheme, minimum can start investing from Rs 1000 and there is no upper limit. In this also, under Section 80C of the Income Tax Act, 1961, it gets tax exemption up to Rs 1.5 lakh. You can get more information about this by visiting the Indian post website and or any bank website.

National saving certificate

The National Saving Certificate (NSC) gets interest at a rate of 7.7 percent annually. It is a maturity period year. In this too, minimum can start saving from Rs 1000 and there is no limit for maximum investment. NSC will have to pay income tax at interest rate.

Senior Citizen Savings Scheme (SCSS)

The aim of this scheme of the government is to give financial stability to the people after retirement. In this, the rate of 8.2 percent on the investment of retirement funds gets a big interest. People above 60 years can invest in the scheme. The minimum deposit limit is Rs 1000 and the maximum deposit limit is Rs 30,00,000. In this also, tax benefit is available up to Rs 1.5 lakh.

Post Office Monthly Income Scheme

Investors get interest at the rate of 7.4 percent on the money invested in Post Office Monthly Income Scheme. In this too, the maturity period is 5 years. You can start investing in this scheme with Rs 1,000. If you want, you can also invest in multiple rupees multiple rupees in it. The limit of maximum deposit for single account is Rs 9 lakh, the limit of maximum deposits for joint account is Rs 15 lakh.

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