Category Archive : Financial Planning

Recurring Deposit Interest Rates

Recurring Deposit (RD) Interest Rates of Major Banks October 2019

RD Interest Rates of Top Banks (October 2019)

Introduction

In this article you will find the Recurring Deposit (RD) Interest Rates of major banks in India. These interest rates are as on last updated by the respective websites.

Recurring Deposit

What is Recurring Deposit (RD)?

  • A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment. 
  • Due to the regular deposit factor and an interest component, it often provides flexibility and ease of investments to users/individuals.
  • However, it is essential to know that RDs are different from Fixed Deposits/FDs . RDs are flexible in most aspects. An RD account holder can choose to invest a fixed amount each month while earning decent interest on the amount. RDs are an ideal saving-cum-investment instrument.
  • Most major banks in India offer Recurring Deposit Accounts, with a term that often ranges between 6 months  to 10 years, also providing individuals with the opportunity to choose a term according to their needs. However, the interest rate, once determined, does not change during the tenure.
  • On maturity, the individual will be paid a lumpsum amount which includes the regular investments as well as the interest earned.

Below are the Recurring Deposit (RD) Interest Rates offered by major banks for various durations :

Recurring Deposit (RD) Interest Rates for tenure up to 2 years

 Recurring Deposit Interest Rates of Major Banks for Tenure up to 2 years October 2019
Source : Bank website
Recurring Deposit Interest Rates of Major Banks for Tenure up to 2 years October 2019
Source : Bank website
 Recurring Deposit Interest Rates of Major Banks for Tenure up to 2 years October 2019
Source : Bank website
Recurring Deposit Interest Rates of Major Banks for Tenure up to 2 years October 2019
Source : Bank website

Recurring Deposit (RD) Interest Rates for tenure from 2 years up to 10 years

 Recurring Deposit Interest Rates of Major Banks for Tenure above 2 years up to 10 years October 2019
Source : Bank Website
Recurring Deposit Interest Rates of Major Banks for Tenure above 2 years up to 10 years October 2019
Source : Bank Website
 Recurring Deposit Interest Rates of Major Banks for Tenure above 2 years up to 10 years October 2019
Source : Bank Website
Recurring Deposit Interest Rates of Major Banks for Tenure above 2 years up to 10 years October 2019
Source : Bank Website

Notes :

  1. Citibank provides RD’s with minimum tenure of 1 year and maximum tenure of 2 years.
  2. All the banks mentioned above offer 0.50% extra interest rates for senior citizens.
  3. Only Bandhan Bank offers 0.75% extra interest rates for senior citizens. And Axis Bank provides variable higher interest rates for senior citizens.

Summary

  • IndusInd Bank provides the highest interest rates 7.50% on RD’s for 1 year tenure (12 months).
  • Yes Bank  provides the highest interest of 7.75% for the tenure of 24 months.
  • Bandhan Bank, HDFC Bank, Kotak Mahindra Bank, IndusInd Bank, Yes Bank, DBS Bank and IDFC Bank provide high and competitive interest rates on RDs.
Savings Account interest rates of major banks

Interest Rates of Savings Account of Major Banks October 2019

Latest Interest Rates of Savings Account October 2019

Introduction

In this article you will find the Interest Rates of Savings Account provided by major banks in India. These interest rates are as on last updated by the banks respective websites.

Interest Rates of Savings Account of Major Banks October 2019

Digi bank by DBS (DBS Bank) offers the highest interest rate on savings account. The interest rates are as follows :-

 DBS Bank Savings Account Interest Rates October 2019
Source: www.dbs.com
DBS Bank Savings Account Interest Rates October 2019
Source: www.dbs.com

(Balances up to 1 lakh will get 5.5% interest rates. Any balances over and above 1 lakh & up to 2 lakhs will get 7% on the incremental amount, 2 lakhs & up to 5 lakhs will get 5% on the incremental amount & 4% on the remaining balances.)

The list of banks below offer the following interest rate :-

Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website
Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website
 Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website
Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website
eBook by Invest Yadnya
eBook by Invest Yadnya

Some banks offer the following interest rates on their savings account :-

Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website
Savings Account Interest Rates of Major Banks October 2019
Source: Bank Website

Summary:-

  • We can see that most of the major banks in India offer almost same interest rates. The most basic interest rates offered by the maximum bank ranges around 4%.
  • DBS Bank is the one that provides the highest interest rates on the balance in your savings account. But, DBS has very limited reach. They are only based in metropolitan cities and some other few cities. It is only beneficial to choose DBS Bank if you have a branch near you. Otherwise, opting for another bank would be better as getting services and other advantages from DBS Bank will be an issue.
  • After DBS Bank, RBL Bank (formerly  known as The Ratnakar Bank limited) and Yes bank offer higher interest rates on your balance in savings account.
  • Kotak Mahindra Bank as well as Bandhan Bank also provide high and competitive interest rates on their savings account. In comparison with top banks in India, Kotak Mahindra Bank has the widest reach across India. Their branches and ATM’s are spread all over India. It has quite high reachability.
Interest Rates on Home Loan of Major Banks

Interest Rates on Home Loan of Major Banks (Oct 2019)

Home Loan Interest Rates October 2019

Introduction

In this article you will find the Interest Rates on Home Loan of Major Banks in India. These interest rates are as on last updated by the respective websites.

Interest Rates on Home Loans of Major Banks

You can choose the bank which provides lowest interest rates and also which you think has good reputation, great service and easy accessibility.

Given below are the interest rates for home loans offered by major banks for October 2019 :

 Interest Rates on Home Loan of Major Banks (October 2019)
Source : Bank Websites
Interest Rates on Home Loan of Major Banks (October 2019)
Source : Bank Websites
eBook By Invest Yadnya
   Interest Rates on Home Loan of Major Banks (October 2019)
Source : Bank Websites
Interest Rates on Home Loan of Major Banks (October 2019)
Source : Bank Websites

Note:-

  • The above details are as specified by the banks on their website.
  • Some banks have only mentioned a range of the interest rate offered by them. For a more detailed specification will have to contact the bank.
  • The above way of presentation of interest rates is not common to all the banks. It has been standardized for a neat presentation of interest rates. Some banks may have presented the information differently.

Summary –

  • State Bank of India has lowered its interest rates for home loans up to Rs.30 lakh.
  • Punjab National Bank, Canara Bank , Oriental Bank of Commerce and Indian Overseas Bank also offer comparatively lower interest rates on home loans provided by them.
  • The above list of interest rates on home loans of major banks can help you decide which bank to choose. You can choose the bank which provides lowest interest rates and also which you think has good reputation, great service and easy accessibility.
FD Interest Rates of Major Banks

Latest Fixed Deposit Interest Rates of Major Banks October 2019

FD Interest Rates of Major Banks (October 2019)

Introduction

In this article you will find the Fixed Deposit interest rates provided by major banks in India. These fixed deposit interest rates are as on last updated by the banks o their respective websites.

Fixed Deposit Interest Rates of Major Banks October 2019

  • Fixed Deposits (FD’s) enable investors to earn higher interest on their extra funds. Interest rate on fixed deposits is guaranteed for the duration of the deposit.
  • Interest rates on FD’s are fixed when you open the deposit and the rate depends on the tenure that you wish to hold it for. The rate of interest may vary as per amount, period and from bank to bank.

Below you can find the interest rates on fixed deposits for various tenures provided by major banks in India :-

FD Rates for tenure less than 1 year :

FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019
FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019
Source : Bank Website
FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019 
 Source : Bank Website
FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019
Source : Bank Website
 FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019 
 Source : Bank Website
FD Interest Rates of Major Banks for Tenure Less than 1 year October 2019
Source : Bank Website
eBook by Invest Yadnya
eBook by Invest Yadnya

FD Rates for tenure from 1 year up to 10 years :

FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
 Source : Bank Website
FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
Source : Bank Website
 FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
 Source : Bank Website
FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
Source : Bank Website
FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
 Source : Bank Website
FD Interest Rates of Major Banks for Tenure from 1 year up to 10 years October 2019
Source : Bank Website

Summary

  1. For tenure less than 1 year, Yes bank (Maximum= 7.15%) offers highest interest rate. IndusInd Bank and RBL Bank also offers higher and competitive interest rates (7%).
  2. For tenure from 1 year up to 10 years IDFC bank (maximum= 8%), IndusInd bank, RBL bank, Bandhan bank and DBS bank are among the highest interest rates offering banks.

 Note:-

  • Senior citizens attract an additional 0.50% on their FD interest rates. All most all the bank provide additional 0.50%.
  • A few banks such as RBL bank and IDBI bank provide FD’s with a tenure of 20 years.
  • The above tenures are not common to all the banks. Some banks may have different tenures and may be presented in a different manner. Some may also have some extra tenures.
  • The above interest rates are for deposits less than Rs. 1 crore and in some cases less than Rs. 5 crores. (as specified by the bank on their website)
Dussehra Brings 4 Money Lessons to You

Dussehra Brings 4 Money Lessons to You

Get Rid of the Financial Evils Eroding Your Wealth This Dussehra

Introduction

Dussehra brings the 4 money lessons to you. Dussehra marks the victory of good over evil. It is the time to let go our poor money habits and inculcate prudent financial behaviour. Get rid of the financial evils eroding your wealth this Dussehra.

Dussehra Brings 4 Money Lessons to You

The festival of Dussehra symbolizes the victory of good over evil. The mythological stories of Lord Ram killing evil Ravana and Goddess Durga’s victory over Mahishasura teach us to curb our greed and throw away the bad intentions. We can also draw some financial planning lessons from the auspicious occasion of ‘Dussehra’.

Here are the 4 important money lessons Dussehra brings to you.

Dussehra Brings 4 Money Lessons to You
Dussehra Brings 4 Money Lessons to You

1. It is a time for new beginnings

  • Dussehra or Vijayadashami is one of the auspicious occasions to start new ventures and projects. Decisions regarding personal finance cannot be taken impulsively and need to be given some thought.
  • Dussehra is a great occasion to start thinking about financial planning. In order to start the process of setting our financial lives in order, you can start by creating and outlining a proper financial plan that suits you the best.
  • If you wish to achieve your financial goals, you can always invest in a mutual fund scheme that is aligned with your financial goals and matches your risk appetite.

2. Get rid of the financial evils eroding your wealth

  • During Dussehra festivities, Ravana’s effigy is burnt which symbolizes victory of good over evil. In the similar way, we can start getting rid of bad financial decisions which act as the financial evils eroding our wealth.
  • Wasteful spending, delaying your investments, being greedy about risky investments for higher returns, impatience in volatile market scenarios are examples of financial evils within us.
  • Irresponsible use of credit cards, overshooting our budgets, buying expensive insurance cum investment policies, personal loans to fund our ‘wants’ can be gradually brought under control. It’s important to accept the bad decision and try to work on it at the earliest.
Personal Financial Planning Knowledge Bank by Invest Yadnya
Personal Financial Planning Knowledge Bank by Invest Yadnya

3. Follow financial self-discipline

  • Lord Rama is considered as ‘Maryadapurushottam’ – a man who was upright and responsible in life. One needs to understand the importance of financial discipline in a manner so that its application leads to the well being of family members.
  • Like Lord Rama practiced frugality, we must learn to be on top of our personal budgets. One should have adequate insurance cover and plan for financial goals like retirement, children’s education etc.
  • Dussehra comes after 9 days (Navratri) of fasting and self restraint, an ability to train the mind to not give in to temptations. Similarly, we can achieve Financial freedom only by financial discipline and patience. Making small sacrifices is a trade-off for our future’s security. Planning for financial security is imperative and discipline is the only belief to achieve it.

4. Protect your finances

  • The festival of Dussehra symbolizes the faith in defeating all forms of evil to protect humanity on Earth. By protecting or securing your finances, the message is to create a financially sound future and shun all evils that affect your financial wellbeing.
  • You can protect your hard-earned money from going waste by putting it to good use; in the form of investments or insurance plans. The ill effects of not having or inadequate amount of life and health insurance can take us back by few years in terms of our financial lives. So if you are not adequately insured, Dussehra is a great time to reflect and start working towards it.
  • Also, maintaining a contingency fund that helps battle your emergency needs can also prevent you from using up your savings or taking loans.

Dussehra is a joyous occasion and it is a time you also take charge of your finances while enjoying the festivities. Let there be a Shub Araambh this Dussehra for healthy and prosperous financial health through the means of financial planning.


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