Bank FD Vs PPF, NSC, Interest rates between bank FDs and savings schemes
The monetary policy review meeting of RBI is being held between February 6-8. Today, on Wednesday, February 8, the RBI will announce its decision on the increase in the repo rate. RBI is expected to hike the repo rate by 25 basis points. Some Saving Schemes are run by the government.
The monetary policy review meeting of RBI is being held between February 6-8. Today, on Wednesday, February 8, the RBI will announce its decision on the increase in the repo rate. It is expected that RBI may increase the repo rate by 25 basis points. By increasing the repo rate of RBI, banks can increase the interest on FD. Along with this, the interest on the loan can also increase. Here is a comparison of interest rates between bank FDs and savings schemes.
Bank Fixed Deposit
Bank fixed deposits are time deposits. In this, the depositors keep their money for a fixed period of time, say, 6 months, 1 year, 3 years, or 5 years. The bank pays fixed annual interest on this deposit. HDFC Bank is offering an interest rate of up to 7 percent for the general public and up to 7.5 percent for senior citizens (above 60 years of age). PNB is giving interest up to 7.25 percent for the general public and 7.75 percent for senior citizens
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ICICI Bank is offering up to 7 percent interest to the general public and up to 7.5 percent to senior citizens. Bandhan Bank has increased interest rates on FDs by 25-50 basis points. Revised FD rates are being offered on FDs up to Rs 2 crore.
Small Saving Scheme
These are the savings schemes run by the government. There are three categories of small savings schemes – Saving Deposit, Social Security, Monthly Income Plan, etc. Savings deposits include 1-3 years time deposits and 5 years recurring deposits. These also include savings certificates like National Savings Certificate (NSC) and Kisan Vikas Patra (KVP). Social security schemes include Public Provident Fund (PPF), Sukanya Samriddhi Account, and Senior Citizen Savings Scheme. Monthly Income Plan includes Monthly Income Account.
These are the interest rates:
1-year post office time deposit: 6.5%
2-year post office time deposit: 6.8%
3-year post office time deposit: 6.9 percent
5-year Post Office Time Deposit: 7.0%
National Savings Certificate (NSC): 7.0 percent
Kisan Vikas Patra: 7.2 percent
Sukanya Samriddhi Account: 7.6 per cent
Senior Citizen Savings Scheme: 8.0 percent
Monthly Income Account: 7.1 percent.
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