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Tag: interest

  • Small Saving Scheme Interest Rate: Interest rate for October to December has been released, is there any change this time?

    Post Office’s Small Saving Scheme is also popular for investment . While this scheme offers high interest rates, it is also a scheme that gives guaranteed returns. The government updates the interest rates of this scheme every quarter.

    Recently, the government has updated the interest rates for the third quarter of the current financial year i.e. October to December. If you are also thinking of investing in a small savings scheme, then you should check its latest rates once.

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    What will be the interest rate this quarter

    The government has not made any change in the interest rates for the third quarter. This means that the investor will continue to get the same interest for the next three months as well.

    Schemes included in Small Savings Scheme

    Many investors are confused about which schemes are included in the small savings scheme. Let us tell you that this scheme includes Public Provident Fund ( PPF ), Senior Citizen Saving Scheme, Sukanya Samriddhi Yojana (SSY), National Saving Certificate (NSC), Post Office Time Deposit Scheme (PODT), Mahila Samman Saving Certificate and Post Office Monthly Income Scheme (POMIS).

    According to the table shown above, the highest interest is offered by Sukanya Samriddhi Yojana and Senior Citizens Savings Scheme. These schemes offer a high interest rate of 8.2%. On the other hand, PPF offers an interest rate of 7.1%.

    When was the last time the interest rate changed

    The government had increased the interest rates of small savings schemes on 31 December 2023. After this, the government has changed only the interest rates of RD and the interest rates of all other small savings schemes remained the same. There has been no change in the interest rates of Public Provident Fund for the last four years. The interest rate of PPF has remained at 7.1 percent since the April-June 2020 quarter.

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  • GPF Interest Rate: Govt has fixed the rates of GPF, this much interest will be given in October-December

    prnsion

    GPF Interest Rate Update: There is big news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From October 1, 2024 to December 31, 2024, interest rates on GPF and other similar funds.

    There is big news for government employees. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From October 1, 2024 to December 31, 2024, GPF and other similar funds will get interest at the rate of 7.1 percent. For the October-December 2024 quarter, the government has not changed the interest rates on GPF and similar linked funds.

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    Government fixed GPF rates for October-December 2024

    This has been announced according to the Department of Economic Affairs (DEA) of the Ministry of Finance on 3 October 2024. General Provident Fund deposits and similar funds will get interest at the rate of 7.1 percent in the October to December quarter. The government has not made any change in the interest rates.

    Interest on GPF is same as that on PPF

    GPF is getting the same interest rate as PPF. GPF rates are same as Public Provident Fund (PPF) rates. All the funds mentioned below will also get interest at the rate of 7.1 percent.

    These are also other provident funds like GPF

    1. General Provident Fund (Central Services).

    2. Contributory Provident Fund (India).

    3. All India Service Provident Fund

    4. State Railway Provident Fund

    5. General Provident Fund (Defence Service)

    6. Indian Ordnance Department Provident Fund

    7. Indian Ordnance Department Factories Provident Fund

    8. Indian Naval Dockyard Workers (Provident Fund).

    9. Defence Services Officers Provident Fund.

    10. Armed Forces Personnel Provident Fund.

    What is General Provident Fund (GPF)?

    General Provident Fund is a type of Provident Fund which is given only to the Central Government employees of India. Everyone in the government can deposit a part of their salary in the General Provident Fund. When the employee retires, he gets the money and interest accumulated during his period. The Finance Ministry reviews the GPF interest rate every quarter.

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  • Post Office’s Dhansu scheme: You will get great interest on Rs 2 lakh in 5 years

    Post Office Time Deposit Scheme is a safe and profitable investment option, in which investment can be made for a period of 1, 2, 3 or 5 years.

    Interest rates range from 6.9% to 7.5%, which is higher than other banks. Tax benefits are also available in this scheme. This scheme is available for all age groups…

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    National Desk: If you are looking for better returns along with keeping your money safe, then the Post Office Time Deposit Scheme can be a great option for you. This scheme is not only safe, but the interest received in it is also attractive, which makes it special compared to other investment options.

    What is Post Office Time Deposit Scheme?

    Post Office Time Deposit Scheme is a savings scheme, which is run by the Indian Postal Department. This scheme is for those who want to keep their money safe and want better returns in a fixed time period. There is no age limit for investment in this scheme, that is, anyone from children to the elderly can take advantage of this scheme.

    Scheme Features

    1. Investment period: In this scheme, you can invest for a period of 1, 2, 3 or 5 years. This flexibility helps you choose the right option according to your financial plans.

    2. Interest Rate: The interest rate in this scheme is fixed according to different tenures:

    – 1 year tenure: 6.9% interest

    – 2 to 3 years tenure: 7% interest

    – For 5 years: 7.5% interest

    These rates are better than other bank’s fixed deposit schemes, making this scheme more profitable.

    3. Security: This scheme comes under government security, so your money is completely safe.

    4. Tax Benefit: By investing in this scheme, you can also get the benefit of tax exemption under income tax, which further increases your total savings.

    How to invest?

    Investing in this scheme is very easy. All you have to do is go to your nearest post office and fill an application form. Along with the application form, you also have to submit documents of your identity and proof of address. The minimum investment amount is Rs 1,000, and you can deposit the amount as per your convenience. You can also invest multiple times in this scheme.

    Interest calculation and returns

    Now let’s see what benefits you can get by investing in this scheme. Suppose you invest Rs 5 lakh for 5 years. In this case, you will get around Rs 7,24,974 after maturity. Out of this, Rs 2,24,974 will be in the form of interest only. Similarly, if you invest Rs 2 lakh, you will get around Rs 2,89,990 on maturity. The interest you earn on this will be around Rs 89,990.

    Long-term benefits

    If you are thinking of investing your money for a long period, then this scheme may be better for you. In a period of 5 years, you will not only get good interest, but your investment will also be safe. This will give you financial stability and you will be prepared for unexpected expenses in the future. If you are looking for better returns along with keeping your money safe, then the Post Office Time Deposit Scheme is an excellent option for you. Investing in this scheme will not only give you higher interest rates but it will also help in your long term savings.

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  • Bank has extended the investment deadline in Special FD, you can invest till 31 October, check interest rate

    Fixed Deposit Scheme

    Punjab & Sind Bank Fixed Deposit Rate: Punjab & Sind Bank has extended the time limit for investing in special FDs. The investment period in this special FD named Dhanlaxmi of Punjab and Sind Bank is 444 days.

    In this FD, general citizens get 7.4% and senior citizens get 7.9% and super senior citizens get 8.05% interest. Apart from this, Punjab & Sind Bank also has special FDs of 222 days and 333 days. The time for investing in these FDs was till 30 September but now it has been extended to 31 October 2024. Along with this, the bank has also revised the interest rates on its general FDs. These new rates have come into effect from October 1.

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    Special FD of Punjab and Sindh Bank

    Punjab and Sind Bank is offering special FDs of 222 days, 333 days and 444 days to its customers. These special FDs are offering a maximum interest of 8.05 percent. According to the bank’s website, the bank is offering 7.05 percent interest on 222 days FD, 7.10 percent on 333 days FD and 7.25 percent on 444 days FD. The bank is offering 8.05 percent interest to super senior citizens on 444 days FD. The bank gives an extra interest of 0.50 percent to senior citizens. Super senior citizens get an additional interest of 0.15 percent in addition to 0.50 percent.

    Revised interest rate effective from 01/10/2024 (% p.a.)
    Maturity Period Up to Rs 3 crore
    7 – 14 days 2.80(#)
    15 – 30 days 2.80
    31 – 45 days 3.00
    46 – 90 days 4.25
    91 – 120 days 4.25
    121-150 days 4.75
    151 – 179 days 4.75
    180 – 221 days 5.25
    222 days 6.30
    223 – 269 days 5.25
    270 – 332 days 5.50
    333 days 7.15
    334 – <1 year 5.50
    1 year 6.30
    > 1 year – 443 days 6.00
    444 days 7.25
    445 days – 665 days 6.00
    666 days 7.30
    667 days – 2 years 6.00
    Above 2 years < 998 days 6.30
    999 days 6.65
    1000 days < 3 years 6.30
    3 Years – 5 Years 6.00
    >5 Years – 10 Years 6.25

     

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    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • FD Rate: These 5 banks are giving the highest interest on FD, you will enjoy seeing the returns

    Bank FD

    National Desk: Fixed deposits (FDs) can prove to be a good option for investors, especially when small finance banks are offering attractive interest rates on 3-year FDs. If you are planning to get an FD, the following small finance banks interest rates can help you get higher returns:

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    1. North East Small Finance Bank : This bank offers 9% interest rate on FDs maturing in 3 years. This is an excellent option if you want to invest your money at a high interest rate.
    2. Suryoday Small Finance Bank : This bank is offering an interest rate of 8.60% on FDs maturing in 3 years, which presents an attractive return option for investors.
    3. Utkarsh Small Finance Bank : Utkarsh Small Finance Bank is offering 8.50% interest rate on 3 year FD, which is included in the good interest rates.
    4. Jan Small Finance Bank : This bank is offering an interest rate of 8.25% on FDs maturing in 3 years, which is comparatively more competitive.
    5. Unity Small Finance Bank : This bank offers an interest rate of 8.15% on 3-year FD, which provides satisfactory returns to the investors.

     Here are the interest rates offered by them:

    1. North East Small Finance Bank : 9% interest rate
    2. Suryoday Small Finance Bank : 8.60% interest rate
    3. Utkarsh Small Finance Bank : 8.50% interest rate
    4. Jana Small Finance Bank : 8.25% interest rate
    5. Unity Small Finance Bank : 8.15% interest rate


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    Jyoti

    Jyoti , has 2 years of experience in writing Finance Content, Entertainment news, Cricket and more. She has done BA in English. She loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com

  • Post Office great plan: You will get interest worth lakhs in this scheme of post office, let us tell you how to apply

    Post Office

    Post Office Time Deposit Scheme: In the Post Office Time Deposit Scheme, people earn lakhs of rupees just from the interest. Let us tell you what is its complete calculation.

    Many people plan to invest for the future. In these, people invest in different schemes. In which they can get good returns. Many people invest in stocks. Many people invest in mutual funds. Some invest in property. And some people invest in savings schemes.

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    The Government of India also runs many good savings schemes for the people. One of these is the post office scheme. In which very good returns are available. In the post office time deposit scheme, people earn lakhs of rupees just from the interest. Currently, up to 7.5 percent interest is being given in this.

    In this scheme, you can invest for 1 year, 2 years, 3 years and 5 years. For 1 year, you will get 6.9 percent interest, for 2 and 3 years, 7 percent, while for 5 years, you get 7.5 percent interest. If you invest 5 lakhs for 5 years, then after 5 years you will get an interest of 2,24,974 at an interest rate of 7.5 percent. That means the total amount will be 7,24,974 rupees.

    To apply for the scheme, you will have to go to the post office with the required documents. You can fill the form for the scheme there and submit it along with the required documents.

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  • Post Office’s great scheme… you can earn 2 lakh rupees from interest only

    Post Office's great scheme... you can earn 2 lakh rupees from interest only
    Post Office’s great scheme… you can earn 2 lakh rupees from interest only

    Post Office Time Deposit Scheme is a very attractive investment option, which allows investors to invest money in a safe manner. The special attraction of this scheme is that if you invest for 5 years, you get a great interest of 7.5% from the government.

    This scheme is suitable for investors of different age groups, be it children, youth or elderly. Its specialty is that the money invested in it remains safe and you expect good returns.

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    When you invest in this scheme, not only do you keep your money safe, but you can also get better returns through it. Another big benefit of this scheme is that you also get the benefit of tax exemption, which increases your total savings even more.

    Attractive interest rates

    Investments under this scheme can be made for different time periods:

    • For 1 year : 6.9% interest
    • For 2 and 3 years : 7% interest
    • For 5 years : 7.5% interest

    Earnings Estimation

    If an investor has invested Rs 5 lakh in the Post Office Time Deposit Scheme, it is an attractive financial decision as this scheme is offering an interest rate of 7.5% for a period of 5 years. Let us analyse this investment in detail.

    When an investor invests Rs 5 lakh, we need to calculate the interest to understand how much interest he will receive at the end of 5 years. An annual interest rate of 7.5% means that every year 7.5% interest is added to his investment amount. At this rate, Rs 5 lakh will earn 7.5% interest in the first year, which is equal to Rs 37,500. Similarly, Rs 5 lakh will earn 7.5% interest in the second year, increasing the total interest amount.

    Get great returns on an investment of Rs 5 lakh

    Overall, after 5 years, the investor will receive an interest of Rs 2,24,974. This amount indicates that the investor has received great returns on his investment of Rs 5 lakh. When we add this interest to the principal, the total amount becomes Rs 7,24,974. This means that the investor has not only kept his principal safe but has also earned an additional amount of more than Rs 2 lakh in the form of interest. This scheme not only provides financial security, but it also ensures an excellent return for the investors, allowing them to achieve their financial goals easily.

    Tax exemption benefits:

    Investors get many benefits while investing in the Post Office Time Deposit Scheme, one of the important benefits is tax exemption under Section 80C of the Income Tax Act 1961. This means that if you invest in this scheme, an amount can be deducted from your total income, which will not be taxed. Under this scheme, you can open a single or joint account, making this option available to a variety of investors. Apart from this, this facility is also available for children above 10 years of age, so parents can inculcate the habit of financial security and savings in their children by opening an account in their name.

    Thus, the Post Office Time Deposit Scheme not only offers good returns on investment but also provides an opportunity for tax savings, making it even more attractive. This scheme is an ideal option for those who are looking for safe and profitable investments.

    Investment Process

    • Minimum investment: Rs 1,000
    • Maximum Investment: No limit, the more you invest, the higher the interest earning.

    Post Office Time Deposit Scheme is a safe and attractive investment option, which offers both good returns and tax benefits. If you want to grow your savings, this scheme can be a great option.

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  • In first reduction since 2020, US Fed cuts interest rates by 50 bps 

    The US Federal Reserve, popularly known as the Fed, has reduced its key lending rate by half a percentage point, marking the first cut since the Covid-19 pandemic in 2020, just weeks ahead of November’s presidential election. 

    The decision, made by a vote of 11-to-1, lowers the benchmark lending rate to a range of 4.75 to 5.00 percent, as announced in a statement from the Fed.
    US Fed Chair Powell answers reporters’ questions at FOMC press conference. Photo courtesy: X/@federalreserve

    The decision, made by a vote of 11-to-1, lowers the benchmark lending rate to a range of 4.75 to 5.00 percent, as announced in a statement from the Fed.

    Additionally, the Fed signaled plans for another half-point reduction before the year’s end, with a further one percentage point decrease expected in 2025.

    This move is likely to reduce borrowing costs for consumers and businesses, impacting interest rates on mortgages, credit cards, and other loans just as the election approaches, according to reports.

    The Fed stated that its rate-setting committee “has gained greater confidence that inflation is moving sustainably toward 2 percent” and believes that the risks to achieving both employment and inflation targets are balanced.

    Stating that the US economy is in good shape, Fed Chair Jerome Powell said, “It’s growing at a solid pace, inflation is coming down, and the labour market is in a strong place. We want to keep it there.”

    With its dual mandate from Congress, the central bank is tasked with managing inflation and employment. 

    In updated economic projections, the Fed anticipates an average unemployment rate of 4.4 percent in the fourth quarter of this year, up from the 4.0 percent projected in June. 

    The annual inflation rate is now forecast to be 2.3 percent, slightly below previous estimates.

    However, the rate cut will lower borrowing costs by reducing the interest rates at which commercial banks lend to businesses and consumers, making home loans, auto loans, and other types of credit more affordable.

  • Fed kicks off Interest Rate cut with 50-basis-points, Harris and Trump react

    Jerome Powell

    U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, on June 15, 2022. (Xinhua/Liu Jie/IANS)IANS

    The U.S. Federal Reserve initiated a series of anticipated interest rate cuts on Wednesday with an unexpectedly large 50-basis-point reduction. This move aims to underscore the Fed’s commitment to maintaining low unemployment amid easing inflation, according to Federal Reserve Chair Jerome Powell.

    “We made a strong start, and I am very pleased with our decision,” Powell stated at a press conference. The Fed reduced its benchmark policy rate to a range of 4.75%-5.00%, citing increased confidence that the period of high inflation is over. Powell described the decision as clear from both economic and risk management perspectives.

    Diane Swonk, Chief Economist at KPMG, suggested that a “soft landing” for the economy is achievable, which could cement Powell’s legacy as Fed Chairman.

    In addition to the immediate rate cut, Fed officials projected further reductions: another 50 basis points by year-end, a full percentage point next year, and an additional 50 basis points by 2026. However, they noted that long-term forecasts carry inherent uncertainty.

    Despite the timing of the decision, just seven weeks before the U.S. presidential election, reactions from presidential candidates were subdued. Democratic nominee Vice President Kamala Harris welcomed the rate cut as “good news” for Americans, while Republican nominee Donald Trump, who appointed Powell, suggested the significant cut might indicate economic trouble.

    “To cut it by that much, assuming they’re not just playing politics, the economy would be very bad,” Trump told reporters. Powell, however, maintained that the economy remains robust, with job market indicators and the current 4.2% unemployment rate not signaling distress. He emphasized the need to support the labor market proactively to avoid potential weaknesses.

    US Federal Bank

    US Federal ReserveReuters

    The Fed had maintained its policy rate in the 5.25%-5.50% range since July 2022, ending an 18-month period of rate hikes designed to combat a 40-year high inflation surge. While Powell refrained from declaring victory over inflation, he noted that it is approaching the Fed’s 2% target, and labor conditions align with the goal of maximum employment.

    Following the Fed’s announcement, U.S. stocks initially rose but ended the day lower. The U.S. dollar strengthened slightly against other currencies, and U.S. Treasury yields increased. Rate futures traders adjusted their expectations, now anticipating a policy rate in the 4.00%-4.25% range by year-end.

    “The Fed ended the pause with a bang,” said Brian Jacobsen, Chief Economist at Annex Wealth Management. “The strong signal of a 50-basis-point cut and the expectation of another 50 basis points this year was controversial.”

    Current inflation, based on the Fed’s preferred measure, is about half a percentage point above the 2% target. The Fed’s new economic projections estimate the annual increase in the personal consumption expenditures price index will fall to 2.3% by year-end and 2.1% by the end of 2025.

    The unemployment rate is expected to end this year at 4.4% and remain steady through 2025, while economic growth is projected at 2.1% through 2024 and 2% in 2025.

  • Fixed Deposit: Here is the opportunity to get FD at annual interest up to 9.45% , see details here

    Best Fixed Deposit Rate

    Fixed deposit or FD is a safe and traditional means of investment. It guarantees fixed returns and there is no risk. If you are looking for a high-interest FD scheme, then at this time some NBFC companies are giving an opportunity to invest in FD at an excellent interest rate.

    In this, if you want, you can get an annual interest of up to 9.45 percent. Both a normal customer and senior citizen can invest at very attractive rates. Let us know here which are those companies that are offering high interest.

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    Up to 9.42 percent interest is being offered here

    This private sector NBFC is also offering up to 9.42 percent interest on FDs of 1500 days. Similarly, it is offering up to 9.15 percent interest on FDs of 700 days to less than 2 years. Similarly, it is offering interest ranging from 8.25 percent to 9.15 percent on FDs for a period of more than three years and less than four years. Apart from this, according to the official website, interest ranging from 8.50 percent to 9.42 percent is being offered on FDs of 730 days to 1095 days. You can get up to 8.88 percent interest on FDs of 365 days to 699 days.

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    Here you are getting up to 8.75 percent return

    Ujjivan Small Finance Bank is also offering great returns on FDs. According to the official website, this bank is offering interest up to 8.75 percent. In this, you will get 8.25 percent interest on 12 months FD. Senior citizens are being offered 8.75 percent interest for the same period. If you make an FD for 12 months 1 day to 560 days (80 weeks), the bank will offer you 8.0 percent interest.

    Here you are getting up to 9.45% interest

    NBFC company Shriram Finance is currently offering a great interest rate on FDs. The company’s initial offer starts at 7.96 percent interest which is available on 12-month FDs. The company is offering 8.91 percent interest to general customers and 9.45 percent interest to senior citizens on its latest scheme 50-month Jubilee Deposit. Even if you make an FD for 60 months, you will be offered the same interest rate. Apart from this, the company is also offering great interest rates on FDs of 42, 36, 30 and 24 months.

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