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  • Tax Saving FDs: These banks are offering 7% interest on 5-year term deposits

    It is not right to wait till the end of the financial year for tax planning. Financial planners advise that you should start planning for it as soon as the new financial year begins.

    Your options include Public Provident Fund (PPF), National Pension System (NPS), Sukanya Samriddhi Yojana (SSY), Monthly SIP in Equity Linked Scheme (ELSS), Employees Provident Fund (EPF), Tax Saving Fixed Deposits (FDs) and payment through life insurance premium.

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    Investors with low risk appetite and investors in lower tax brackets can try tax saving FDs. However, you need to remember that your money will be locked for five years. You can compare term deposit rates of different banks to find the best option. This is calculated on the basis of quarterly compounded interest rate. BankBazaar.com has collected data related to this. This data is of 26 June 2014.

    Also Read: Budget 2024: Will senior citizens get 50% discount on train tickets again? know details here

    Axis Bank, HDFC Bank and ICICI Bank are offering 7 percent interest on tax-saving FDs. If you have invested Rs 1.5 lakh in a tax-saving FD for 5 years at this rate, it will grow to Rs 2.12 lakh in the respective period. Similarly, Canara Bank is offering 6.70 percent interest on tax saving FDs. If you can invest Rs 1.5 lakh for 5 years at this rate, the tax-saving FD will grow to Rs 2.09 lakh.

    Bank of Baroda, Punjab National Bank, State Bank of India and Union Bank of India are offering 6.5 percent interest rate on tax saving FD. At this rate, if Rs 1.5 lakh is invested in tax saving FD for five years, it will grow to Rs 2.07 lakh. Indian Bank’s rate on tax saving FD is 6.25 percent. According to this, if Rs 1.5 lakh is invested in 5 years, this FD will grow to Rs 2.05 lakh.

    The tax FD rate of Bank of India is 6%, that is, if you deposit Rs 1.5 lakh in it, you will get Rs 2.02 lakh in 5 years. Reserve Bank (RBI) subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC) also gives fixed returns on FD of Rs 5 lakh.

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  • Understanding Fixed Deposit Interest Calculation with the Calculator

    Fixed Deposit Interest Calculator

    In the monetary realm, Fixed Deposit (FD) ranks amongst the hottest and dependable funding avenues. Not solely does it assure returns, however it additionally shields one’s financial savings from market volatilities. To maximize the advantages of a set deposit account, it is necessary to grasp how the curiosity in your funding is calculated and communicated. This feasibility will be successfully ensured with a Fixed Deposit Interest Calculator.

    A Fixed Deposit Interest Calculator is a web-based instrument that allows you to compute the curiosity and maturity quantity of your fastened deposit. This, in flip, allows you to make knowledgeable selections about your investments.

    Understanding The Fixed Deposit Interest Rate Calculation

    Before continuing with utilizing the Fixed Deposit Interest Calculator, it is beneficial to understand the calculation means of a set deposit rate of interest.

    The method for calculating the fastened deposit rate of interest is:

    A = P (1+ r/n)^nt

    Where:

    •  A represents the amount of cash that the funding will develop to after the specified time interval.

    •  P stands for the principal quantity which is the preliminary sum of cash that you just make investments.

    •  r represents the annual rate of interest in decimal kind.

    •  n denotes the variety of instances that curiosity is compounded per time interval.

    •  t signifies the time the cash is invested for in years.

    Key Features Of A Fixed Deposit Interest Calculator

    An environment friendly Fixed Deposit Interest Calculator helps you expect the returns in your FD investments. Some of its key options embody:

    •  It permits straightforward computation of maturity quantity and curiosity earnings.

    •  It considers a number of elements akin to deposit quantity, tenure and rates of interest.

    •  The calculator offers complete outcomes, together with weekly, month-to-month, quarterly, half-yearly and yearly compound curiosity.

    Utilizing The Fixed Deposit Interest Calculator

    Using the Fixed Deposit Interest Calculator is kind of easy. Most calculators would require you to enter your fastened deposit quantity (in INR), tenure (in months or years), and the rate of interest (in % every year).

    Let’s illustrate it utilizing an instance:

    Suppose you made a set deposit of INR 1,00,000 for 3 years with an rate of interest of 6% every year. You can use the Fixed Deposit Interest Calculator to seek out out the maturity quantity.

    By inputting the respective values into the calculator, you may uncover that the curiosity earned could be roughly INR 19,100, and the complete maturity quantity could be INR 1,19,100.

    In phrases of understanding the energy and development of your investments, the Fixed Deposit Interest Calculator is a top-notch instrument. However, it is essential to notice that whereas fastened deposits are typically protected, they are not fully risk-free. Market situations, the monetary stability of the financial institution, and adjustments in rates of interest are all elements that may affect your fastened deposit returns.

    Also, the investor should ace the steadiness between dangers and earnings whereas buying and selling in the Indian monetary market. This entails contemplating all the execs and cons, and in the end making a call primarily based on endurance and cognitive calculations.

    Summary

    A Fixed Deposit Interest Calculator is a strong instrument for understanding and strategically planning your FD investments. It computes the curiosity and maturity quantity, enabling you to make knowledgeable selections. The course of requires inputting values like deposit quantity, tenure and rate of interest. Risks related with fastened deposits embody market situations, the financial institution’s monetary stability, and rate of interest fluctuations. Each investor ought to take into account all the execs and cons earlier than making a call. It’s essential to grasp that profitable investing depends on endurance and well-thought-out monetary planning.

  • GPF Interest Rate Update: Finance Ministry has announced the interest rates for GPF and other provident funds

    GPF Interest Rate Update
    GPF Interest Rate Update

    GPF Interest Rate Update: There is sweet information for authorities workers. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds.

    There is sweet information for authorities workers. The Finance Ministry has announced the interest rates for General Provident Fund (GPF) and other provident funds. From April 1, 2024 to June 30, 2024, GPF and other related funds will get interest at the fee of seven.1 p.c. Earlier, for the January-March 2024 quarter additionally, the authorities has not modified the interest rates on GPF and related linked funds.

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    The authorities has fastened the rates of GPF

    On June 10, 2024, in accordance with the Department of Economic Affairs (DEA) of the Ministry of Finance, it has been announced that in the 12 months 2024-2025, the cash deposited by the subscribers for the General Provident Fund and related funds will get interest at the fee of seven.1 p.c from April 1, 2024 to June 30, 2024. The authorities has maintained the interest rates this time in addition to final time. GPF is getting the identical interest as PPF. The fee of GPF runs like the rates of Public Provident Fund (PPF). All the funds talked about beneath will even get interest at the fee of seven.1 p.c.

    Also Read: Job Alert! Opportunity to get a job in ESIC with out written examination, month-to-month wage will probably be Rs 100000. Details Here

    These are additionally provident funds

    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 sort of provident fund which is given solely to Indian authorities workers. Everyone in the authorities can deposit part of their wage in the General Provident Fund. When the worker retires, he will get the cash and interest deposited throughout his interval. The Finance Ministry opinions the GPF interest fee each quarter.

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  • Post Office’s FD scheme will earn Rs 4.5 lakh from interest only. check here

    Post Office's FD scheme will earn Rs 4.5 lakh from interest only. check here
    Post Office’s FD scheme will earn Rs 4.5 lakh from interest solely. check here

    The authorities retains introducing some schemes for all sections, in order that poor to center class households can make the most of it. If we speak about one such scheme, it’s provided by the put up workplace.

    Any citizen can make investments on this scheme for five years, during which traders are given robust interest. Along with this, tax exemption (Income Tax Benefits) may also be availed. Let us know the entire particulars of this scheme.

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    This authorities scheme is Post Office Time Deposit (Post Office TD), which is operated below the Small Savings Scheme. The particular factor about this scheme is that you could make investments a lump sum quantity in it, during which interest retains getting added from time to time. This scheme can be known as Post Office FD. Four forms of tenure are provided below time deposit.

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    How a lot interest on which tenure?

    • Under Post Office Time Deposit, an interest of 6.9% is given for 1 12 months tenure. 
    • An interest fee of seven.0% is given for the Time Deposit tenure of two years. 
    • Time deposit interest fee for 3 12 months tenure is 7.1%. 
    • Post Office provides Time Deposit scheme for five years, below which the interest is 7.5%. 

    3 folks can open an account on the similar time

    Under Post Office TD, 3 folks can open an account in single or joint. In this scheme, the minimal funding could be Rs 1000 in multiples of 100. There isn’t any restrict on the utmost quantity. Under this scheme, a rebate of Rs 1.5 lakh each year is given below Section 80C of Income Tax below a tenure of 5 years. You can not withdraw cash below this scheme earlier than six months.

    You will earn 4.5 lakh rupees from interest solely

    If you save Rs 2,778 day-after-day below this scheme and make investments not less than Rs 10 lakh in lump sum after one 12 months, then you definately will earn Rs 4,49,948 from interest alone in 5 years. The whole quantity in 5 years will be Rs 14,49,948.

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  • Fixed Deposit: These 3 banks are offering special FD scheme, you will get 8% interest

    (*3*)

    Fixed Deposit Scheme : Many banks are offering special FD schemes with brief length and excessive interest to their clients. However, these special schemes are being provided for a restricted interval.

    If you additionally need to earn excessive returns in much less time, then put money into them in time. Indian Bank, IDBI Bank and Punjab & Sind Bank are offering special FD schemes until June 30. At the identical time, you can put money into SBI’s special FD scheme Amrit Kalash until September 30, 2024.

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    Punjab and Sindh Bank Special FD Scheme

    Punjab and Sindh Bank is offering special FDs of 222 days, 333 days and 444 days to its clients. These special FDs are offering a most interest of 8.05 %. According to the financial institution’s web site, the financial institution is offering 7.05 % interest on FDs of 222 days, 7.10 % on FDs of 333 days and seven.25 % on FDs of 444 days. The financial institution is offering 8.05 % interest to tremendous senior residents on FDs of 444 days.

    Indian Bank Special Fixed Deposits

    Indian Bank is offering a special FD scheme to its clients. Public sector financial institution Indian Bank is offering 300 and 400 days FD to its clients. According to the web site of Indian Bank, one can put money into FD schemes named Ind Super 400 and Ind Supreme 300 days until 30 June 2024.

    Ind Super 400 days FD Scheme

    This special FD is a callable FD. Callable FD signifies that on this you get the choice to withdraw cash earlier than time. Indian Bank’s Ind Super FD is for 400 days. You can make investments from Rs 10,000 to Rs 2 crore on this scheme. Indian Bank is now offering 7.25% interest to most of the people and seven.75% to senior residents and eight.00% interest to tremendous senior residents.

    Ind Super 300 days

    According to the web site of Indian Bank, the special time period deposit product Ind Super 300 days was launched on 1 July 2023. You can make investments from Rs 5000 to lower than Rs 2 crore on this FD for 300 days. The financial institution is offering interest starting from 7.05 % to 7.80 % on this. Indian Bank is now offering 7.05% interest fee to most of the people and seven.55% to senior residents and seven.80% to tremendous senior residents.

    Also Read: No reduction from Delhi High Court for corporations submitting IT returns late

    IDBI Bank Special Fixed Deposit Scheme

    IDBI Bank is offering special Fixed Deposit to its lakhs of shoppers. IDBI Bank is offering special FDs of 300 days, 375 days and 444 days. It is offering 7.75 % interest on this. This special scheme is on the market to clients until 30 June 2024.

    IDBI Utsav Special 400 days FD Scheme

    According to the IDBI Bank web site, one can put money into the Utsav FD scheme until June 30, 2024. IDBI Bank is paying 7.25% interest on FDs of 444 days to common clients, NRIs and NRO clients. The financial institution additionally permits traders to withdraw and shut this FD prematurely.

    IDBI Utsav FD Scheme 375 Days

    IDBI Bank is giving 7.60% interest to senior residents investing in 375 days Utsav FD. At the identical time, common clients, NRI and NRO clients are being given 7.10% interest on 375 days FD. The financial institution additionally provides the choice of untimely withdrawal or closure of this FD.

    IDBI Utsav 300 Days FD Scheme

    IDBI Bank is offering 7.55% interest to senior residents investing in 300 days Utsav FD. At the identical time, common clients, NRI and NRO clients are being provided 7.05% interest on 300 days FD. This FD additionally permits untimely withdrawal of cash.

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  • Fixed Deposit: These 3 banks are offering special FD scheme, you will get 8% interest

    (*3*)

    Fixed Deposit Scheme : Many banks are offering special FD schemes with brief period and excessive interest to their prospects. However, these special schemes are being provided for a restricted interval.

    If you additionally need to earn excessive returns in much less time, then spend money on them in time. Indian Bank, IDBI Bank and Punjab & Sind Bank are offering special FD schemes until June 30. At the identical time, you can spend money on SBI’s special FD scheme Amrit Kalash until September 30, 2024.

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    Punjab and Sindh Bank Special FD Scheme

    Punjab and Sindh Bank is offering special FDs of 222 days, 333 days and 444 days to its prospects. These special FDs are offering a most interest of 8.05 %. According to the financial institution’s web site, the financial institution is offering 7.05 % interest on FDs of 222 days, 7.10 % on FDs of 333 days and seven.25 % on FDs of 444 days. The financial institution is offering 8.05 % interest to tremendous senior residents on FDs of 444 days.

    Indian Bank Special Fixed Deposits

    Indian Bank is offering a special FD scheme to its prospects. Public sector financial institution Indian Bank is offering 300 and 400 days FD to its prospects. According to the web site of Indian Bank, one can spend money on FD schemes named Ind Super 400 and Ind Supreme 300 days until 30 June 2024.

    Ind Super 400 days FD Scheme

    This special FD is a callable FD. Callable FD signifies that on this you get the choice to withdraw cash earlier than time. Indian Bank’s Ind Super FD is for 400 days. You can make investments from Rs 10,000 to Rs 2 crore on this scheme. Indian Bank is now offering 7.25% interest to most people and seven.75% to senior residents and eight.00% interest to tremendous senior residents.

    Ind Super 300 days

    According to the web site of Indian Bank, the special time period deposit product Ind Super 300 days was launched on 1 July 2023. You can make investments from Rs 5000 to lower than Rs 2 crore on this FD for 300 days. The financial institution is offering interest starting from 7.05 % to 7.80 % on this. Indian Bank is now offering 7.05% interest price to most people and seven.55% to senior residents and seven.80% to tremendous senior residents.

    Also Read: No reduction from Delhi High Court for corporations submitting IT returns late

    IDBI Bank Special Fixed Deposit Scheme

    IDBI Bank is offering special Fixed Deposit to its lakhs of shoppers. IDBI Bank is offering special FDs of 300 days, 375 days and 444 days. It is offering 7.75 % interest on this. This special scheme is offered to prospects until 30 June 2024.

    IDBI Utsav Special 400 days FD Scheme

    According to the IDBI Bank web site, one can spend money on the Utsav FD scheme until June 30, 2024. IDBI Bank is paying 7.25% interest on FDs of 444 days to common prospects, NRIs and NRO prospects. The financial institution additionally permits traders to withdraw and shut this FD prematurely.

    IDBI Utsav FD Scheme 375 Days

    IDBI Bank is giving 7.60% interest to senior residents investing in 375 days Utsav FD. At the identical time, common prospects, NRI and NRO prospects are being given 7.10% interest on 375 days FD. The financial institution additionally offers the choice of untimely withdrawal or closure of this FD.

    IDBI Utsav 300 Days FD Scheme

    IDBI Bank is offering 7.55% interest to senior residents investing in 300 days Utsav FD. At the identical time, common prospects, NRI and NRO prospects are being provided 7.05% interest on 300 days FD. This FD additionally permits untimely withdrawal of cash.

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  • Union Bank of India has revised the FD interest rates – check details





    Bank FD

    Fixed Deposit Rates : Union Bank of India has revised the interest rates on FDs of lower than Rs 2 crore. According to the Union Bank web site, the new interest rates have come into impact from June 1, 2024.

    Union Bank of India is providing an interest fee of 3.5 p.c to the normal public on FDs maturing between seven to 45 days. FDs between 46 days to 90 days at the moment are getting an interest fee of 4.50 p.c. It is providing 4.80 p.c interest on FDs maturing between 91 days to 180 days. FDs from 181 days to lower than 1 12 months are getting 6.25 p.c interest.

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    FD Rates for Senior Citizens

    Senior residents are getting an additional interest of 0.50% over and above the regular rates. The most interest fee given to senior residents is 7.75 p.c for 399 days.

    Super Senior Citizen FD Rates

    The financial institution is providing 0.75 p.c extra interest for tremendous senior residents. The most interest fee on FD of 399 days is 8 p.c.

    Union Bank FD Rates – Here are the interest rates for normal residents and senior residents
    Time Period General public Senior Citizen
    7 days – 14 days 3.50% 4%
    15 days – 30 days 3.50% 4%
    31 days – 45 days 3.50% 4%
    46 days – 90 days 4.50% 5%
    91 days – 120 days 4.80% 5.30%
    121 days – 180 days 4.90% 5.40%
    181 days to <1 12 months 6.25% 6.75%
    1 12 months 6.75% 7.25%
    1 12 months – 398 days 6.75% 7.25%
    399 days 7.00% 7.50%
    400 days to 2 years 7.25% 7.75%
    2 years to three years 6.50% 7%
    3 years to five years 6.50% 7%
    5 years to 10 years 6.50% 7%

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  • IndusInd Bank has revised the interest rates on fixed deposits, check rate

    FD Rates: IndusInd Bank, one in every of the nation’s largest non-public sector banks, has revised the interest rates of FDs. IndusInd Bank has made this revision on FDs of lower than Rs 2 crore.

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    The financial institution is giving interest starting from 3.50 % to a most of seven.99 % to common prospects. The financial institution is giving an additional interest of 0.50 % to senior residents as in comparison with common prospects. Senior residents are getting a most interest of 8.25 %. These new rates have come into impact from May 28, 2024.

    Also Read: seventh Pay Commission: How a lot cash will staff get after growing DA and wage?

    Fixed Deposit Rate on IndusInd Bank

    Interest on FDs maturing in 7 to 30 days – 3.50%

    Interest on FDs maturing in 31 to 45 days – 3.75%

    Interest on FDs maturing in 46 to 60 days – 4.75%

    Interest on FDs maturing in 61 to 90 days – 4.75%

    Interest on FDs maturing in 91 to 120 days – 4.75%

    Interest on FDs maturing in 121 to 180 days – 5%

    Interest on FDs maturing in 181 to 210 days – 5.85%

    Interest on FDs maturing in 211 to 269 days – 6.1%

    Interest on FDs maturing in 270 to 354 days – 6.35%

    Interest on FDs maturing in 355 to 364 days – 6.50%

    Interest on FDs maturing in 1 yr to 1 yr 6 months – 7.75%

    Interest on FDs maturing in 1 yr to six months to 2 years – 7.75%

    Interest on FDs from 2 years to three years to 2 years 6 months – 7.25%

    Interest on FDs from 2 years 6 months to 2 years 7 months – 7.99%

    2 years 7 months to three years 3 months – 7.25 %

    3 years 3 months to 61 months – 7.25%

    61 months and above – 7 per cent

    Interest rate on tax saving FDs maturing in 5 years – 7.25%

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  • Post Office FD Scheme: Invest only ₹3,00,000 in Post Office’s FD scheme…you will earn ₹1,34,984 only from interest

    Post Office FD Scheme: If you do not need to take any form of threat concerning your funding and need to earn large income in a short while, then there are various such schemes in the submit workplace, which will be useful for you. Post Office Time Deposit can also be one in all them. People usually name it Post Office FD.

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    Although you will get FD choices in banks as nicely, however if you wish to make FD for five years, you then will get good interest in the submit workplace. Currently, 7.5% interest is being given on 5-year FD of submit workplace. Apart from this, you additionally get tax profit beneath Income Tax Act 80C in 5-year FD. Let us let you know how a lot cash will be earned from interest on making FD of ₹ 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 in submit workplace FD.

    On making an FD of ₹3,00,000

    If you make investments ₹3,00,000 in the submit workplace time deposit scheme, then on the charge of seven.5 % interest, you will get ₹1,34,984 only from interest. In this fashion, on maturity, you will get a complete of ₹4,34,984.

    On making an FD of ₹2,00,000

    If you make investments ₹2,00,000 in the submit workplace time deposit scheme, you will get ₹89,990 as interest on the charge of seven.5 %. In this fashion, you will get a complete of ₹2,89,990 on maturity.

    On making an FD of ₹1,00,000

    ₹1,00,000 is the quantity that individuals normally make investments in FD. If you additionally make investments the identical quantity, then on the charge of seven.5 % interest, you will get ₹44,995 as interest. In this case, you will get a complete of ₹1,44,995 on maturity.

    Extension choice can also be accessible

    If you need, you may enhance your advantages by getting your submit workplace FD prolonged. 1 yr submit workplace FD will be prolonged inside 6 months from the date of maturity, 2 yr FD inside 12 months of maturity interval and for extension of three and 5 yr FD, the submit workplace needs to be knowledgeable inside 18 months of maturity interval. Apart from this, you may also request for account extension after maturity on the time of opening the account. The interest charge relevant to the respective TD account on the day of maturity will be relevant for the prolonged interval.

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