look news india
FD Rates: With the beginning of the month of October, some banks have changed their FD rates. Many banks keep revising FD rates from time to time. In the last few days, Punjab National Bank, Punjab & Sindh and Bank of Baroda have revised FD rates. Now customers will be able to get up to 8.05 percent interest on FD. However, all these interest rates will be applicable on FDs less than Rs 3 crore.
1- Punjab National Bank
Punjab National Bank is offering the highest interest of 7.25% on FD of 400 days. 7.75% interest is being given to senior citizens and 8.05% interest to very senior citizens. These rates are effective from October 1.
2- Punjab and Sindh Bank
Punjab and Sindh Bank is giving interest ranging from 2.80 percent to 7.25 percent to the people. This interest is given for a period ranging from 7 days to 10 years. Senior citizens are given additional interest of 0.50 percent. Whereas super senior citizens are given additional interest of 0.15 percent on the tenure of 222 days, 333 days, 444 days, 666 days and 999 days. These rates have become effective from October 1, 2024.
3- Bank of Baroda
Bank of Baroda gives interest ranging from 4.25% to 7.15% to the people for the tenure ranging from 7 days to 10 years. Senior citizens are given interest ranging from 4.75% to 7.60%. These new rates have become effective from October 3.
There are 5 benefits of FD
Fixed deposits of banks are a reliable option for investment. The facility to invest in FD is available for a period ranging from 7 days to 10 years. Along with having confidence in the amount deposited in banks, you also get a fixed interest on it at a fixed time. No matter what the market conditions are at that time, you will get a fixed interest on the deposited amount. This is not the only specialty of FD, but it has many such benefits which we should know. Let us know about 5 such powerful benefits.
1- You can withdraw money in emergency
After making FD, you have the opportunity to withdraw money even before maturity. However, there are some charges for premature withdrawal. It varies in different banks. Generally it can be up to one percent. Because of this specialty of FD, it is also called liquid investment. If suddenly any emergency arises, you can immediately withdraw money from FD.
2- You will also get a loan
Another feature of FD is that you can also take a loan against it. If you suddenly need money, you can take a loan against it without breaking the FD. Generally, up to 90 percent of the FD amount is easily available as a loan. Generally, the interest on loan against FD is one percent more than FD.
3- Get fixed interest
Changes in interest rates do not affect FD. Once you invest in FD, you get a guaranteed interest rate. Even if the interest rate decreases during this period, you will still continue to get the fixed interest. If the bank increases its interest rate during this period, the investor does not get the benefit. Even if he reduces it, the investor suffers loss.
4- Many options for FD
There are many options for investing in FD. In this, you can get FD according to your amount and time. Generally FD can be made for a period ranging from 7 days to 10 years. SBI offers minimum FD of Rs 1000. At the same time, there is no limit on the maximum amount of FD in SBI.
5- Risk free FD
Fixed deposits are considered the most risk-free investment option in the country. Banks are supervised by RBI. FD is a safer option than any other deposit option.