Browsing: Deposit

[ad_1] Senior Citizen Fixed Deposit interest rate hike (July 20e3): Senior Citizens can get 7.6% interest on deposits of 375 days in IDBI Bank. This is a new FD scheme, named ‘Amrit Mahotsav FD’, launched by the IDBI Bank this month, effective from July 14. The special scheme will be available till August 15, 2023. For general citizens, the IDBI Bank is offering 7.1% interest on 375-day deposits in Amrit Mahotsav FD. “IDBI Bank has introduced a special bucket of ‘Amrit Mahotsav FD for 375 days’ offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this,…

[ad_1] Safety of capital, guaranteed interest income and higher interest rates from other depositors make bank fixed deposits (FDs) a preferred investment instrument for senior citizens, especially for retired individuals lacking other sources of income. Another fixed income instrument that has gained significant traction among senior citizens in recent years, especially during the low interest regime of Covid years, is Senior Citizens Saving Scheme (SCSS). The net corpus of this scheme has grown from Rs 73,728 crore in February 2020 to about Rs 1.17 lakh crore in February 2022. As the interest rate of SCSS continues to beat senior citizen…

[ad_1] National Savings Certificate interest rate 2023: The interest rates for NSC deposits increased in the first half of 2023. The scheme is now offering better interest rates than bank fixed deposits, PPF and Kisan Vikas Patra. For the April-June quarter of FY 2023-24, the Finance Ministry increased the NSC interest rate to 7.7% from 7% in the previous quarter. There was no change in the NSC interest rate for the July-September quarter. However, the scheme still provides a better interest rate than most of the 5-year fixed deposit schemes offered by private and public sector banks. Moreover, among all…

[ad_1] Senior citizens are pouring money into the Senior Citizen Savings Scheme (SCSS), thanks to recent changes, official data shows. The changes in interest rate and deposit limit for Senior Citizen Savings Scheme (SCSS) this year have benefited accountholders a lot. The interest rate for SCSS deposits has gone up to 8.2% in 2023, which is better than the 5-year Fixed Deposit interest rates offered by banks and the post office. Meanwhile, in Budget 2023, the Government also announced a decision to allow an individual senior citizen to deposit up to Rs 30 lakh in his/her SCSS accounts. A report…

[ad_1] While senior citizens having only Fixed Deposit income below the basic exemption limit are not required to file Income Tax Return (ITR), they should do so to claim a refund in case the bank had deducted TDS on interest earned on those deposits. The basic exemption limit for senior citizens under the old tax regime for AY 2023-24 is Rs 3 lakh. Under the New Tax Regime (u/s115BAC), this limit is Rs 2.5 lakh for AY 2023-24. According to experts at Taxmann, filing an ITR is not mandatory for senior citizens having only bank deposit income below the maximum…

[ad_1] Post Office Recurring Deposit (RD) Interest Rate July-September 2023: The interest rate of the 5-year Post Office Recurring Deposit (RD) for the July-September quarter of FY 2023-24 was announced today (June 30). The Finance Ministry has decided to increase the Post Office RD rate from 6.2% to 6.5% for the next quarter starting tomorrow. Earlier, Post Office RD account holders were hoping for a further hike in the interest rate. In the April-June quarter of FY 2023-24, the Post Office RD interest rate was revised to 6.2%. Post Office RD allows investors to deposit any amount in their accounts…

[ad_1] Post Office Fixed Deposit/Time Deposit Interest Rate July-September 2023: The Post Office Fixed Deposit interest rates for the July-September quarter of FY 2023-24 will be announced today (June 30). Post Office Fixed Deposit account holders are hoping for a further hike in the interest rate. However, another hike is less likely as the Post Office Fixed Deposit interest rates for various tenors increased by up to 0.5% in the last quarter. In the April-June quarter of FY 2023-24, the Post Office Fixed Deposit interest rate was increased up to 7.7% (check rates below for the April-June quarter). The Post…

[ad_1] SBI Amrit Kalash Deposit Last Date: The Amril Kalash fixed deposit is currently the scheme on which State Bank of India (SBI) is offering the highest interest rates to senior citizens as well as others. Under Amrit Kalash, an SBI customer can book a fixed deposit of 400 days. The interest rate currently being offered to senior citizens under this special scheme is 7.6%, For the general public, the scheme offers 7.1%, which is the highest interest rate offered by SBI across all tenors. However, the scheme will close this month. “The specific tenor scheme of “400 days” (Amrit…

[ad_1] Green fixed deposit is a financial instrument encouraging sustainable development by channelling funds towards projects focused on renewable energy, clean technology, or other environmentally beneficial initiatives. From June 1, new green fixed deposit norms kicked in. Banks or financial institutions accepting green deposits are now required to inform the Reserve Bank of India (RBI) about how they would invest the funds. The new norms are expected to increase transparency and ensure the funds collected in the name of green deposits are invested towards the intended cause. “With the revised green FD norms effective from June 1, banks that accept…

[ad_1] SBI Research on Deposit Rates: Senior Citizens and other depositors have enjoyed a spate of Fixed Deposit interest rate hikes since last year. FD interest in some banks has gone up over 9%. However, this spate of FD rate hikes could soon be a thing of the past, according to a report by SBI Research. As per the report, further deposit rate hikes may not be expected because of increasing deposit growth in banks this year. “Overall deposit growth in FY24 should grow over 11% yoy. This will effectively imply that spate of deposit rate hikes could be a…