Best FD Rates: While making an investment strategy, keep in mind that invest only a small or medium portion in FD and invest the rest of the funds in other investment options.
Best FD Rates: If you want to keep your savings safe at a better interest rate in the coming time, then this news is for you. The Reserve Bank of India (RBI) has kept the repo rate stable in the last 10 policy meetings, but experts believe that the repo rate may be cut in the next meeting to be held in December. After this, many banks can also reduce their lending and deposit rates.
That’s why investment experts are advising that if your financial needs are going to be met in the next 2-3 years, then you can lock your savings in Fixed Deposit (FD) now. Preeti Zende, SEBI-registered investment advisor and founder of Apna Dhan Financial Services, said, “If your financial goals are 2-3 years away, then you should not wait now and invest money in fixed deposits.”
The reason for this is that if the repo rate cut process starts, then banks will also reduce the interest rates on their deposits. In such a situation, for those who want good returns, this is the right time to focus on FDs with a tenure of 3 years.
Let us know about those banks which are currently offering the highest interest rates on 3-year fixed deposits:
List of private banks
- HDFC Bank: Offering 7% interest rate for general citizens and 7.5% for senior citizens. These rates are applicable from July 24.
- ICICI Bank: Offering 7% and 7.5% interest rates for general citizens and senior citizens respectively.
- Kotak Mahindra Bank: Offering 7% interest rates for general citizens and 7.6% interest rates for senior citizens.
List of Public Sector Banks
- SBI: Offering 6.75% interest rates for general citizens and 7.25% interest rates for senior citizens.
- Punjab National Bank: Offering 7% interest rates for general citizens and 7.5% interest rates for senior citizens.
- Union Bank of India: Offering 6.7% interest rates for general citizens and 7.2% interest rates for senior citizens.
Points to note
According to investment advisor Preeti Zende, although the interest rates of FDs are looking quite attractive at this time, it would not be right to put all your savings in FDs only, because the returns from FDs are taxable and in the long run it is not enough to deal with inflation.
So, while making your investment strategy, keep in mind that invest only a small or medium portion in FDs and put the rest of the funds in other investment options.
Related Articles:-
CBDT modified the rules: Now salaried taxpayers will find it easy to claim TDS and TCS credit.
Savings Account: How much money can you keep in the account? know cash deposit rules
What are the disadvantages of spending more than the limit on a Credit Card
