FD Rates: With the beginning of the month of October, some banks have changed their FD rates. Many banks keep revising the FD rates from time to time. In the last few days, Punjab National Bank, Punjab & Sindh and Bank of Baroda have revised the FD rates. Now customers will be able to get interest up to 8.05 percent on FD. However, all these interest rates will be applicable on FDs of less than Rs 3 crore.
1- Punjab National Bank
Punjab National Bank is offering the highest interest rate of 7.25% on FDs of 400 days. Senior citizens are being given 7.75% interest and super senior citizens are being given 8.05% interest. These rates are effective from October 1.
2- Punjab and Sindh Bank
Punjab and Sindh Bank is offering interest ranging from 2.80 percent to 7.25 percent to the people. This interest is given for a period of 7 days to 10 years. Senior citizens are given an additional interest of 0.50 percent. On the other hand, super senior citizens are given an additional interest of 0.15 percent on periods 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 people for a period of 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 Deposit of banks is a reliable option for investment. The facility of investing in FD is available for a period of 7 days to 10 years. Along with trust in the deposits in banks, you get a fixed interest on it at a fixed time. Whatever the market conditions at that time, you will get a fixed interest on the deposit. This is not the only specialty of FD, but there are many such benefits which we should know. Let us know about 5 such strong benefits.
1- You can withdraw money in emergency
After making an FD, you have the opportunity to withdraw money even before maturity. However, some charge has to be paid for pre-mature withdrawal. It varies in different banks. Generally it can be up to one percent. Due to this feature of FD, it is also called liquid investment. If there is a sudden emergency, you can immediately withdraw money from FD.
2- You will also get a loan
Another specialty of FD is that you can take a loan against it. If you suddenly need money, you can take a loan against it without breaking the FD. Usually, up to 90 percent of the amount of FD is easily available as a loan. Usually, the interest on the loan against FD is one percent more than FD.
3- Fixed interest is available
Changes in interest rates do not affect FDs. Once you invest in an FD, you will get a guaranteed interest rate. During this period, even if the interest rate goes down, you will still get the fixed interest. If the bank increases its interest rate during this period, the investor does not get the benefit. On the other hand, even if it reduces it, the investor will suffer a loss.
4- Many options of FD
There are many options for investing in FD. In this, you can get FD done according to your amount and time. Usually FD can be done for a period of 7 days to 10 years. SBI does FD of minimum Rs 1000. At the same time, there is no limit on the maximum amount of FD in SBI.
5- Risk Free FD
Fixed Deposit is considered to be the most risk free investment option in the country. Banks are monitored by RBI. FD is a safe option compared to any other deposit option.
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