IndusInd Bank has increased interest rates on fixed deposits (FDs). After this change, by making FD deposits in the bank, ordinary citizens will receive annual interest ranging from 3.50% to 7.99%.
The bank offers annual interest ranging from 4% to 8.49% to senior citizens. Changes in interest rates have been made for FDs below Rs 3 crore. The new rates came into effect on November 26.
It is important to keep these 4 things in mind before investing money in FD
1. Don’t invest the entire money in one FD If you are planning to invest Rs 10 lakh in one FD in a bank, instead invest 9 FDs of Rs 1 lakh and 2 FDs of Rs 50,000 each in more of a bank. .invest in. With this, if you need money in between, you can arrange the money by breaking the FD halfway as per your requirement. The rest of your FD will remain safe.
2. Withdrawal of interest: Previously, in banks, there was the possibility of withdrawing interest on a quarterly and annual basis. Now in some banks a monthly withdrawal can also be made. You can choose it according to your needs.
3. Also check the loan interest rate available against FD. You can also take a loan against your FD. Under this, you can take a loan up to 90% of the value of the FD. Suppose the value of your FD is Rs 1.5 lakh, then you can get a loan of Rs 1 lakh 35,000. If you take a loan against FD, you will have to pay 1-2% interest more than the interest you receive on term deposits. For example, suppose you get 6% interest on your FD, then you can get a loan at an interest rate of 7-8%.
4. Senior citizens get more interest: Most banks offer up to 0.50% additional interest on FDs to senior citizens. In such a situation, if there is an elderly person in your house, then you can earn more profit by getting an FD established in their name.