IDFC First Bank was the only bank that offered 6% interest rates to small depositors – those who maintained a balance below ₹1,000,000. The bank would offer it to all depositors maintaining a balance of up to ₹1 crore. But from May 1, the bank lowered its interest rates on the savings account. Taking inspiration […]
Month: April 2021
Joining a High Yield Savings Account: A Step-by-Step Guide
Everything you need to know to start making money with a high yield savings account. (iStock) The high yield savings accounts offered by online financial institutions carry higher interest rates than their traditional savings accounts or checking account counterparts. These are FDIC insured accounts that will not impact your credit score and generally have a […]
Banks that offer the highest interest rate on the savings account
MUMBAI: Some small financial banks offer high interest rates on savings accounts, which are higher than the fixed deposit rates of most banks. But these come with conditions. Take the example of Utkarsh Small Finance Bank. Customers can get interest rates between 5% and 7.25%, according to data from Paisabazaar.com. The 5% interest rates are […]
Why everyone should open a savings account
Whatever your financial goals, it’s a good idea to open a savings account. You also won’t need a large amount of money to open an account with many banks. In some cases, financial institutions will even allow you to open a savings account without depositing anything. Let’s see how a savings account could be the […]
Senior savings plan: here’s how to calculate your returns
Calculation of SCSS Fixed Income Securities The interest rate provided for under the Senior Savings Plan is adjusted quarterly. The interest rate announced at the time of investment remains unchanged for the duration of the maturity period and is not affected by changes in the coming quarter. For example, Mr. A deposited Rs 1 lakh […]
Share-linked savings plan: how to choose and invest in the right ELSS
This is always a good time to invest in mutual funds, however, for those looking to achieve high returns in a short period of time, note that the short term market changes quickly. Even though investing in mutual funds is seen to offer higher returns than fixed investment options, most people still seek tax advantages […]
PMVVY or Seniors Savings Plan – Where to invest for seniors?
SCSS vs PMVVY New Delhi: Seniors mainly prefer risk-free instruments to park their retirement savings. This is the reason why they mainly opt for fixed bank deposits to get regular income after retirement. However, since interest rates on term deposits have fallen significantly due to the RBI’s 115 basis point repo rate cut by the […]
Pros and Cons of a Health Savings Account (HSA)
A health savings account, or HSA, allows anyone with an eligible high-deductible health plan to set aside pre-tax funds to pay for approved medical bills. Your money is held by a qualified HSA trustee (usually a bank, credit union, or similar entity) who will be used to pay or reimburse you for these approved expenses. […]
What is best for seniors?
SCSS vs PMVVY: For an elderly person, investing in a risk-free instrument is the most advisable. That is why bank fixed deposit (FD) is one of the most preferred investment options among the elderly. But, the way the FD bank interest rate nosedived, seniors began to look at other insured return options like Senior Citizen […]
Why Students Should Open a High Yield Savings Account
Part of a student’s education is learning how to make smart financial decisions. Opening a high yield savings account is a good place to start. (iStock) Saving money as a student is difficult because, let’s face it, the typical student budget is pretty tight. Between lessons and homework, students have little time to earn a […]
Savings scheme for seniors I Options for seniors as FDs lose their luster with negative real interest rate
Options for Seniors as FD Loses its Luster with Negative Real Interest Rate | Photo credit: Thinkstock In an age when interest rates on fixed income assets are at historically low levels, investors, especially those who depend on interest income, are being left behind. On top of that, rising inflation levels reduce the meager returns […]
SCSS Vs PPF Vs Sukanya Samriddhi – which savings plan gives you the HIGHEST RETURNS? Compare and find out
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Equity Linked Savings Plan (ELSS): Section 80C allows deduction of Rs 1.5 lakh for investments in ELSS: here’s how
Equity savings plan: ELSS mutual funds have a three-year blocking period A stock linked savings plan or ELSS is one of the most popular categories of mutual funds that offer tax benefits. Under the provisions of section 80C of the Income Tax Act 1961, a person can claim tax deductions of up to Rs 1.5 […]
Why Small Savings Plan Interest Rates Matter
Last week’s interest rate cut on small savings plans – which was later revoked – was not the first cut. It won’t be the last. Over the past two decades, successive governments have tried to walk a tightrope between financial inclusion and fiscal prudence. Government-backed small savings programs provide a safe and attractive investment avenue […]
Should you invest in a small savings plan?
Personal finance oi-Roshni Agarwal | Posted: Saturday April 3rd, 2021 01:04 PM [IST] A sharp sharp drop in interest rates announced for the new quarter starting in April on the Post’s savings plan, then an overnight withdrawal has left many wondering how long the rates that are currently at. the hike given the low interest […]
BIG RETURN! PPF, NSC, Sukanya Samriddhi, COUPE Seniors Savings Program Interest Rate; see the new prices here
Small Savings Plans new interest rates: In a major setback to ordinary man’s savings goals, the government cut interest rates on small savings plans. This was notified by the finance ministry in a circular on Wednesday. This drop in interest rates will apply to the main savings plans, in particular PPF, NSC, Sukanya Samriddhi, Senior […]
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Bauchi, Gombe, Plateau support Jaiz Bank’s Hajj savings plan
The states of Bauchi, Gombe and Plateau have pledged to support the new Hajj savings plan through the Nigeria National Hajj Commission and Jaiz Bank to facilitate hajj processes for Muslims in Nigeria. Governors Bala Muhammed of Bauchi, Inuwa Yahaya of Gombe and Simon Lalong of Plateau approved the program during launch and awareness exercises […]
Sukanya Samriddhi Yojana: This little savings plan offers massive interest rates to investors; Know the advantages
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