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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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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 […]
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 […]
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 […]
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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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 […]
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