Bank FDs News

Bank fixed deposits (FDs) are still a popular investment option, not only among retirees looking for a steady stream of income, but also among risk-averse investors. Over-exposure to FDs, on the other hand, is not a good thing, and you should evaluate your asset allocation and goals before deciding how much money to put in them.

Over-exposure to FDs is not a good thing. One should always compare the interest rates on offer before deciding on an FD.

Small Savings Schemes are government-managed savings vehicles designed to encourage residents to save consistently. Saving certificates such as National Saving Certificates and Kisan Vikas Patra are also included. The interest rate on savings accounts at the post office is 4% per year.

The interest rate on the Public Provident Fund (PPF) will remain at 7.10 percent for the final quarter of FY 2021-22. The Senior Citizens Savings Scheme (SCSS) will earn 7.40 percent, while post office time deposits will earn 5.5 to 6.7 percent. Sukanya Samriddhi Yojana pays an annual interest rate of 7.6%.

The deposit rate is changed by the Reserve Bank of India on a regular basis. Banks use this information to determine the rate of interest on FDs. Senior citizens in these nations can earn up to 6% interest on their savings.

This is the high time when the investors look for better ways of tax saving in the market.