Friday, April 28, 2017

Low Risk Money Saving Option : FD

So lets see how we can save our moneu in a abnk with gauraneed returns.
Guaranteed returns : Principle amount which we deposit plus interest.

Low risk money saving options are
Fixed Deposit FD
Recurring Deposit  RD

Fixed Deposit: As the name suggest we deposit a particular amount of money say for e.g $10,000 for a period of say 1 year . Here 1 year is the maturity period which means after 1 year we can withdraw the money .So after 1 year when we with draw the money we will get the money we deposited plus an interest on the deposited money. This amount is also called the maturity amount as it indicates the amount which we get at the end of maturity period So if 7% was the interest rate the maturity amount at the end of mturity period of 1 year for $10,000 would b $10,700

So lets see various interest rates provide by different public sector banks of India

Nationalised Banks Interest rates for period of 1 year
Andhra Bank 7
Dena Bank 7
Oriental Bank of Commerce 7
Punjab & Sindh Bank 7
Punjab National Bank 7
Union Bank of India 7
Allahabad Bank 6.9
Bank of India 6.9
Bank of Baroda 6.9
Canara Bank 6.9
State Bank of India 6.9
Syndicate Bank 6.8
Corporation Bank 6.75
Indian Overseas Bank 6.75
UCO Bank 6.75
Central Bank of India 6.6
Bank of Maharashtra 6.5
Indian Bank 6.5
Vijaya Bank 6.5
IDBI Bank 6.4
United Bank of India 6.25

Kindly re-verify before applying as hey are subject to change based on policies of bank and time period

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