HDFC Bank has changed the interest rates of Fixed Deposit (FD). This change has been made in the interest rates of FDs of less than Rs 2 crore. Now on getting FD in HDFC Bank, you will get interest ranging from 3% to 7.10%. Earlier this month, SBI also increased the interest rates.
Earlier recently, State Bank of India (SBI) has increased the interest rates on FD. Now you will get maximum 7% interest on FD in SBI.
Before investing in FD, it is necessary to think about its tenure. This is because if investors withdraw before maturity, they will have to pay a penalty. He will have to pay a penalty of up to 1% for breaking the FD before it matures. This may reduce the total interest earned on the deposit.
If you are planning to invest 10 lakh rupees in FD in any one bank, then instead invest in 8 FDs of 1 lakh rupees and 4 FDs of 50 thousand rupees in more than one bank. Due to this, if you need money in the middle, you can arrange the money by breaking the FD in the middle according to your need. The rest of your FD will be safe.
Banks earlier had the option of withdrawing interest on quarterly and annual basis. Now monthly withdrawal can also be done in some banks. You can choose it according to your need.