There are four tenures that offer the maximum interest rate of 7.15 per cent for both general category and senior citizens 1 year to 389 days, 390 days to less than 15 months, 15 months to less than 18 months, and 18 months to 2 years. aaa
The banks have reportedly written to the Union Finance ministry ahead of the Budget 2023 session that investment in FD schemes of up to Rs 5 lakh should be made tax-free. This would make small-ticket deposit returns more competitive vis-a-vis small savings mutual fund plans and insurance products.
Fixed Deposit Rates 2022: For the Yes Bank, the new rates came into effect on November 3 and for the ICICI Bank, the new rates came into effect today for deposits between Rs 2 crore to Rs 5 crore while the interest rates for deposits below Rs 2 crore were revised with effect from October 29.
The maxim “all hands are not created equal” rings true in many spheres and perhaps, it is most true when it comes to investments. From the quantum of available disposable income to the needs and aspirations of the investor, as well as their level of understanding of financial markets to their tolerance for risk, there is no one-size-fits-all box.