If you want to get FD for 7 days to one month, then you can take this much interest from savings account only. Banks are giving the same interest only on the savings account.
Often you must have seen that people open accounts in the form of fixed deposits for high interest or for investment. In FD, you have to pay a lump sum money to the bank and after that the money is returned by the bank along with interest. For this you have to wait for a certain time. But in many ways, the savings account itself gives more interest than the FD.
You too must be surprised to know how this happens. But, it is true that in some situations the interest of the savings account is more than the interest of the FD. In such a situation, whenever you invest in FD, keep many things in mind. In such a situation, it is known that the interest of FD account in this situation is much less than the interest received on the savings account.
Where is the higher interest on the savings account?
HDFC Bank has revised the interest rates of Fixed Deposit (FD) two weeks ago. The bank is now giving only 2.5% interest to the people on FDs of 7 days to 29 days. At the same time, the interest on the savings account is 3%. At the same time, the minimum interest rates on FDs offered by other private banks such as ICICI Bank, Axis, Kotak Mahindra and IndusInd Bank are 0.50 to 1.75 per cent lower than the savings rate.
ICICI Bank and Axis Bank are also offering 2.5% interest on FDs with a time limit of 7 days to 29 days. Both the banks are giving 3% interest on the savings account balance. Kotak Mahindra Bank and IndusInd Bank offer 2.5% and 2.75% interest on FDs with tenures of 7 days to 30 days respectively. But the interest in savings bank account in Kotak Mahindra Bank is 3.5%. At the same time, the interest rate on the savings account balance offered by IndusInd Bank ranges from 4% to 5.5%.
In such a situation, it can be guessed that if you are taking an FD for one month, then you can get the same interest in the savings account. If you want to invest only for one month, then you can also put money directly in the savings account.
What is the condition of public sector banks?
The case is a bit different in public sector banks. State Bank of India gives 2.9% p.a. interest to its customers on FDs for a tenure of 7 days to 45 days. Whereas, the bank is offering 2.75% interest on the savings account. There is no difference between interest rates and minimum FD rates (tenure 7 days to 45 days) on savings accounts with Punjab National Bank and Union Bank of India. Both of these are 3%.