Which Bank FD Rate Is High 2020?

Is LIC better than FD?

Comparing between FD and Life Insurance Plan Thinking of short and long term investments, FDs are better.

Life insurance plan are suitable only as long term investment options.

The minimum period of investment in a life insurance plan is about 10 years.

The minimum amount that you can deposit in a FD plan is Rs..

Which bank is best for FD?

Best FD Interest Rates in India 2021BankSenior Citizen’s FD Interest RatesRegular FD Interest RatesHDFC Bank3.25% – 6.00%2.75% – 5.50%ICICI Bank3.25% – 6.00%2.75% – 5.50%IDBI Bank3.50% – 6.40%3.00% – 5.80%IDFC Bank4.50% – 8.75%4.00% – 8.25%29 more rows

How can I double my money in 5 years?

Rule of 72: Divide 72 by the Expected Annual Returns Since you want to double your money in 5 years, your investments will need to grow at around 14.4% per year (72/5). Or if your goal is to double in 10 years, you should invest in a manner to earn around 7.2% every year.

Which bank has the highest interest?

Best savings accounts & rates of January 2021Best Overall Rate: Synchrony Bank – 0.60% APY.High Rate: Comenity Direct – 0.60% APY.High Rate: Popular Direct – 0.60% APY.High Rate: Vio Bank – 0.57% APY.High Rate: Ally Bank – 0.50% APY.High Rate: American Express National Bank – 0.50% APY.High Rate: Citibank – 0.50% APY.More items…

What is the safest way to invest money?

Overview: Best low-risk investments in 2021High-yield savings accounts. While not technically an investment, savings accounts offer a modest return on your money. … Savings bonds. … Certificates of deposit. … Money market funds. … Treasury bills, notes, bonds and TIPS. … Corporate bonds. … Dividend-paying stocks. … Preferred stock.

Which post office scheme is best?

Post Office Tax Saving Schemes Interest RatesSchemesTenureROIPost Office Time Deposit Account1, 2, 3 and 5 years1,2,3: 5.5%, 5 years: 6.7%Senior Citizen Savings Scheme5 years7.40%Public Provident Fund15 years7.10%Sukanya Samriddhi Account21 years7.60%1 more row•Dec 21, 2020

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36. Thus, it will take 10 years for your FD to get doubled.

Which bank is best for FD 2020?

IndusInd Bank is the topmost bank for 1 year FD as it offers the highest interest rate of 7.00% on deposits of this tenure….Banks providing Best FD rates for 2-year Tenure.2 Year FD RateBanks with this rate7.00%Jana Small Finance Bank6.50%RBL Bank6.75%Equitas Small Finance Bank6.50%Yes Bank1 more row•Jan 12, 2021

Which bank is best for fixed deposit in Malaysia 2020?

Best Fixed Deposit Promos – January 2021BankEffective Rate (% p.a.)Promotion PeriodCIMB (eFixed Deposit Promotion on CIMB Clicks Web/Desktop only)– 2.10 (3 months) – 2.20 (6 months) – 2.25 (12 months)11 Nov 2020 to 20 Jan 20218 more rows•Jan 4, 2021

Where can I get 4 interest on my money?

Open a high-yield savings or checking account. If your bank is paying anywhere near the “average” savings account interest rate, you’re not earning enough. … Join a credit union. … Take advantage of bank welcome bonuse. … Consider a money market account (MMA) … Build a CD ladder. … Invest in a money market mutual fund.

Is Post Office FD safe?

Government-backed schemes like post office saving schemes and bank fixed deposits are safe and they also offer assured returns. However, the trouble with them is that they offer only modest returns. Often the post-tax returns fail to beat inflation. When that happens over a long period, your money loses its value.

What is the FD rate in post office?

Latest India Post Office FD interest rate for senior citizens, on the other hand ranges between 5.50% to 6.70%….India Post Office FD Rates 2021.TenureFD interest ratesSenior Citizen FD interest rates3 years 1 day to 5 years6.70%6.70%3 more rows•Nov 25, 2020

Is FD safe in Yes Bank?

Yes Bank raises Rs 15,000 Crores However, one of the most important things to remember is that deposits of upto Rs 5 lakhs are insured by the Deposit Insurance and Credit Guarantee Corporation and hence to that extent there is safety. At the moment there is little worries in investing in the fixed deposits of Yes Bank.

Which bank FD rate is high?

Fixed Deposit Interest Rates by Different BanksBankTenureInterest rateICICI Bank7 days to 10 years4% to 7.25%Punjab National Bank7 days to 10 years5.70% to 6.85%HDFC Bank7 days to 10 years3.5% to 7.40%Axis Bank7 days to 10 years3.5% to 7.25%2 more rows•Dec 2, 2020

Which is better Bank FD or Post Office FD?

Five-year post office deposit is offering 6.7 per cent whereas SBI’s five-year FD is offering 5.40 per cent. … The effective interest rate for senior citizen bank FDs is as follows: SBI one-year FD is 5.40 per cent, HDFC Bank one-year FD is 5.60 per cent and ICICI Bank one-year FD is 5.50 per cent.

Where can I get the highest interest on my money?

One of the best places to look for high-interest savings accounts is online banks. Online banks, which benefit from lower costs due to not having to operate brick-and-mortar branches, rarely charge monthly fees—and offer rates that are often ten times higher or more compared to traditional banks.

Is FD a good investment?

Fixed deposit accounts are an excellent investment vehicle for those investors who don’t want to bear any risk. If you wish to sustain the money over the years and are not looking for growing wealth or if you are looking for steady returns, you can go for FD accounts.