Fixed deposit rates on a rising scale

A few weeks back it was decided by banks that they would reduce their fixed deposit rates in order to escalate the CRR i.e the base rate, which is the minimum lending rate. But now the banks have put their decision of cutting down on deposits.

In fact, fixed deposit rates have increased and even public banks in their recent notice to the stock exchange have declared their decision of revising the fixed deposit rates.
As per the amendments, the following changes were made:
• Fixed deposit rates will be increased from 8% to 8.25% per year for fixed deposits of 151-179 days and 180-269 days respectively
• Fixed deposit rates for 1-2 years deposits will increase from 8.75% to 9%
• Fixed deposit rates for NRE deposits will increase by 0.25% for a deposit of 1-2 years.

Summary: With a hike in fixed deposit rates, people have started investing more in fixed deposit.

Know the Statistics Of Your Fixed Deposit Account

With various widgets and apps available online these days installing calculators for every calculation has become a habit for people. Similarly, banks have come up with their own calculators to calculate all sorts of investments that people want to make. One such calculator is a fixed deposit calculator.

A fixed deposit calculator helps people to calculate how much money they would earn after the maturity of a fixed deposit account. Banks have made it possible to access the fixed deposit calculator on their website which provides a convenient path to navigate effortlessly to the fixed deposit account. Make use of the fixed deposit calculator to the fullest to know which bank is offering you with the highest interest rate on your fixed deposit account.

Summary: Fixed deposit accounts are a good investment for future expenses and thus, use a fixed deposit calculator to calculate how much amount you would get after the maturity of the fixed deposit account and what would be the profit margin.