Investment Planning: Even after the record increase in the repo rate by the RBI since May 2022, banks have marginally increased the interest on the savings account. In comparison, the interest of bank loan has increased several times. Apart from this, the interest of Fixed Deposit has also increased many times. Some banks are even giving interest of up to 9.5 percent to people on fixed deposits.
Talking about the interest on the bank’s savings account, people are being given 2 to 4 percent interest, while the interest on FD ranges from 3 percent to 8 percent. At the same time, Small Finance Banks are giving interest ranging from 3.50 per cent to 9.5 per cent to investors on Fixed Deposit.
These banks are giving 7.25% interest on savings account
Some private sector banks like RBL Bank, DCB Bank, Bandhan Bank, and smaller banks like Equitas SFB and Ujjivan SFB are offering 7.25 per cent interest per annum on savings bank accounts up to Rs 25 lakh. Although the rating of these banks is lower than the major banks of the country.
In which account should investors keep money?
Compared to savings account, experts recommend that if you want to invest without risk, then you can invest in fixed deposits, in which interest of around 8 percent is being given by major banks. Before depositing money in FD, bank credibility and interest of other FDs available in the market should be compared. Apart from this, investments can be made in RBI bonds, where you will be given a yield of 7.25 per cent.
You can also invest here
If you want to make more funds by taking a little risk, then you also have the option of mutual funds. Here you can invest from tax saving fund to small cap to charge cap, in which you can get an annual interest of 12 to 20 percent or more. You can also invest in mutual funds through SIP.
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