Savings and Investments

Fixed Deposit (FD) Interest Rate Comparison: Bank FD accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

The interest on post office monthly income scheme (MIS) account is payable monthly, according to the official website of India Post.

Before creating an FD, one can always check the amount of interest that will accrue on the FD investment. Most banks offer this facility on their websites.

Post office saving scheme: India Post, the postal network of the country, offers several savings schemes to mobilize small investments.

State Bank of India (SBI) offers certain accounts which are primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. Small account, one such product offered by SBI, can be opened by any individual who is above 18 years and do not have officially valid KYC (Know Your Customer) documents, said country's largest lender on its corporate website- sbi.co.in. However, there are many restrictions in operation of small account due to the relaxed KYC, the lender added.

Deposits in the National Savings Certificate qualify for deduction under Section 80C of the Income Tax Act. Section 80C of the Income Tax Act.

Fixed Deposit Interest Rates: Small finance banks (SFBs) offer higher interest rates on FDs as compared to the mainstream peers.

Unlike a fixed deposit (FD) account, in which a lump-sum amount is locked in for a defined period against a fixed return, a recurring deposit (RD) account allows the investor to park a fixed amount of funds at regular intervals; for instance, every month.

Communications Minister Manoj Sinha also launched e-commerce portal of the Department of Posts providing an online market place to rural artisans and public sector units to sell their products.

State Bank of India (SBI) offers a wide range of facilities under its personal banking portfolio. From fixed deposit (FD) account to PPF (Public Provident Fund) account, the lender provides a variety of options for customer's requirements. "Whatever your needs be- an investment of your surplus funds or to create a fund for your children's education and marriage. You will find a product from SBI that suits your requirement, delivered at a branch close to you", the lender said on its corporate website- sbi.co.in.

Private sector peers HDFC Bank and ICICI Bank last revised their FD interest rates on November 6 and November 15 respectively.

The life certificate can be submitted either by visiting the branch or by directly submitting it online, from the comfort of home, said SBI.

Children's Day 2018: This Children's Day, the best give that you can possibly gift to your children is to make them financially independent. The Sukanya Samriddhi Scheme, under which money can be invested in the name of a girl child, can be opened in any bank or post office.

However, about 18.55 lakh subscribers, who had ceased to be members, have re-started their contributions during the period.

The interest rate on GPF was 7.6 per cent for the July-September quarter of 2018-19.