Savings and Investments

The minimum amount of annual deposit in Sukanya Samriddhi Yojana accounts has been slashed to 1/4th of the original amount that was required. Earlier, rules required customers to pay a minimum of Rs 1,000 annually to maintain this account for girl child. However, according to the latest changes in rules, customers are required to make only a minimum annual deposit of Rs 250 in Sukanya Samriddhi accounts.

Fixed deposit (FD) interest rates of non-banking finance companies are more attractive compared with those of banks. Bank fixed deposits (FDs) are secured by the Reserve Bank of India up to Rs 1 lakh. This means that even if a bank goes bankrupt, each depositor will get this sum.

PPF interest rate for the quarter ending September 2018 is fixed at 7.6 per cent per annum. The interest on PPF accounts is compounded yearly, which means that every year, interest is added to your principal amount.

India Post, government's postal system, which also deals with banking services, offers to its customers the option of recurring deposit (RD) accounts and monthly income scheme (MIS) accounts.

State Bank of India (SBI)'s fixed deposit interest rate of 6.75% is lower than that of IndusInd Bank, HDFC Bank and ICICI Bank on a five-year FD.

The best interest rates on recurring deposits (RDs) are offered by small finance banks, niche lenders which lend to the under-banked of the society but can also be used by mainstream depositors.

Fixed deposits or FDs, which offer higher interest rates than savings bank accounts, are not only offered by leading banks like State Bank of India (SBI) but also by small finance banks and post offices across the country.

If you want to withdraw money from EPF kitty for constructing a house or for marriage, EPFO lets you withdraw money from EPF account.

Interest rates on small savings schemes like public provident fund (PPF), national savings certificates (NSC), senior citizen savings schemes (SCSC), kisan vikas patra (KVP) and sukanya samriddhi accounts, among others, are decided every quarter by the government.

State Bank of India (SBI), the largest lender of the country, offers many accounts that do not require you to maintain a minimum average balance or a monthly average balance. Such accounts, thus, can be maintained even if you do not have any balance in the account.

Fixed Deposit (FD) Interest Rates: Large commercial banks tend to pay a higher interest rates to senior citizens on their fixed deposits (FDs).

EPF ( employees' provident fund) is deducted from the salary of salaried individuals while PPF (public provident fund) is invested into by citizens. Both help you save on income tax.

Fixed deposits (FD) of leading banks not only help you save money but also grow your wealth. Money in fixed deposit accounts offer attractive interest rates until fixed tenures.

Post offices offer nine saving schemes, including fixed deposits and public provident funds, which offer interest rates between 4%-8.3%.

Investors rely on mutual funds (MFs) when they want to create wealth while public provident funds (PPF) are handy when a customer wants to save money.