Savings and Investments

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.

EPF Withdrawal: In certain cases there is no prerequisite for the employees to have worked for a specified period to claim the PF (Provident Fund) advance

EPFO withdrawal: As per the current rules, the EPFO members are entitled to withdraw their entire balance after two months of unemployment.

FDs with small finance bank, NBFCs, and NCDs offer annual interest rates which are as high as 9 percent, nearly 200-250 basis points higher than the bank fixed deposits SBI State Bank of India FD

PPF contributions are locked in for a period of 15 years. NPS, however, has a longer lock-in and the corpus stays locked-in till the age of 60 years. Public Provident Fund National Pension System

Two of post office saving schemes - senior citizen saving scheme and sukanya samriddhi scheme - offer interest rates of 8.3% and 8.1% respectively

Fixed Deposit Interest Rate: Thus, bank fixed deposits and corporate fixed deposits are the two types of fixed deposits.

Five post office saving schemes that are meant for general public, i.e, people below 60 years of age, fetch interest rates of more than 7%. Post offices across the country enable you to open these accounts.

Father's day investment idea: Investment in Senior Citizen Savings Scheme (SCSS) is probably the best gift that one can give to one's father

Unlike the large commercial banks such as SBI, small finance banks offer far higher interest rates on their fixed deposits (FDs), which are as high as 9 per cent in some cases.