Savings and Investments

Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised on a quarterly basis.

The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to the tenor of a fixed deposit.

In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period.

Post Office Saving Schemes With Income Tax Benefits: Interest rates on these schemes move in line with the government's interest rates on small savings schemes.

The minimum tenure for SBI Tax Savings Scheme, 2006, is five years which can go up to a maximum of 10 years.

FD interest rates of most banks are higher for senior citizens as compared to those for the general public.

From state-run State Bank of India (SBI) to post office- all major financial institutions across the country offer the facility of opening a RD account.

State Bank of India (SBI) is offering various types of savings accounts including a zero balance saving account where monthly average balance (MAB) rule is not applicable. Monthly Average Balance (MAB) is the sum of all end of the day (EOD) closing balance divided by the number of days in that month. Zero balance saving account doesn't require customers to maintain any particular minimum average balance, according to SBI's website- sbi.co.in. Despite this, the bank provides all the usual facilities that come with a regular savings account.

Fixed Deposit (FD) interest rates: The annual returns on fixed deposit investments are fixed even amid market fluctuations and geopolitical uncertainties.

The scheme was announced in the Interim Budget and is targeted at unorganised sector workers with monthly income of up to Rs 15,000.

State-run SBI to private sector lender HDFC Bank- both have fixed a certain monthly average balance requirement, according to the location of a customer's account.

General Provident Fund (GPF) is a provident fund (PF) account available only for government employees. In a provident fund account, the customer invests a part of his/her salary for a certain period of time and avail the amount on maturity. Interest rates on GPF are revised according to government's notifications issued from time to time. As per GPF rules, all temporary government servants after a continuous service of one year, all re-employed pensioners (other than those eligible for admission to the contributory provident fund) and all permanent government servants are eligible to subscribe to GPF.

SBI Fixed Deposit (FD) account: The minimum instalment that one is required to deposit in SBI reinvestment plan, which is a variant of FD is Rs 1,000.

Post office saving scheme: Kisan Vikas Patra (KVP) certificates can be purchased by an adult for self or on behalf of a minor by an adult, or by two adult.

Fixed Deposits (FDs) interest rates of most banks are higher for senior citizens as compared to those for the general public.