Indusind Bank has increased the interest rates on fixed deposits (FD). After this change, general citizens will get an annual interest of 3.50% to 7.99% on FD in the bank. On the other hand, the bank is offering an annual interest of 4% to 8.49% to senior citizens. The interest rates have been changed on FDs of less than 3 crores. The new rates have come into effect from November 26. It is important to keep these 4 things in mind before investing money in FD … 1. Do not invest the entire money in a single FD
If you are planning to invest Rs 10 lakh in FD in a single bank, then instead invest in 9 FDs of Rs 1 lakh and 2 FDs of Rs 50,000 in more than one bank. With this, if you need money in between, you can arrange money by breaking the FD in between as per your need. Your remaining FDs will remain safe. 2. Withdrawal of interest
Earlier, the bank had the option of withdrawing interest on quarterly and yearly basis, now in some banks you can also do monthly withdrawal. You can choose it according to your need. 3. Also check the interest rate of the loan available on FD
You can also take a loan on your FD. Under this, you can take a loan up to 90% of the value of the FD. Suppose the value of your FD is Rs 1.5 lakh, then you can get a loan of Rs 1 lakh 35 thousand. If you take a loan on FD, then you will have to pay 1-2% more interest than the interest received on fixed deposit. For example, suppose you are getting 6% interest on your FD, then you can get a loan at an interest rate of 7 to 8%. 4. Senior citizens get more interest
Most banks offer up to 0.50% more interest on FD to senior citizens. In such a situation, if there is a senior citizen in your house, you can earn more benefits by getting an FD done in his/her name.
