Bank fixed deposits (FD) have been the best source of regular income with safe investment among the common people. However, the Corona crisis has spoiled the entire arithmetic of FD investors. Interest rates on short-term bank FDs have now come close to the interest rates of savings accounts. In many cases, these are lower than the savings account rates of some banks. Because of this, now customers can invest elsewhere instead of putting their money in savings account or FD.
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In the midst of the Corona crisis, the Reserve Bank made major cuts in the repo rate. Because of this banks are drastically cutting debt and deposit rates. What Investors Have Options Financial experts say that interest rates on FDs are currently declining. It may fall further in the coming times. In such a situation, investors can turn to PPF, RD, Sukanya Samriddhi, ELSS, Mutual Fund etc.
| Bank | Interest% on Savings Account | FD 7 days interest% | FD 80 days interest% | FD 1 Year Interest% |
| HDFC bank | 3.25 | 3 | 5 | 5.6 |
| Kotak Bank | 3.5 | 3 | 4.8 | 5.25 |
| PNB | 3.5 | 3.25 | 4.5 | 5.5 |
| ICICI | 3 | 3.25 | 4.25 | 5.5 |
This is how you lose from negative returns
Financial experts say that the returns that FDs are getting now are less than inflation. Due to this, investors may have to bear the loss. Also, the amount received from FD is also taxable. In such a situation, he can not only earn good by investing wisely, but can also avoid loss. You can not only earn good money by investing from it, but can also avoid loss.