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SBI study reveals that the pandemic has prompted people to step up savings despite a fall in interest rates
Earlier many had the notion that only banks, financial institutions, insurance companies and big companies investment in these instruments. But now anyone with KYC documents can invest in these instruments
There are 10 small finance banks in the country and they are offering returns between 7% and 8%
State Bank of India (SBI), Bank of Baroda, HDFC Bank, and ICICI Bank are offering introduced special fixed deposit schemes for senior citizens
West Bengal accounts for the highest collection of about Rs 90,000 crore from small savings schemes such as NSC and PPF among the states and union territories
Do not just go for the FD with the highest interest rate. There are other factors that also need to be considered
Interest rates in small saving schemes are bound to go down in time to come.
Finance Minister Nirmala Sitharaman on Thursday said the government will withdraw orders to cut interest rate on small savings schemes and assured to restore the rates to last quarter of the financial year ending on March 31
The government on March 31 announced big cuts in small saving rates for the first quarter of 2021-22. The rates have been cut by up to 1.1 percentage points.
With rising costs of living nibbling at their savings fund, here are a few options for senior citizens that offer better returns than bank deposits