It’s that point of the yr while you obtain your Diwali bonus. The quantity of ₹50,000 or ₹1 lakh could seem too small, however with correct planning and administration, you’ll be able to flip that small quantity right into a monetary boon. Of course, festive season presents and reductions could lure you to go on a procuring spree. But preserve your temptation apart and take into account investing your bonus to develop your wealth steadily.
There are additionally loads of FD choices to select from. One could select a financial institution mounted deposit (FD), one other particular person could go for Post Office deposits and somebody could decide for an organization FD. Before you determine to place in your bonus in an FD, it is at all times higher to check the rates of interest provided by banks and publish places of work.
Let’s evaluate the rates of interest provided on FDs
SBI newest FD rates of interest
SBI FDs between 7 days to 10 years will give 2.9% to five.4% to normal prospects. Senior residents will get 50 foundation factors (bps) additional on these deposits. These charges are efficient from 8 January 2021.
HDFC Bank newest FD charges
HDFC Bank presents curiosity starting from 2.50% to five.50% on deposits maturing between 7 days and 10 years. HDFC Bank presents rates of interest from 3% to six.25% on FDs maturing in 7 days to 10 years to senior residents.
ICICI Bank newest FD charges
ICICI Bank provides rates of interest starting from 2.5% to five.50% on deposits maturing in 7 days to 10 years.
Post Office time period deposit newest rates of interest
Post workplace time period deposit schemes are just like financial institution FDs. Post places of work supply time period deposits starting from one yr to 5 years. Like financial institution FDs, buyers earn a assured return via the tenure of the publish workplace time period deposit. For a one-year time deposit to a few years, it presents an rate of interest of 5.5%. For a five-year time deposit account, the Post Office presents an rate of interest of 6.7%.
Investing in gold, SGB and MFs
Apart from FD, there are a number of different funding choices like Mutual Funds (MFs) or beginning a SIP. Buying gold is considered one of them. The festive season is taken into account the perfect time to purchase gold in India. particularly throughout Dhanteras and Diwali.
The subsequent tranche of Sovereign Gold Bonds (SGBs) 2021-22 opened for subscription for the interval October 25 to October 29, 2021. So, if you wish to make investments an actual long run horizon of 8 years and need to profit from gold worth appreciation with out dealing in precise gold, you’ll be able to go for Sovereign Gold Bonds. The minimal permissible funding will likely be 1 gram of gold. The most restrict of subscription shall be 4 kg for people, 4 Kg for HUF and 20 kg for trusts and related entities per fiscal (April-March). The buyers will likely be compensated at a hard and fast fee of two.50 per cent each year payable semi-annually on the nominal worth.
So, for those who take the chance to properly utilise your Diwali bonus, it’ll serve within the curiosity of your long-term monetary well-being.
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