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Canara bank FD rate 7.19% (normal)and 7.71% (Sr Citezen) interest 666 days

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Budding Star
prashant3737...
https://canarabank.com/User_page.aspx?othlink=9.... Canara bank FD rate 7.19% (normal)and 7.71%  (Sr Citezen) interest 666 days 

There is a need for balance while making investment. No doubt the return is more in mutual funds / stocks but there is huge risk in stocks as well in mutual funds.
Mutual funds are long term.
FD has no risk so major amount should be fds rest can be in stock or mutual funds.

My funda is invest in stocknor mutual funds for the amount you can take risk only and if anything happens - you don't get bankrupt....
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Deal Cadet Deal Cadet
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vu .. 

please educate, why prefer FD over Stocks or Bonds If horizon is 600+ days

Deal Cadet Deal Cadet
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Less risk, and if we hv FD then we can get Credit cards,insurance,loans etc easily..
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Budding Star Budding Star
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There is a need for balance while making investment. No doubt the return is more in mutual funds / stocks but there is huge risk in stocks as well in mutual funds.
Mutual funds are long term.
FD has no risk so major amount should be fds rest can be in stock or mutual funds.

My funda is invest in stocknor mutual funds for the amount you can take risk only and if anything happens - you don't get bankrupt....
Tech Guru Tech Guru
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Every financial instrument has some risks associated with it. Some have volatility issues, some have liquidity issues, some have not being able outperform the inflation issues.... 

Deal Subedar Deal Subedar
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Maximum interest is 7.5%... 7.71 is annualized yield- only for cumulative deposits  https://cdn0.desidime.com/attachments/photos/814108/medium/FeZZfNCVUAA2kKB.jpg?1665296296
Deal Cadet Deal Cadet
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Us federal Reserve is going to increase another 0.75% in the nov.. Rbi will follow another atleast 0.5% ( 50 bps) in the next meeting in nov. 

That said can bank 1 year fd for senior @ 7% is not bad ( for a quasi govt  bank IDBI also of late offering above 6.6© for senior. 

Right now iam on waiting mode in short term deposit till dec. 

Karnataka bank 7 day fd @ 5.25%

Karur vsya bank 31 day fd @ 5.3%

Indusind 31 day@ 4.75% /7 day at 4.25%

DCB bank 14 days at 5.25%

RBL bank 15 days at 4.25%

2023 full year interest rate may slowly inch up & or will be on  hold ( same) no reduction till Inflation drops to 2-4% ( right now govt fake statistics is 7-8% . Real inflation is around 15-20%) 

So canara 366 days fd will be on my short list by end nov/ end dec. ( minimum 5 lakh) 

Deal Subedar Deal Subedar
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Banks will take few weeks to reflect this change. But I agree with your thoughts. Also, it is 7.5 currently for senior citizens.

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Deal Cadet Deal Cadet
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Wholesale inter bank rates are up. That is why all the banks are slowly increase fd rares. Current situation  FOR 1 YEAR APPROXIMATELY  ( for senior citizen) 

SIB 6.9%

AXIS 6.5%

KOTAK 6.5%

CUB 6.5%

BANDHAN 7.5%

RBL 7.5%

INDUSIND 7%

AU 7.1%

you can expect another 50-75 basis point Increse in fd rates by end nov/ mid December. 

So dont make all your funds in one go or  beyond 400 days right now. Better opportunity awaits in 6-10 weeks


Benevolent Benevolent
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bandhan/idfc offers 7% ( general ) 7.5% ( senior ) for 1yr time kind of best as of now after a year i'm expecting rates to rise 8%-8.5% in bandhan 


Super Stud Super Stud
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How safe is bandhan bank?
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Deal Newbie Deal Newbie
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Suggest to refer individual banking website for latest interest rates on deposits. Some information posted by Dimers are not the updated ones. No offence to anyone please.
Deal Cadet Deal Cadet
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I also park funds short term in high Interest sb ( no tds) in the following banks. All for balances above 1 lakh rs) 

AU ( 5% MONTHLY payable SB INTEREST) ( 6% above ₹ 10 lakh) 

BANDHAN (6% QUARTERLY) 

RBL (5.5% QUARTERLY) 

DCB (5.5% QUARTERLY) 

EQUITAS (6% UP TO 5 LAKHS, 7% FOR BALANCE ABOVE 5 LAKHS) 

Deal Cadet Deal Cadet
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My target of 8% gonna hit sooner than expected. Revising it to 9% by 2023 end b4 elections to soothe sr.citizens. If hit will go for 10 year fd.
Deal Subedar Deal Subedar
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You are always gonna end up with lower interest rates for period more than 5 years
Deal Subedar Deal Subedar
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Risk always comes free with investment
Budding Star Budding Star
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Correct so act smartly
Deal Lieutenant Deal Lieutenant
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PF ke rates badhao Modiji...
Super Stud Super Stud
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Tab toh "Acche Din" aane wale hai.
Deal Lieutenant Deal Lieutenant
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If okay with little more risk, than park some surplus money in bonds as well.
Deal Cadet Deal Cadet
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Most small finance banks offer 8% for Seniors. Parking 5 lakhs in different SF banks is also a good option!
Deal Cadet Deal Cadet
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(This is not an endorsement) One could look at fincare Small Finance bank too, for parking money at savings https://www.fincarebank.com/interes...te
Deal Subedar Deal Subedar
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Those are rookie numbers need to pump it up at least 9% 

Deal Cadet Deal Cadet
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Why noone discuss government security for above 1year, and short term t -bills compared to bank fds it gives high returns and secured I dont hv any experience I can see in utube

Critic Critic
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@Ramta_Jogi
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Savings Mentor Savings Mentor
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You can also open 1 single FD in your name and another joint FD with your spouse or parents. They are both insured by DICGC.

Generous Generous
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I don't get it! Why does an expert working in bank give 0.5%more for a specific tenure like 444D or 666D give 0.5%more than current rates? I mean what's the catch here?. It should definitely be more than to attract customers., Bank rates for 1-3 yrs(other than 666 days)  is 0.5%less

Let's say a person X keeps in fd for 1yr 11m & person Y for 1y 10m(666 days) the interest earned by X after 1yr 10m will be less than Y??. 

_______________________________________________P.s: have discussed similar offer in KBL senior manager few yrs ago, according to him bank still gets to pay less interest to customer in comparison with standard tenures, according to him some offers are simple interest without any compounding, & other offers strategically plan in such a way to skip compounding of 1 quarter thereby reducing compounding interest of 1 quarter. (In KBL's case it was simple interest that time) 

_______________________________________________


@caks2006407, @guest_999 @casahib273 

pls tag any ppl in banking industry or experts if you know, thanks

Deal Subedar Deal Subedar
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It is just simple marketing...if you notice all these tenures are between 600-1000days, just more than 2yr or 3yr. The goal here is to get people who would generally deposit the money for say, 1yr or slightly higher(1yr-2yr being the common duration used by most people) would now go for a longer period because of this .and if they break it prematurely, bank ends up paying lower interests. It is just a form of upselling
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Critic Critic
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@rogerthat

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