FD interest Rate for auto renewal FDs

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Suppose I had opened a FD in OCT 2019 with interest rate 7% for 1 year

Currently interest rate is just 6% for 1 year.

If my FD auto renewed for next 1 year in this OCT, then , will not be with a interest rate of 6% ?

Or it will keep the old interest rate ?

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ZitOO wrote:

Suppose I had opened a FD in OCT 2019 with interest rate 7% for 1 year

Currently interest rate is just 6% for 1 year.

If my FD auto renewed for next 1 year in this OCT, then , will not be with a interest rate of 6% ?

Or it will keep the old interest rate ?

6%

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Vijay33 wrote:

6 %

ya bro.. it works like that but don’t know why the bank official said … it will be renewed with interest on which it was created .

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It doesn’t get renewed with the old interest rate! One of my FD renewed last year, they renewed with the new interest (not interstate lol) rate and not the previous with previous interest rate! It was with HDFC bank!
100% sure it will be done with new interest rates. I had asked the people from my home branch back then.

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it will be with new interest rates…

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Some of my Physical FDs were renewed/ extended at old interest rate i.e 8-9 % by Indian bank / Dena Bank etc .

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Rather go for debt or liquid funds

Paisa lock bhi nhi hota aur intrest bhi jayada.
Best part btau…..
FD me paisa 6% se badhta hai to 4% par inflation bhi….
Usse Acha 7-8% me debt me daalo.
1 baat aur Yaad rkho….
#AppFDKePicheInflationAapkePiche

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BabuBhaiii wrote:

Rather go for debt or liquid funds

Paisa lock bhi nhi hota aur intrest bhi jayada.
Best part btau…..
FD me paisa 6% se badhta hai to 4% par inflation bhi….
Usse Acha 7-8% me debt me daalo.
1 baat aur Yaad rkho….
#AppFDKePicheInflationAapkePiche

still FD is better for immediate requirements . Debt or liquid funds still take 1-2 days or more if a holiday falls in between. Also a little risk is always associated with debt or liquid fund . Debt funds are to go if we do not have any requirement for next 3-5 years . Isse humne short term capital gain tax bhi nahi dena padega .. weise FD income pe bhi tax lagta he … persevere

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saymyname78 wrote:

Some of my Physical FDs were renewed/ extended at old interest rate i.e 8-9 % by Indian bank / Dena Bank etc .

Physical FD ? Opened at branch ?

8-9% Great bro .. plus1

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desiman wrote:

it will be with new interest rates…

Yes bro. You see the screenshot above, how bank official saying it will renew with old interest rate . So was little confused . But checked with all other sources , it is definitely with new interest rate only

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saymyname78 wrote:

Some of my Physical FDs were renewed/ extended at old interest rate i.e 8-9 % by Indian bank / Dena Bank etc .

how far back eek

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ZitOO wrote:

ya bro.. it works like that but don’t know why the bank official said … it will be renewed with interest on which it was created .

bank official or some overworked, careless call centre agent? who could not even bother to correct the spelling of interest (image you posted has: interstate).

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saymyname78 wrote:

5 days ago / FDs belonged to my MOM .

wow😀 that is great👍🏼

hers might be some specific account category or idk.
sometimes seniors with long standing relationships too get ‘some’ benefits.

But hardly matters. that😇 is a good rate.

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BabuBhaiii wrote:

Rather go for debt or liquid funds

Paisa lock bhi nhi hota aur intrest bhi jayada.
Best part btau…..
FD me paisa 6% se badhta hai to 4% par inflation bhi….
Usse Acha 7-8% me debt me daalo.
1 baat aur Yaad rkho….
#AppFDKePicheInflationAapkePiche

Bro kis debt/liquid fund ki ytm 4% se jyada hai aajkal?

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saymyname78 wrote:

Some of my Physical FDs were renewed/ extended at old interest rate i.e 8-9 % by Indian bank / Dena Bank etc .

Senior citizen? HNI?

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billubakra wrote:
HNI?

50 60 basis points here and there for premier customers is understandable.
But this much difference, even for PCG are unheard of.
and these are not even some of the fiercely aggressive marketing private banks.

can only hope that the tenure or some other limited period catch was there.
Or as you mentioned, seniors getting some incremental rate.

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djr4 wrote:

bank official or some overworked, careless call centre agent? who could not even bother to correct the spelling of interest (image you posted has: interstate).

Oh .. ha ha… grin did not notice that .. I was checking “interest” spelling in my posts…when @shruthiram199768 mentioned that in her/his post . Did not accept such a careless reply from HDFC imperia executive . I had a believe that they are knowledgeable and helpful . But this is not case at all .

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May be for Imperia customers they are doing it! Ask RM
Still I believe it will be 6% only

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ZitOO wrote:

Oh .. ha ha… grin did not notice that .. I was checking “interest” spelling in my posts…when @shruthiram199768 mentioned that in her/his post . Did not accept such a careless reply from HDFC imperia executive . I had a believe that they are knowledgeable and helpful . But this is not case at all .

sadly, ICICI group and HDFC aren’t anymore the friendliest or easiest to deal with, from retsil customer’s point of view.

thus it might be better to err on the side of caution (assume that the renewal rates would be as per current published rate/list).

yeah smile on a QWERTY keyboard i often end up wrongly hitting neighbouring keys. so ‘that’ becomes ‘thst’ and ‘there’ becomes ‘thrte’ sad

but our minds are mostly conditioned to read it correctly if the first and the last letters in the word are correct and it is seen in the context of the rest of the sentence.
(we tend to not pick up on small spelling mistakes or misprints/ typographical errors, if we are fairly good at s language. our mind simply reads it correctly).

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saymyname78 wrote:

5 days ago / FDs belonged to my MOM .

Dekhna “Dena Bank” Lena Bank na ho jaye

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Maine bhi paytm me FD ki he, wahi dar rehta he

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Imharsh wrote:

Maine bhi paytm me FD ki he, wahi dar rehta he

Dena / Indian / PNB / Canara etc are age old trusted bank … money is safe with them since years … hope for future too .

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Imharsh wrote:

Maine bhi paytm me FD ki he, wahi dar rehta he

Don’t worry … RBI will always provide safeguard to us .

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saymyname78 wrote:

Don’t worry … RBI will always provide safeguard to us .

In case of bankruptcy no can help

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Imharsh wrote:

In case of bankruptcy no can help

In case of bankruptcy 5 lakh total sum(savings acc+fd+rd etc) is insured under a single pan in a bank. RBI has never declared bankruptcy for any scheduled commercial bank in India though 2 scheduled commercial banks have failed till now(Global Trust Bank merged with Oriental Bank & Yes Bank was rescued/restructured with sbi help) with no money lost by depositors(shareholders are not covered). Paytm bank has basically outsourced its FD operation to IndusInd bank so paytm FD has nothing to do with paytm bank.
@saymyname78

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