best and easy Fixed deposit ?

best and easy Fixed deposit ?

198°
Pikachu
Deal Subedar
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hi please suggest best and easy Fixed deposit in any bank… with good interest rate & and no charges on redemption. for hardly one month.

1) Paytm payments bank. no charges on redemption, after 7 days. interest is 4% around… for around 1 month. depositing into paytm bank account,above 1 lakh will move to fixed deposit.
I did saved 30k into it, while taking back, got around 50 RS. for 15 days. no charges on redemption.

p.s. I think keeping just in banks like DBS or others where interests are quarterly or annually over the amount kept in it for so much period. this (Paytm FD) is easy right… can see money at soon, if I take it….

any other fixed deposit, free and easy to use like this…

26 Comments  |  
14 Dimers
Pikachu
Deal Subedar
111
1224
52
arun27081012269 wrote:

Check this https://services.dcbbank.com/ZippiPlus/RequestO...==

That bank seems to be non popular and not trustworthy to me.

Simple interest if below 6 months.
PNR/100.
My case 30000*15 days*4 percent /
100* 30 days of month* 12 months a year.
= 50rs.

DBS giving 4.25 percent. Above 15 days. And above 30 days, 4.5% only.

But Paytm giving 4 above 15 days, and above 30 days 5.5 %. This best. Also no charges on redemption.

So instead of keeping in savings account, keeping in FD, can see money.

Coz in savings account we need to keep that balance amount the entire period, only then it credits….. If we used in between won’t get interest.
Am I right… ? Or wrong

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Deal Lieutenant
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vickyVicky wrote:

That bank seems to be non popular and not trustworthy to me.

Simple interest if below 6 months.
PNR/100.
My case 30000*15 days*4 percent /
100* 30 days of month* 12 months a year.
= 50rs.

DBS giving 4.25 percent. Above 15 days. And above 30 days, 4.5% only.

But Paytm giving 4 above 15 days, and above 30 days 5.5 %. This best. Also no charges on redemption.

So instead of keeping in savings account, keeping in FD, can see money.

Coz in savings account we need to keep that balance amount the entire period, only then it credits….. If we used in between won’t get interest.
Am I right… ? Or wrong

Savings account interest is now calculated on daily balance, but credited only after 3/6 months.

This is for all Bank account.

Pikachu
Deal Subedar
111
1224
52
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ghitesh wrote:

Savings account interest is now calculated on daily balance, but credited only after 3/6 months.

As per DBS : below 1 lakh, 6% interest in digi savings account.

  1. Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time.
  2. Interest will be calculated on daily available balance or as required by the regulator or as a result of banks own decision.
  3. Rate of interest on digiSavings is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI.

Interest on daily available balance means?
If I have 10k, PNR/100 for a day, is
30000*1 day* 6 percent/
100* 30 days a month* 12 months a year
= 5 RS. Per day
(Same method I got on Paytm FD)
So if I have for 15 days. It is  75 RS which will credit after a quarter.
(At the same time I can use this amount for UPI transfers of phonepe offer…. And keep up the balance at the end of evening…, which is not possible with FD, where it is locked)

Am I right ?!
So DBS savings account is better……
(Hoping interest will added up).

L4ud4kxe 400x400
Deal Subedar
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ghitesh wrote:

Savings account interest is now calculated on daily balance, but credited only after 3/6 months.

This is for all Bank account.

paytm credits monthly. i got 88 paisa

1
Deal Lieutenant
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vickyVicky wrote:

As per DBS : below 1 lakh, 6% interest in digi savings account.

  1. Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time.
  2. Interest will be calculated on daily available balance or as required by the regulator or as a result of banks own decision.
  3. Rate of interest on digiSavings is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI.

Interest on daily available balance means?
If I have 10k, PNR/100 for a day, is
30000*1 day* 6 percent/
100* 30 days a month* 12 months a year
= 5 RS. Per day
(Same method I got on Paytm FD)
So if I have for 15 days. It is  75 RS which will credit after a quarter.
(At the same time I can use this amount for UPI transfers of phonepe offer…. And keep up the balance at the end of evening…, which is not possible with FD, where it is locked)

Am I right ?!
So DBS savings account is better……
(Hoping interest will added up).

Can we open Digi savings account just by Aadhaar verification or we need biometric verification?

Missing
Deal Cadet
193
353
10

Go for liquid mutual fund instead of FD.

Pikachu
Deal Subedar
111
1224
52
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RockChap wrote:

Can we open Digi savings account just by Aadhaar verification or we need biometric verification?

first in app aadhar verification. Then after openning they will come for biometric to ur address.
Only In app.
If ur pincode exists in their service area, ur ac will be created as saving account.
Else as a ordinary wallet.
If u need referal, ping me ur aadhar linked number – so that i will send u 1 rs, and sign up with it, to get 250 cashback on spending 2000+ in ur debit card, within some months.
Also debit card feee – is free for 1st year, second year onwards 150 rs. More over, virtual card option is there or not i don’t know. !!! (like in kotak 811)

Hamster
Entertainer
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vickyVicky wrote:

@abhishek012 @marketdimer
Humble request for your views…

If you have mutual fund account, put your money in any liquid or ultra short term fund. For 1 month why take such pains. Doesn’t worth time.

1
Deal Lieutenant
251
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vickyVicky wrote:

first in app aadhar verification. Then after openning they will come for biometric to ur address.
Only In app.
If ur pincode exists in their service area, ur ac will be created as saving account.
Else as a ordinary wallet.
If u need referal, ping me ur aadhar linked number – so that i will send u 1 rs, and sign up with it, to get 250 cashback on spending 2000+ in ur debit card, within some months.
Also debit card feee – is free for 1st year, second year onwards 150 rs. More over, virtual card option is there or not i don’t know. !!! (like in kotak 811)

I already had a Digi Wallet..what I needed was a bank account.. but they do not have any branch in my city..so bank account not possible

46518697 2469454063095338 7352322572903514112 o
Deal Subedar
0
2211
83
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vickyVicky wrote:

first in app aadhar verification. Then after openning they will come for biometric to ur address.
Only In app.
If ur pincode exists in their service area, ur ac will be created as saving account.
Else as a ordinary wallet.
If u need referal, ping me ur aadhar linked number – so that i will send u 1 rs, and sign up with it, to get 250 cashback on spending 2000+ in ur debit card, within some months.
Also debit card feee – is free for 1st year, second year onwards 150 rs. More over, virtual card option is there or not i don’t know. !!! (like in kotak 811)

my co-operative bank gives me 8.5% interest also jana small finance bank give the same amt of interest.
My bank is ajara urban co-operative bank.

46518697 2469454063095338 7352322572903514112 o
Deal Subedar
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mrKool_JJ wrote:

my co-operative bank gives me 8.5% interest also jana small finance bank give the same amt of interest.
My bank is ajara urban co-operative bank.

or else do some investment..
you will get better returns..

Missing
Deal Lieutenant
257
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mrKool_JJ wrote:

or else do some investment..
you will get better returns..

8.5 % on sb account ?

Missing
Deal Cadet
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mrKool_JJ wrote:

my co-operative bank gives me 8.5% interest also jana small finance bank give the same amt of interest.
My bank is ajara urban co-operative bank.

Beware of co-operative banks…

46518697 2469454063095338 7352322572903514112 o
Deal Subedar
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dhinchakrohit wrote:

Beware of co-operative banks…

recently withdrew my fd amt …
what’s wrong with co-op banks btw?
rolleyes

m using this from 2012 i guess confused

@RockChap

Missing
Deal Cadet
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RockChap wrote:

Why?

U never know when will they declare themselves as bankrupt…many such cases in near history.

In the greed if 1% more we lose entire principal amount.

E.g.: CKP bank.

Download
Deal Subedar
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dhinchakrohit wrote:

U never know when will they declare themselves as bankrupt…many such cases in near history.

In the greed if 1% more we lose entire principal amount.

E.g.: CKP bank.

In case of FD, up to 1 lakh will be insured by government I guess. Don’t know how that works though.

Chhota bheem
Deal Lieutenant
222
4344
42

Go with Mutual Funds ! Liquid Mutual Fund or Ultra short term fund can serve ur need if u are looking for short term duration.

Note – It’s better than FD as u can withdraw anytime and ROI is slightly higher

Invest always in Direct plans. Pm me if u want to know how to invest

Missing
Deal Cadet
141
208
27

Good returns are not guaranteed in MF as well.. I tried that option last year ultra short term fund, didn’t get expected return. It’s not worth investing your time/efforts. If your goal is for short term only, better go with FD linked with your saving account, so you would have access to your money instantly (although gains would be taxable).

Chhota bheem
Deal Lieutenant
222
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ChottaBheem wrote:

Go with Mutual Funds ! Liquid Mutual Fund or Ultra short term fund can serve ur need if u are looking for short term duration.

Note – It’s better than FD as u can withdraw anytime and ROI is slightly higher

Invest always in Direct plans. Pm me if u want to know how to invest

Just For Research

Liquid Funds – http://www.moneycontrol.com/mutual-funds/perfor...

Ultra Short debt Funds – http://www.moneycontrol.com/mutual-funds/perfor...

Research and then Invest !

Missing
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Majestic wrote:

In case of FD, up to 1 lakh will be insured by government I guess. Don’t know how that works though.

Nothing worked in CKP bank case…

Missing