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Breaking Stereotypes: The Future Of Finance And Tech Is (And Will Be) Women

Work culture in organizations is gradually moving towards diversification and inclusion. The current times are witnessing gender stereotypes bring identified and shattered in the wake of gender sensitization and diversity. Organizations across the globe are making concerted efforts towards the goal of equality of opportunity. Still, equality at workplaces is a far fetched dream. Take for instance the case of the US, where:

50% of the workforce is females, and
60% of the advanced degrees are earned by women.

Yet they earn lower salaries and fill up fewer seats in male-dominated professions like technology and finance. Fortunately, these stereotypes – those of women typically avoiding math, science and often all things logic – are on the verge of shattering.

A study conducted by the global research organization Catalyst stated that among Fortune 500 companies, the companies which had the highest number of women directors on board have shown better financial results and those having at least three women on their board have stronger-than-average results.

Gender Stereotyping deeply impacts the psyche and confidence of the female workforce. As per research, by the age of 6 years stereotypes regarding intellectual ability take root in girls. Girls identify themselves less with STEM subjects (Science, Technology, Engineering, and Mathematics). At the workplace, women find a less conducive environment to hold leadership and skill-based jobs, share their ideas in discussions concerning these subjects.

Indian Scenario: Tech

The current Indian scene has begun a positive, and hopefully soon – pretty picture:

Women representation in corporate jobs has increased from 21% to 30% in a span of five years, as posted in Zinnov-Intel Gender Diversity Study 2019.
Females are represented higher in non-technical roles at 31%, while in technical roles their share is 26%.
Only 11% of the C-suite positions are held by the women, they were represented at 20% in mid-roles and 38% in junior roles.

If these stats are compared with the global figures, Indians are surely taking strides in leaps and bounds to cut across cultural misfits and gender Stereotyping issues. As per a NASSCOM study of IT professionals and middle management from companies of Europe and India, 35% of the people with specialist technology roles are women in India as compared to a mere 17% female representation in Europe.

Several organizations like Oxfam India through its campaign Bano Nayi Soch are all in for progressive ideas that subvert the norms of patriarchy.

In 2016, Facebook initiated recruitment practices focused on bringing in black and female workers into their workforce – in who now make up 36% of its workforce. Sheryl Sandberg, COO of Facebook and the only woman on their board posits the concept of ‘leaning in’ in her recent book as the idea of being ambitious in any pursuit.

Kiran Mazumdar Shaw, the CEO of Biocon and the first woman billionaire entrepreneur, reiterates that there is no dearth of talent in meritorious women and even though a small minority, they are well respected and worthy of inclusion.

Indian scene: Finance

Women are considered excellent investors, but female representation in the finance sector remains meager. A CFA Institute Gender in Investment Management study shows a mere 11% representation of women investment professionals in the industry. Research across the globe has proved how a culturally rich and diverse workforce delivers optimum results and lower risks for investors. Experts cite several pros of getting the women included in the workforce.

Firstly, female inclusion will tend to bring in newer perspectives into the industry that can usher in a new revolution in the industry. Quality of output and decisions will definitely see improvements.
Gender diversity can lead to innovations and rethinking of the old investment strategies that are sure to impact investment outcomes.

Several initiatives have been taken to improve the involvement of the females at all levels. For instance, Young Women in Investment, India’s first initiative seeks to create female awareness and interest in the investment management industry. The initiative focuses on presenting investment as a long term viable career option to the women. The success and support of this initiative have definitely paved the way for the inclusion of females in the future of finance.

Initiatives to Break Stereotypes

While we’re doing well, there can be several initiatives that can make the future of tech and finance into a substantial female-centric arena:

Tech can be leveraged to advance gender parity and women empowerment in a number of ways. The development of the gig economy is offering a contingent workforce that is sure to lessen such gaps in the future.
Unlearning the biases in our mindset and doing away with gender stereotypes will be a daunting task that would demand our attention towards sustainable and all-inclusive economic growth.
A survey conducted by Unilever showed that 77% of men and 55% of women felt that men are best suited for high-stake projects. Such views deeply impact gender parity issues. Marketers and media need to stop the sexist portrayal of women.
Social, political and cultural fronts should take it upon themselves to curb these formative practices of stereotyping and expose both the genders to all kinds of non-traditional fields like tech or finance to let them make their decisions rationally.
There is a dire need to bridge the skill gap among women by taking advantage of digitization and tech innovations. The global “talent shortage” is currently at 38%, with the top ten hardest jobs to fill in STEM professions. The focus has to shift to building competencies and skillsets among women.
Another key area of concern is the online representation of women. There are 250 million fewer females present online as compared to males. Connecting and bringing greater access to regions with no internet can bring about unforeseen opportunities and can even act as catalysts synthesizing women’s inclusion in tech and finance.

The instilling of the right temperament among the youth holds prime importance as the majority of them make their career choices by the age of 26 as per a survey. Women do not lack in tech or finance skills and knowledge, what they lack is the proper nurturing environment enabling them to fulfill their dreams sans any bias or stereotyping. Once the institutions of today get in sync with gender equality and diversity themes, the potential and opportunities awaiting women in tech and finance can be attained.
And we can surely hope for a feminine era in finance and technology awaiting us in the near future.

“You are fierce, bold and daring! Also, the best when it comes to caring.”
Happy Women’s Day!

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Spouse In The Same Office: A Closer Look At The Implications for HR

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is perfectly natural for a professional to fall for another if they’re working in the same office, or are spending a significant amount of time together. Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction. While they may be frowned upon, relationships within an office setting are far from uncommon. Some partners even often end up getting married.

In this context, however, the HR function isn’t expected to remain out of the loop. Organizational policies, cultural sensitivities, etc – there are many factors influencing the HR functions’ role in managing professionals with a spouse in the same office. How can they approach this? Let’s look at some important aspects.

Disclosure of relationship

It is vital to maintain an environment where it is known that keeping a relationship or marriage secret is not in the interest of the company and can have larger implications. According to Sarah Churchman, head of diversity and inclusion and employee well being at PwC, the only way to manage relationships is for the couple to be totally out in the open. “If they don’t inform us, someone else in the department will. Not because they are necessarily behaving in an inappropriate manner, but simply because they may fear a problem with favoritism.”

Some enterprises have a policy in place allowing for managers to be demoted, transferred or even dismissed in the case of the manager being in a relationship with their direct report without disclosing the same. It is, therefore, essential that an office couple is made to sign out a disclosure form with the HR Department. This allows for a line of communication between the office and the parties involved and also serves as a formal notice of their relationship. It also prevents misinformation and rumor-mongering in the workspace which hampers productivity.

Different organizations have varying HR policies on how they deal with a spouse at the same office. If a company is strictly against work relationships, one of the spouses can be dismissed, though it would not be a popular move and discourage transparency. “You can’t legislate against office romances or indeed falling in love, and an outright ban would be totally unworkable,” says Churchman.

It is imperative for a company to have a policy on office relationships and furthermore ensure that all employees, especially spouses, get familiar with these and abide by them at all times during work hours. This includes coffee breaks, lunch breaks, business trips, etc.

Personal life and Professional life

The need to maintain a professional relationship between spouses in the same office space is vital. Often, the hardest battle in managing office relationships is inculcating the need to strike a balance between personal life and professional life. According to a research “on flirting at work” conducted by Amy Nicole Baker, an associate professor of psychology in University of New Haven, and an author on workplace romance papers, it was found that people who frequently witness other colleagues flirting often feel less valued by the company and have a decline in job satisfaction. This feeling of discomfort can also lead to many quitting their jobs. In order to prevent others from being uncomfortable and thus putting oneself under the radar.

Spouse In The Same Office: A Closer Look At The Implications for HR — *“Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction”*

Public displays of affection and flirtatious conversations can disrupt the working of the office and reek of unprofessionalism. It is essential to treat your spouse like a regular colleague within office hours and even in work parties, off-sites and other such events which are an extension to the office workspace.

Senior-Junior Relationship

In the case of a senior and subordinate getting married, the need for professionalism is critical in order to prevent conflict of interest. According to most office guidelines – it is necessary for the senior spouse not to be involved in the appraisal or evaluation of their partner. The two must not work together in the same department in order to curb the space for favoritism and nepotism within the workspace. There is also a potential threat to the security of confidential client information and the risk of information leaks.

To avoid the occurrence of favoritism, one spouse should be transferred to another department, and ideally, no couples should work together in the same department.

Divorce

The unfortunate scenario of a married couple splitting up can have deep repercussions on their work ethic, their behavior in the office as well as the office environment itself. The disclosure form should specify what would happen to both the parties in case of this occurrence. The way two ex-partners are treated in the office also deserves attention. They might act in a more isolated nature and may be unable to maintain good performance. This situation is a nursing ground for potential blame-game and office politics. This difficult period of the employees’ life should be battled with care and acceptance. They might not need advice and might need someone to listen to them in order to clear their mind and concentrate during work hours. In case of poor performance, they should be nudged towards the direction of working better and given gentle reminders instead of indifferent statements like “Your divorce is not our problem.”
Perhaps an Employee Assistance Program to help deal with such traumatic instances is worthy of consideration from employers.

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Can Millennial Stress be Resolved by Financial Wellness?

Stress is an issue bigger than ever for millennials, who are rushing ahead with their worklife, finding little time to enjoy the intricacies of life. They are not only toiling themselves with projects, preparing reports and meeting targets, but also when off the work they busy themselves worrying about their debt, savings and expenditure. India has been, off late, a very volatile economy with companies shutting down production and filtering out chunks of employees. As such millennials are forcing themselves to work in return for poorly paid salaries and unsatisfactory job environments. In most of the cases, they are not able to manage their day-to-day expenses and have to revert to debt; while in other cases are confused about their financial course.

A whopping 76% of Millennials say they are experiencing financial stress, up 23 percentage points from 2018, according to the PwC 2019 Employee Financial Wellness Survey.

Financial stress is the top contributor in affecting employee health and morale followed by their jobs and relationships. Matching your salary with your expenses is only the tip of the iceberg, when cash flow and debt issues add to the worries. Employees are worried that they are not able to save enough and will face or are facing a financial crunch. Let’s look at the major issues hounding today’s millennials in terms of finance:

Past concerns

With higher education becoming more expensive each year, an increasing number of new employees enter the corporate sector already laden with the burden of huge debt in the form of education loans or personal loans. As per Workplace benefits report 2017, 40% of millennials say that they left high school and college unprepared for the real world. As such they look upon their employers for the necessary guidance and help related to a majority of topics around financial wellness. 18% of millennials want more help with their student loans.

In some cases, these debts may be gifted down from one generation to another. A son may have to pay off a home loan or some other debt incurred by his father. These circumstances dilute the finances and millennials find it difficult to lay away the stress.

Present concerns

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent).

Peer pressure, maintaining the status quo and lavish lifestyles often lead millennials to the brink of a financial crisis if they do not plan their finances well in advance. Many are highly ignorant about how to proceed with investments; banks or mutual funds, long term or short term, commodity or shares, and a lot more. About 43% feel that they require more help with investing, 40% wanting more information on how to save taxes and 21% feel that they want to save more. It’s an additional issue when they require funds in a lump sum for unforeseen expenditure or a major purchase. They either trap themselves in instalments or else fall in a debt trap. 63% of Millennials consistently carry balances on their credit cards and two out of five have trouble making minimum monthly credit card payments.

Future Concerns

Besides provident fund schemes, gratuity and a few other benefits, employees aren’t assured adequately about their future. They remain concerned about their retirement and pension, their children’s education, medical expenses and a lot more. Pension schemes are offered by insurance firms, but which one is best suited remains a matter of concern. Career opportunities and growth also impact future and present decision making. Not surprising then that employees, especially millennials, find themselves to be dependent on their employers.

Why should employers take up financial wellness programmes?

Financial stress not only impacts an employee on a personal level, but his working capabilities and mental faculties get impacted too. Stress can be behind severe health concerns that may lead to employee absenteeism, employee turnover, and dissatisfaction. The issue of financial health becomes of utmost importance to keep the solubility of the firm intact on one hand and to achieve common organisational goals on the other. As per a survey, an employee spends 12 hours on an average each month stressing about their finances.

Bank of America Merrill Lynch report says that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors.

A well thought of and structured wellness programme may act as a tonic for the employees’ financial health:

#1 Making an in depth study of employee concerns before finalising on the mode the financial programme is critical. Not everyone shares the same crisis, and not everyone will desire third party approvals or advice before taking decisions. A financial assessment is essential before you initiate the program and want it to succeed. This can be an eyeopener for those employees who may have been unaware of the causes of their financial stress and will make them ready to adopt the new financial course.

#2 Educating employees about financial health and other resources should be taken care of as well. This can be one through seminars, online courses, or even lectures and classes conducted by an expert or professional.

#3 The employees must be educated on healthcare costs as well. It doesn’t hurt to take this opportunity to promote healthier lifestyles as well. This can save them a lot in the long run. Group insurance schemes and health insurance schemes should be encouraged as a norm in the organisation.

#4 Financial debt management, especially the management of student loans, is another area of focus. Employers, if possible, could even consider taking it upon themselves to sort out the education loan or debt of the employees as a gesture of goodwill. This can be offered as an employee benefit as well. Executed right, the company can go a long way in earning the reputation of being the best in class when it comes to their employees’ welfare.

#5 Then comes the basic question of managing the current expenses such as installments, deductibles, premiums and other expenses. There are several paradigms involved in financial planning and it can be overwhelming for a millennial who has just been placed on his job.

Encouraging employees to take part in these programmes and letting them get involved through participation, and one on one discussion will assist them in reducing their financial stress. The overall focus of the employee can shift to organisational task boosting his productivity and overall efficiency. At the individual level, it will boost their confidence to manage their current expenses and plan for their future expenses in advance. Financial wellness programmes can, therefore, help in improving employee health and quality of life. A healthy and financially sound human resource can be an unending source of profitability and efficiency for any enterprise.

Ganesh Chaturthi Holiday 2023: 5 Tips to Celebrate it With a Fibe Personal Loan

Ganesh Chaturthi holiday is a popular and highly anticipated festival for many across India. Also known as Ganesh Chaturdashi, Ganesh Utsav or Vinayak Chaturdashi, the festival celebrates the birth of Lord Ganesha and has a significant religious and cultural importance. This festive celebration begins and ends with tremendous enthusiasm all over the country.

It is particularly celebrated in Maharashtra, Gujarat, Uttar Pradesh, Odisha and Karnataka, among other states across the country. You can celebrate the festival in many ways, such as participating in community celebrations, bringing Lord Ganesh’s idol to your home, and more.

Read on to learn about the dates for Ganesh Utsav 2023, the various ways to celebrate and how to finance the festivities.

When is Ganesh Chaturthi in 2023?

The Ganesh festival 2023 will begin on 19th September. As per the Hindu calendar, Ganesh Chaturthi comes in the month of Bhadra, and according to the Gregorian calendar, it comes in August or September.

According to the Hindu calendar, the Ganesh Chaturthi 2023 start and end date is 18th September to 19th September. As a 10-day festival, Ganesh Visarjan will happen on 28th September, marking the end of the festivities.

What are the ways in which you can celebrate Ganesh Chaturthi?

Ganesh Chaturthi is a joyous festival for kids as well as adults. Here are some ways in which you can celebrate the festival this year:

Bring the celebration to your home or community

A popular way to celebrate the Ganesh festival is by bringing Lord Ganesh’s idol to your home or housing society. You can plan the scale of the preparation and celebration as per your liking, making it as grand as you want.

This type of celebration can bring all your friends, relatives and neighbours together to share in the joy. You can also organise the puja, prasad and meals for all guests and also arrange music and vehicles for the immersion on the various days.

Refurnish or renovate your living space

Renovating and decorating homes is a common practice during Ganesh Chaturthi. This is the ideal time to kickstart your home renovation, be it remodelling your kitchen or doing up your living room.

You can also add a fresh coat of paint to your home to give it a fresh look.

Upgrading your home décor, setting up lights, and changing your home interiors are a few ways you can try to create a festive atmosphere. Moreover, this can become one of the best ways to gear up for the next few festivals around the corner, like Navratri, Diwali, Christmas, and more.

Purchase an asset

Ganesh Chaturthi is an auspicious day, and many celebrate it by purchasing assets or investing in lucrative opportunities. You have various options, such as purchasing gold or silver, investing in stocks or mutual funds, or even opening a fixed deposit during this time.

You can also purchase assets like a home or a car during the festival. Additionally, many financial institutions and property dealers offer festive discounts during this time. This way, you get to celebrate the festival by securing your future prosperity thanks to great offers.

Travel and strengthen bonds with friends and family

Another way of celebrating the festival is travelling with your friends and family. You can either visit a holiday destination on your list or go to the city famous for its authentic celebration of the festival, such as Mumbai. You can see hundreds of pandals all over the city and visit famous mandals like Lalbaugcha Raja, Ganesh Galli Mumbaicha Raja, Khetwadi Ganraj, and more.

If you choose to skip this and enjoy natural beauty, museums, great food and adventure, you can plan your itinerary accordingly too. Jaipur, Goa, Indonesia and Sri Lanka are popular destinations where you can plan a holiday during this break.

Also Read about Travel Loan in India

Why choose Fibe Personal Loan to finance Ganesh Chaturthi celebrations?

As you can see, there are various ways of celebrating the Ganesh Chaturthi holiday festival. However, to celebrate to the fullest, you will need substantial funding. With the festival right around the corner, you may not have enough time to save up for it. Thankfully, with a Fibe Personal Loan, you need not worry about that and celebrate the festival without any compromise or worries.

You can easily get funding of up to ₹5 lakhs in just 2 minutes on Fibe and repay it affordably with a tenure of up to 36 months.

Here are other attractive features of getting a personal loan from Fibe:

Easy application process and quick disbursal
Online application anytime and anywhere
Minimal eligibility and document requirements
Accessible facilities to borrow multiple times and prepay without added charges

With these tips, gear up to celebrate Ganesh Utsav 2023 with a Personal Loan from Fibe. You can apply online and get approval in minutes. Download our Personal Loan App or register on the website to get started.

FAQs on Financing Ganesh Chaturthi with Fibe

Is Ganesh Chaturthi a national holiday?

No, Ganesh Chaturthi is not observed as a national holiday in India. However, some educational institutions, banks and offices remain closed in some Indian states like Gujarat, Orissa, Maharashtra, Andhra Pradesh and others.

How many days are there in the Ganesh Chaturthi holiday?

The Ganesh festival is celebrated for 10 days.

Are banks open or closed on Ganesh Chaturthi?

Banks remain closed in certain states on Ganesh Chaturthi as it marks the beginning of the festival. Some of these states are Gujarat, Orissa, Maharashtra, Tamil Nadu, Goa and others. The Ganesh festival 2023, i.e., Ganesh Chaturthi, falls on 19th September.

Loan Account Number: Why it is important and how to find it?

Having your Loan Account Number (LAN) readily available is crucial. This alphanumeric code specifically corresponds to your loan account and serves as a distinct identifier for borrowing money. Today, the process of getting a loan has become easier than ever. All you need to do is meet a lender’s eligibility terms, fill out an application online and attach the needed documents.

However, you must repay on time to service your obligation and maintain your financial health. This can be tricky to manage when you have more than one loan. Here’s where your LAN becomes vital to help you track your payments.

Read on to learn what is loan account number and how to run a loan number check online.

Importance of Loan Account Number or LAN for a borrower

A loan account number or LAN is a 14 or 15-digit unique identifier that your lender assigns after approving your loan application. This number ensures that each loan account has a distinct identifier. Now that you know what is a loan account number, it is essential to understand its significance.

1. Helps make payments

Knowing your LAN is essential when making EMI payments to ensure your funds get credited to the right account. You need it while paying your monthly loan instalments, regardless of your chosen payment method.

2. Support in getting loan-related information

It is essential to track and manage your loan account consistently. Your LAN enables you to access your loan status, view the balance and address queries associated with your loan.

3. Aids in updating your personal data

Knowing your LAN is also necessary to revise your personal information. This includes updating your contact details, employment status, residential address, or other essential information.

Ways to find your Loan Account Number

Check out the different ways through which you can find your LAN.

1. Look at your loan statement

When you apply for a loan, you get a loan statement. It includes all the essential details of your loan, including your LAN.

2. Log in to the lender’s website or app

Another way to execute a loan number check online is by accessing your lender’s official website or app. Log in to your account and access this information conveniently within minutes.

3. Check your credit report

You can also run a loan number check online by reviewing your credit report. It will showcase the details of your past and current loan accounts. Examine your credit report to find the specific loan amount and note the LAN.

4. Contact customer service

Another method of performing a loan account number check is by getting in touch with your lender’s customer service team. You can call the helpline or send an SMS or email to get the information.

5. Visit the branch office

You can also visit the nearest branch of your lender and request your LAN. A representative will provide you with the information after verification.

Now that you know how to perform a loan account number check, you can keep track of repayment with ease. To ensure this is easy on your pocket, select a lender who offers affordable financing. Get an instant loan online of up to ₹5 lakhs in just 2 minutes on Fibe! Simply download our Personal Loan App or sign up on our website.

FAQs on how to find a Loan Account Number

Is the loan number the same as the account number?

No, a loan account and bank account numbers are not the same. The LAN is a unique number that a financial institution assigns when your loan application gets approved. Conversely, a bank account number is a unique number associated with each bank account you maintain with a financial institution.

What is the meaning of a loan account number?

A loan account number or LAN is a unique identifier that a financial institution assigns to your loan account once the loan is approved and sanctioned.

How many digits are there in a loan account number?

A loan account number or LAN has 14 or 15 digits.

How do I find my 7-digit loan number?

You can find your LAN using various methods. You can check it by examining your loan statement, logging in to the lender’s website or app, checking your credit report, contacting the lender’s customer service or visiting the lender’s branch.

How to calculate EMI in Excel? Important points you need to know

To calculate EMI in Microsoft Excel, it is essential that you know the correct formula to avoid any errors. An EMI or equated monthly instalment is the amount you repay the lender when you avail of a personal loan or any other form of credit. Calculating your EMIs beforehand helps you assess your repayment schedule and manage your finances better. After all, they dictate your overall borrowing costs throughout your loan tenure.

Most lenders offer online personal loan EMI calculators on their websites, so you can check them instantly with just a single click. But, if you prefer checking them manually, you can easily calculate EMI in Excel using the appropriate formula. Continue reading to understand how to calculate EMI in Excel and the right EMI formula in Excel.

What is the correct EMI formula in excel to calculate Personal Loan EMIs?

Here is the EMI formula in Excel that can help you compute your EMIs accurately. Use the following PMT function in an Excel cell to get your personal loan EMI.

EMI of your personal loan = PMT(RATE,NPER,PV,FV,TYPE)

Where,

Rate indicates the interest rate of your personal loan on a monthly basis
NPER implies the maximum number of monthly instalments
PV means the present value of your loan amount
FV indicates the future value or a specific value that remains after you make the last payment
TYPE can be written as either 0 or 1

When using the formula to calculate EMI in Excel, remember that the FV you enter must be 0. Also, you can enter 0 in TYPE when you pay your instalment at the end of a month and 1 when you pay your instalment at the beginning of every month. Using the correct Excel function lets you compute accurate values, helping you easily evaluate your monthly obligations.

Also Read: Foreclosure charges on personal loan

How to calculate EMI in excel for a Personal Loan?

Follow this step-by-step guide and evaluate your personal loan EMI:

Step 1: Download MS Excel on your PC/smartphone

Step 2: Open a new worksheet to calculate your personal loan EMI

Step 3: Provide loan details, such as interest rate, tenure and loan amount, in the designated cells

Step 4: Add the formula to calculate EMI in Excel, as mentioned before

That’s all. Now you can compute your monthly instalments hassle-free!

What are the important factors to consider when using the EMI formula in excel?

While you need to consider various pointers when using an EMI formula in Excel, know the factors affecting your personal loan EMI. This helps you tweak the variables until you arrive at a comfortable repayment schedule.

Your EMI is determined by various factors, such as:

Interest rate: A higher interest rate translates to a higher EMI
Credit score: An optimal credit score can get you a loan at lower interest rates, which can reduce your EMIs
Repayment duration: A longer repayment window can lower your EMIs, while a shorter tenure increases your monthly instalments

Now that you are aware of some factors that can affect your EMIs, consider these points when calculating your EMI in Excel:

Remember that the Excel formula always considers the monthly interest rate as input. Hence, convert the annual interest rate to a monthly rate by dividing it by 12.
As personal loan interest rates do not remain constant, be sure to update your Excel formula accordingly.
Double-check the values you enter in Excel. Even a small mistake can give you an incorrect value and affect your budget planning.

Using an EMI calculator in an Excel sheet is simple and easy once you know the right formula. This aids in effective financial management, helping you evaluate your monthly obligations well in advance.

While an EMI calculator in an Excel sheet helps compute your monthly instalments, rechecking the values using a personal loan EMI calculator is ideal. You can use the personal loan EMI calculator on Fibe before applying for a personal loan to check for accuracy. At Fibe, you can get up to ₹5 lakhs at interest rates starting at just 2% p.m. Download our Personal Loan App or register on our website to get started.

FAQs on how to calculate EMI in excel

What is the personal loan EMI formula?

You can compute your personal loan EMI using the following formula:

EMI = [P x R x (1+R) ^N] / [(1+R) ^ N-1]

Where,

P = Principal amount

R = Interest rate

N = Loan tenure

How to calculate EMI in Excel for simple interest?

It is easy to calculate EMI in Excel on simple interest using the PMT function. This financial function in Excel allows you to calculate your repayment amount based on a constant interest rate, loan amount and loan tenure. The formula for the same is:

SI = Principal X Interest Rate X Term (in years)

What is the Excel formula for loan payment?

You can use the PMT function in Excel to calculate the monthly loan repayment amount. Simply enter the loan amount, loan tenure and interest rate to calculate your monthly EMI.

ICICI Bank FD Interest Rate 2023 : Know the current rates and open an FD

With the latest FD interest rates of ICICI Bank, you can now open an FD and earn lucrative returns. While regular investors can get interest rates of up to 7.10% p.a., senior citizens can enjoy rates of up to 7.60% p.a., depending on the chosen tenure.

To start your FD investment with ICICI, all you need is ₹10,000. This coupled with flexible tenure options going up to 10 years, can help you earn handsome FD returns to match your financial goals.

Read on to learn the current ICICI FD rates, eligibility requirements and the documents required to open an FD account.

FD interest rates of ICICI Bank for deposits Less Than ₹2 crores

Here is a table depicting the FD rate of ICICI Bank based on the investor’s age and chosen tenure.

Tenure	Regular Citizen FD Interest Rates	Senior Citizen FD Interest Rates
7 days to 14 days	3.00% per annum	3.50% per annum
15 days to 29 days	3.00% per annum	3.50% per annum
30 days to 45 days	3.50% per annum	4.00% per annum
46 days to 60 days	4.25% per annum	4.75% per annum
61 days to 90 days	4.50% per annum	5.00% per annum
91 days to 120 days	4.75% per annum	5.25% per annum
121 days to 150 days	4.75% per annum	5.25% per annum
151 days to 184 days	4.75% per annum	5.25% per annum
185 days to 210 days	5.75% per annum	6.25% per annum
211 days to 270 days	5.75% per annum	6.25% per annum
271 days to 289 days	6.00% per annum	6.50% per annum
290 days to less than 1 year	6.00% per annum	6.50% per annum
1 year to 389 days	6.70% per annum	7.20% per annum
390 days to less than 15 months	6.70% per annum	7.20% per annum
15 months to less than 18 months	7.10% per annum	7.60% per annum
18 months to 2 years	7.10% per annum	7.60% per annum
More than 2 years to 3 years	7.00% per annum	7.50% per annum
More than 3 years to 5 years	7.00% per annum	7.50% per annum
More than 5 years to 10 years	6.90% per annum	7.50% per annum

Disclaimer: These rates are the most recent FD rates as of August 2023 and may be revised by ICICI.

Make sure you check the bank’s website or app before you open an FD to get the latest rates. Furthermore, for deposit amounts exceeding ₹2 crores, the FD interest rate of ICICI Bank differs. You can access these on the website.

Remember, these rates also vary depending on the tenure. So, use an FD calculator to compute your earnings well in advance and open an FD scheme that best aligns with your needs and goals.

Read Also: ICICI balance check number

Who can open an ICICI Bank FD?

To open an FD with ICICI Bank, you must meet the required parameters set by the bank. The following groups can open an FD account in ICICI Bank:

Indian residents over the age of 18 and minors under the custody of a guardian
Member of Hindu Undivided Families
Sole proprietorship and partnership firms
Limited companies
Trusts
Non-resident Indians

Documents Required to open an ICICI Bank FD

Once you have checked the eligibility terms and interest rates, you can open an FD with the following documents.

Identity proof: Aadhaar card, Passport, NREGA card, Driver’s licence, Voter ID, etc
Address proof: Utility bill, Letter issued from the National Population Register, Aadhaar card, Passport, etc.

You can generate guaranteed returns when you park your funds in an FD. Being a non-market-linked investment, it’s a great option if you want to invest in low-risk avenues. Moreover, FDs also have the option of premature withdrawal, giving you immediate access to funds if you need it. However, this comes with a small penalty that may affect your overall earnings.

Instead, you can opt for an Instant Personal Loan from Fibe. Get instant access to loan amounts of up to ₹5 lakhs at competitive rates and flexible tenures with us. Register on the Fibe Personal Loan App or website and enjoy the benefits of a fast and simple 100% digital application process.

FAQs on ICICI Bank FD Interest Rates

What is the interest rate of FDs in ICICI Bank?

The FD interest rates of ICICI Bank start from 3.00% and go up to 7.10% per annum for non-senior investors. Senior investors can enjoy rates starting from 3.50% p.a. and up to 7.60% p.a.

What is the current FD rate of ICICI Bank?

ICICI FD rates depend on your deposit amount, tenure and age. If you are under 60 years of age, you can get interest rates ranging from 3.00% to 7.10% per annum. For senior citizens, the rate of interest for an ICICI FD varies between 3.50% and 7.60% per annum.

Is ICICI Bank safe for fixed deposits?

Yes, you can trust ICICI Bank and open an FD to earn secure and guaranteed returns. This is one of the safest FDs with a credit rating of ‘AAA.’

Can I break an ICICI FD anytime?

You can liquidate your deposit before the maturity date by paying a small penalty. However, if you open an ICICI FD without the premature withdrawal facility, you cannot liquidate it before your maturity period.

Fixed deposit rates of Kotak Mahindra Bank: Know the FD rates and invest wisely

Fixed deposit rates of Kotak Bank go up to 7.70%. FDs offered by Kotak Mahindra Bank are popular as this well-recognised financial institution is one of India’s fastest-growing banks.

At Kotak, you can book at FD even without building a huge corpus as the minimum cap starts at ₹5,000. There is no maximum limit to your investment and Kotak Bank allows investments up to ₹100 crores and more.

Kotak Bank FD Rates for senior citizens are 0.50% higher as compared to those for other citizens. Investors below 60 can get rates up to 7.20% on an FD from Kotak Mahindra Bank as of May 2023.
Read on to learn more about the fixed deposit rates of Kotak Mahindra Bank in 2023.

Kotak Mahindra Bank FD rates for deposits less than ₹2 crores

While Kotak Bank’s FD rates give you the best opportunity to get assured returns as your investment grows away from market volatility, the rate depends on the tenure. For all investments of ₹2 crores and below, see the table below to find the most recent fixed deposit rates of Kotak Mahindra Bank in 2023.

Maturity Periods With Premature Withdrawal Allowed	Kotak Bank FD Rates for Regular Investors	Kotak Bank FD Rates for Senior Citizens
7 – 14 Days	2.75%	3.25%
15 – 30 Days	3.00%	3.50%
31 – 45 Days	3.25%	3.75%
46 – 90 Days	3.50%	4.00%
91 – 120 Days	4.00%	4.50%
121 – 179 days	4.25%	4.75%
180 Days	7.00%	7.50%
181 Days to 269 Days	6.00%	6.50%
270 Days	6.00%	6.50%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.50%	7.00%
365 Days to 389 Days	7.10%	7.60%
390 Days (12 months 25 days)	7.20%	7.70%
391 Days – Less than 23 Months	7.20%	7.70%
23 Months	7.20%	7.70%
23 months 1 Day – less than 2 years	7.20%	7.70%
2 years – less than 3 years	7.00%	7.50%
3 years and above but less than 4 years	6.50%	7.00%
4 years and above but less than 5 years	6.25%	6.75%
5 years and above up to and inclusive of 10 years	6.20%	6.70%

If you want to invest an amount more than ₹2 crores, check the latest fixed deposit rates for Kotak Bank on the website or app. Also, remember that the bank may revise rates based on internal and external factors, so view the most recent rates before you invest.

Also Read: Kotak Mahindra bank balance enquiry number

Benefits of Choosing Kotak Mahindra Bank FDs

Here are the standout advantages of booking a Kotak Bank deposit.

Receive a Handsome Payout: Watch your savings grow with the high fixed deposit rates for Kotak Mahindra Bank. What’s more, Kotak’s FDs are rated AAA by CRISIL, which means it is a reliable and trustworthy option when you want to reduce your exposure to risk.

Get Interest Earnings at Maturity or Regular Intervals: If you need money periodically, you can invest in a Kotak FD that offers regular payouts every month or quarter. To earn more, you can choose a cumulative FD and receive earnings at maturity. This flexibility helps all investors find a suitable option.

Freedom of Choice: You can invest in an FD at Kotak for any time, starting from 7 days to 10 years. This helps you meet both short-term and long-term goals.

Liquidity At Any Time: You can withdraw your Kotak Bank FD either partially or fully before maturity as per the terms. This helps you get liquidity when you need it. What’s more, if you need more funds, you can use the overdraft facility and borrow against your FD.

Now that you know the fixed deposit rates for Kotak Bank, make sure to plan your investment smartly. To avoid partial withdrawal and continue earning on your investment, get instant Personal Loan instead. At Fibe, you can access up to ₹5 lakhs in just 2 minutes. Download our Personal Loan App or register on our website to get started.

FAQs on Fixed Deposit Rates of Kotak Mahindra Bank

What is the interest rate for FDs at Kotak?

Interest rates on fixed deposits with Kotak Mahindra Bank vary depending on the term and deposit amount. If you plan to invest up to ₹2 crores, Kotak’s FD interest rates go up to 7.70%.

How can I get 6% interest at Kotak Mahindra Bank?

As a regular investor, you can get an FD interest rate of 6% at Kotak Mahindra Bank by investing under ₹2 crores for 181 to 263 days.

What is the maximum FD amount at Kotak Bank?

There is no maximum limit for fixed deposit investments at Kotak Bank. You can invest a substantial amount, even over ₹100 crores.

What is the interest rate for an FD of ₹1 lac at Kotak?

The fixed deposit rates of Kotak Mahindra Bank for an investment of ₹1 lakh change based on the tenure. However, you can get anywhere between 2.75% and 7.70%.

Is Kotak Bank safe for fixed deposits?

Yes, Kotak Mahindra Bank is considered safe for fixed deposits as it enjoys the highest safety rating from CRISIL and carries the protection of the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakhs.

Can a Kotak FD be withdrawn?

Yes, you can withdraw a Kotak Bank Fixed Deposit before maturity. However, penalty charges or revised interest rates may apply.

Latest Fixed Deposit Interest Rate of DBS Bank

DBS Fixed Deposit interest rates were revised recently and offer investors high returns alongside convenience and safety. DBS is a celebrated bank, which has received accolades as the ‘World’s Best Bank’ and ‘Safest Bank in Asia’ multiple times.

You can get a high-interest rate of 7.50% when you book an FD at DBS Bank and enjoy a number of other features and benefits too. What’s more, you can choose the tenure that best suits you from the multiple options offered.

Following market trends, DBS Bank also offers perks to senior citizens booking fixed deposits. DBS Bank FD rates for seniors are higher by 0.50% for FDs booked for more than 181 days, which allows them to earn up to 8% interest per annum.

Read on to learn more about the DBS Fixed Deposit interest rate in 2023 for different maturity timelines.

DBS Bank FD interest rates for deposits below ₹2 crores

Opening an FD allows you to earn assured, predictable returns that you can count on. With a higher FD rate, you can earn more from your DBS Bank FD. Take a look at the latest rates as of July 2023.

The table below outlines the DBS Fixed Deposit interest rate based on your tenure and your profile as an investor.

Fixed Deposit Tenor	DBS FD Rates for Regular Citizens	DBS FD Rates for Senior Citizens
7 days	2.50%	2.50%
8 days & up to 14 days	2.75%	2.75%
15 days & up to 29 days	4.00%	4.00%
30 days & up to 45 days	2.75%	2.75%
46 days & up to 60 days	2.75%	2.75%
61 days	4.50%	4.50%
62 days & up to 90 days	3.00%	3.00%
91 to 180 days	3.00%	3.00%
181 to 269 days	4.75%	5.25%
270 to less than 1 year	4.75%	5.25%
1 year to 375 days	6.25%	6.75%
376 days to 540 days	7.25%	7.75%
541 days to 599 days	7.25%	7.75%
600 days	7.25%	7.75%
601 days to less than 2 years	7.25%	7.75%
2 years to less than 2 years & 6 months	7.25%	7.75%
2 years & 6 months	7.25%	7.75%
2 years 6 months 1 day & less than 3 years	7.50%	8.00%
3 years and less than 4 years	6.50%	7.00%
4 years to less than 5 years	6.50%	7.00%
5 years and above	6.50%	7.00%

The FD rates displayed in this table are only applicable to individual Indian citizens. If you plan to invest more than ₹2 crores, you can get preferential rates, so contact DBS to know more.

DBS Bank also offers Tax-saver FDs, which allow you to get tax exemptions on the deposited amount. While regular investors can get an interest of 6.50% for a 5-year term, seniors can get an interest of 7%.

Also Read: Best banks for saving accounts in India

Benefits of starting an FD at DBS Bank

Here are the advantages you can access when you invest in a DBS Bank Fixed Deposit.

Invest without delay: You can open an FD with DBS Bank with just ₹10,000 and get started on your investment journey without wasting a minute! What’s more, when you use the Digibank mobile application, you can start an FD investment with just ₹5,000.

Choose from short to long tenures: You can not only enjoy high DBS Bank FD interest rates but also enjoy flexibility when it comes to choosing when your investment matures. Pick a tenure from 7 days to 5 years or more, so you can receive your interest payout when you need it.

Open cumulative or non-cumulative FDs: Decide when you want to receive the interest earnings, every month or every quarter or get them at maturity to earn more.

Experience simplicity with the mobile app: Digibank is a mobile banking application powered by DBS, on which you can open a fixed deposit digitally. You can also track your earnings, add a nominee and manage your FD seamlessly using the app.

Enjoy safety at every step: When you open your FD with DBS Bank, you can also protect your invested corpus with the insurance provided by DICGC up to ₹5 lakhs.

With all these benefits, opening an FD with DBS Bank is one of the ways you can strengthen your financial health for the future. However, in case you need instant funds now for life’s many upgrades, you can rely on Fibe.

Get a Personal Loan in just 2 minutes at affordable rates online to access up to ₹5 lakhs. Download our Personal Loan App or register on our website to get started.

FAQs on DBS Bank FD rates

What is the interest rate on FDs in DBS Bank?

DBS Bank offers varying interest rates on fixed deposits depending on the deposit amount, tenure and age of the investor. As of now, you can get FD rates up to 8% from DBS Bank for deposits under ₹2 crores.

What is the DBS Fixed Deposit interest rate in 2023?

As of July 2023, DBS Bank offers FD rates up to 7.50% to regular citizens and up to 8% to senior citizens on deposits for at least 2 years, 6 months and 1 day and shorter than 3 years.

Does DBS have fixed deposit options?

Yes, DBS Bank provides various fixed deposit options, allowing you to build your wealth safely and away from market fluctuations.

How is the DBS Fixed Deposit interest calculated?

The interest you earn from a DBS fixed deposit is calculated based on the deposit amount, interest rate, and the duration you choose to keep your money locked in. It also differs based on whether you choose to receive the payout at maturity or at regular intervals. To make your calculation easy, you can use the DBS Bank FD calculator.

How do I withdraw a fixed deposit from DBS?

You can prematurely withdraw your FD with DBS Bank using the mobile app, Digibank, or via net banking. In such cases, you will earn interest at a reduced rate with a 1% penalty based on the bank’s terms and conditions.

IndusInd Bank Toll-Free Number: How to get 24X7 Customer Care

With the IndusInd Bank toll-free number, you can get immediate assistance regarding any banking-related query. Be it issues with your credit card, bank account, loan, fixed deposit or anything else, calling the bank’s 24X7 toll-free numbers can get you a resolution.

The IndusInd Bank toll-free number will connect you to customer service representatives, who will help you address the issue. This way, you can get your queries resolved faster rather than visiting the bank’s branch or writing an email to the team.

Read on to know the IndusInd Bank toll-free number for phone banking, balance enquiry and more.

IndusInd Bank Phone Banking Contact Numbers

If you have any query, complaint or feedback regarding your IndusInd Bank account, you can call customer care using your registered mobile number to avail of the required assistance.

Premium and regular banking customers of IndusInd Bank can call customer care number 18602677777. On this number, you can make any complaint, seek help or ask any questions related to your IndusInd Bank account.

To get your updated account balance, you can give a missed call to the IndusInd Bank customer care number for balance enquiry, which is 18002741000. This toll-free number sends you your account balance updates via SMS.

If you have any query or complaint about your vehicle loan, call toll-free on 18001023333. Note that this number is only available from Monday to Friday, between 9 AM and 6 PM. Moreover, your IndusInd bank complaint number will depend on your insurance partner for insurance policy-related matters.

The table below has the number linked to the insurer.

Insurance Partners	IndusInd Bank customer care number
Care Health Insurance	1800 102 4488
Cholamandalam MS General Insurance Company Ltd.	1800 208 5544
ICICI Prudential Life Insurance Co. Ltd.	1860 266 7766
Reliance General Insurance Co. Ltd.	022 4890 3009
Tata AIG General Insurance Company Limited	1800 266 7780
Tata AIA Life Insurance Company Limited	1860 266 9966

In addition to this, IndusInd Bank offers other missed call services for its customers. You can call on 18005323344 to apply for a loan. To get products other than a loan, call 18008336677.

Customer Care Details for IndusInd Bank Credit Card Queries

IndusInd Bank offers a number of credit card options. For assistance with regard to your credit card or to report a lost card or any suspicious activity, you can call the IndusInd Bank complaint number 18602677777. You can also check your credit card application on the same toll-free number.

IndusInd Bank Toll-free Numbers for NRI Customers

If you are an NRI IndusInd Bank customer, here are the contact details.

Account or credit card issues: 022-68577777, 022-44066666, or 022-42207777
Queries related to vehicle loans: 18001023333
Account balance: 18002741000

With these contact details on hand, you can enjoy a comfortable banking experience with IndusInd Bank. Keeping an eye on your account balance can help you understand when you need to catch up, especially if you have a big-ticket expenditure coming up.

Be it upgrading your electronics during the festive season or addressing other financial gaps, you can get quick and hassle-free financing at Fibe. Our instant money loan of up to ₹5 lakhs are available in just 2 minutes. To explore your options, download the Fibe Personal Loan App from the Google Play Store or App Store or register on our website.

FAQs on IndusInd Bank Toll-free number

How can I check my IndusInd Bank account balance?

To get the updated account balance for an IndusInd Bank savings account, give a missed call from your registered mobile number. The IndusInd Bank customer care number for balance enquiry is 18002741000.

How can I call IndusInd Bank customer care?

You can call the toll-free IndusInd Bank number to talk to a customer care representative from your registered mobile number. The customer care number will depend on your location and the assistance you need.

What is the toll-free number for the IndusInd Bank balance inquiry?

You can give a missed call on the toll-free number 18002741000 to get your IndusInd Bank account balance via SMS. Ensure you make the call from your registered mobile number.

Axis Bank’s Fixed Deposit Rate for 2023: Know the current rates and open an FD

The fixed deposit rates of Axis Bank change based on whether you are a senior citizen or a regular investor. It also depends on your investment duration and amount. Axis Bank is an award-winning financial institution which offers some of the best FD rates.

Fixed deposits are one of the safest and easiest ways to grow your money. After all, the return rate of the fixed deposit remains constant despite market fluctuations, keeping your invested corpus risk-proof.

This is why locking in your funds at the best rate gives you high returns. Axis Bank offers an interest rate of 7.85% to senior citizens. This is 0.75% higher than the interest rate for other investors, which stands at 7.10%. The interest rate hike for seniors differs based on the FD tenure and amount, so check the rates before you finalise your investment in case you are investing on behalf of a senior.

You can start investing in an Axis Bank fixed deposit with just ₹5,000. This makes investing easy even if you don’t have huge savings.

Read on to learn more about the FD rate of Axis Bank for different amounts and timelines and plan your investment for the future.

Fixed deposit interest rates of Axis Bank for deposits less than ₹2 crores

Investing in an FD for different tenures gives different rates of return. The table below gives you the FD rates of Axis Bank as of August 2023.

Tenure	FD Interest Rates for Regular Citizens (in %)	FD Interest Rates for Senior Citizens (in %)
7 days to 14 days	3.50	3.50
15 days to 29 days	3.50	3.50
30 days to 45 days	3.50	3.50
46 days to 60 days	4.00	4.00
61 days < 3 months	4.50	4.50
3 months < 4 months	4.75	4.75
4 months < 5 months	4.75	4.75
5 months < 6 months	4.75	4.75
6 months < 7 months	5.75	6.00
7 months < 8 months	5.75	6.00
8 months < 9 months	5.75	6.00
9 months < 10 months	6.00	6.25
10 months < 11 months	6.00	6.25
11 months to 11 months 24 days	6.00	6.25
11 months 25 days < 1 year	6.00	6.25
1 year to 1 year 4 days	6.75	7.50
1 year 5 days to 1 year 10 days	6.80	7.55
1 year 11 days to 1 year 24 days	6.80	7.55
1 year 25 days < 13 months	6.80	7.55
13 months < 14 months	7.10	7.85
14 months < 15 months	7.10	7.85
15 months < 16 months	7.10	7.85
16 months < 17 months	7.10	7.85
17 months < 18 months	7.10	7.85
18 Months < 2 years	7.10	7.85
2 years < 30 months	7.05	7.80
30 months < 3 years	7.00	7.75
3 years < 5 years	7.00	7.75
5 years to 10 years	7.00	7.75

Do remember that the FD rate of Axis Bank may change at the bank’s discretion. Make sure you check before investing. Also, if you plan to invest more than ₹2 crores, note that the rates are different.

So, check the latest rates of Axis Bank and forecast your returns before you proceed.

Also Read: Axis Bank Customer Care Number

Benefits of investing in an Axis Bank FD

Apart from the attractive fixed deposit rates of Axis Bank, there are many other benefits you can enjoy when you invest. They include the following.

Easy to start: You can start on your investment journey with just ₹5,000 using either the Axis Bank mobile app or net banking. Both online modes are simple, giving you a convenient way to book your FD. In case you want to book an FD in person, you can visit one of the 4,903 branches of Axis Bank and start your investment with ₹10,000.
Choose suitable tenures based on your needs: You can choose a short maturity timeline of only 7 days or invest up to 10 years. This flexibility allows you to match your FD duration to your goals.

Get periodic income or reinvest: With an Axis Bank FD, you can earn more by choosing a reinvestment deposit. This is a cumulative FD where your interest is compounded and you can access your payout at maturity.

Book a digital deposit quickly and enjoy zero penalty: You can book a digital deposit with Axis Bank in just 7 minutes through video KYC. Another advantage is that you do not have to pay any penalty for premature withdrawals.

Some of the other pros of an Axis Bank FD include:

It’s a convenient facility to transfer funds from your savings account to book an FD and earn more.
You can get higher returns with quarterly compounding of interest on FDs that exceed the duration of 6 months.
You can access your earnings at regular intervals with quarterly or monthly payouts.

As you start off your investment, keep an eye on your current finances too. If you need funds for the short term, you can rely on Fibe. Get an Instant cash loan of up to ₹5 lakhs with an easy online application on our Personal Loan App or website.

FAQs on Axis Bank FD rates in 2023

What is the FD rate of Axis Bank?

The fixed deposit interest rates of Axis Bank vary depending on the term you choose. You can check the current FD interest rates of Axis Bank for the year 2023 on the official website.

What is the 7% interest rate at Axis Bank?

You can book an FD at Axis Bank and get an interest rate of 7% on FDs for 30 months to 10 years as a regular citizen.

What is the maximum FD amount at Axis Bank?

You can invest ₹100 crores or more in an Axis Bank FD. There is no upper limit.

Is Axis Bank a safe bank for fixed deposits?

Yes, Axis Bank is generally considered safe for fixed deposits, which enjoys an ICRA AAA (Stable) rating. It is an established bank and your fixed deposits are secured up to ₹5 lakhs as per DICGC guidelines.

What are the fixed deposit interest rates of Axis Bank for ₹1 lakh?

The interest rate of a fixed deposit of ₹1 lakh of Axis Bank as of August 2023 starts at 3.50% and goes up to 7.10% for regular investors, based on the chosen tenure.

What are the Axis Bank FD rates in 2023?

FD interest rates for Axis Bank in 2023 vary over time. To get accurate and up-to-date information, check the official website or app. As of August 2023, the higher FD rates Axis Bank offers go up to 7.85%.

Can I cancel the Axis Bank FD at any time?

Yes, Axis Bank usually allows early withdrawal of fixed deposits. However, penalty charges or revised interest rates may apply. It is best to check the exact terms and conditions for cancelling your fixed deposit.

What are the latest Post Office FD Interest Rates?

Post Office FD interest rates are usually revised every quarter and with the recent revision, you can earn good returns of up to 7.50%. Post Office Savings Schemes have been in existence since India’s independence and were meant to promote a habit of saving among citizens since their launch.

The Time Deposit or Fixed Deposit is one among other such schemes, such as National Savings Recurring Deposit (RD), Public Provident Fund (PPF) and National Savings Monthly Income Account (MIS). As such, it is a traditional route to save and holds the trust of investors across the country.

As with other FDs, the Post Office FD scheme is non-market linked. It is regulated by the Post Office of India and backed by the government, making it an ideal choice to reduce the risk exposure of your investment portfolio.

Read on to know the Post Office latest interest rates for FDs as per the tenure.

Post Office FD Interest Rates 2023

The Post Office Fixed Deposit (FD) scheme ensures the safety of your investment. By understanding fixed deposit Post Office interest rates, you can capitalise on your investment and save for future needs. Keep in mind that your interest is computed every quarter and paid annually in such deposits.

The Post Office latest interest rates for FDs vary based on the tenure, so check the table below to see what you stand to earn.

FD Tenure	Post Office FD interest rates in 2023
1 year (12 months)	6.90%
2 years (24 months)	7.00%
3 years (36 months)	7.00%
5-year Tax -Saver FD (60 months)	7.50%

These rates are valid up to August 30, 2023 and you can check the latest rates before you invest to ensure you are making the right choice.

Also Read: Best banks for saving accounts in India

Features of the India Post Fixed Deposit

There are several beneficial features as mentioned below of this Time Deposit offered by the Post Office.

Simple choices of tenure and low starting value: As you can see in the table above, you can start your investment for 1, 2, 3 or 5 years. The best part is that you need not delay your investment as you only need ₹1,000 to book an FD. There is no upper limit as long as you increase your investment in multiples of 100.

Easy extension of the duration: You have the option to extend your account once it matures. If you choose to do so, you can continue the account for the same period as the original tenure. Simply follow the prescribed period to notify the Post Office of your decision to do so:
- for a 1-year FD, you can extend within 6 months of maturity
- for a 2-year FD, you can extend within 12 months
- for 3- or 5-year FD, you can extend within 18 months

Tax benefits: Apart from the high Post Office 5-year FD interest rate of 7.50%, you can

enjoy the advantage of tax exemptions on your investment as per Section 80C of the Income Tax Act, 1961.

Easy access to liquidity: You can close your FD account earlier than your chosen tenure if you need access to cash. However, this is permitted only after 6 months. In such cases, an interest penalty will apply based on when you withdraw your investment.

Open to all and no restriction on the number of accounts: As an individual, you can start your investment in a Post Office FD without any restrictions. In fact, you can open an account on your own or a joint account with two other individuals. Guardians can start this FD for minors and minors can also start this investment if they are above the age of 10 years.
What’s more, you can benefit from laddering by opening multiple FDs as there is no cap on the number of accounts you open.

These benefits of Post Office Fixed Deposits allow you to grow your money and secure your financial future with ease. However, make sure you check the prevailing rates of other FDs in the market before making your choice.

To avoid prematurely withdrawing your FD, you can avail of a Personal Loan up to Rs.5 lakhs from Fibe. It takes just a few minutes to apply online, so download our Personal Loan App or register on the website today!

FAQs on Post Office FD Interest Rates

What is the interest on ₹1 lakh in a Post Office FD?

The interest you earn on an FD of ₹1 lakh in a Post Office FD will depend on the specific tenure you choose and the prevailing Post Office FD interest rates. If you invest for 1 year as of August 2023, you can earn approximately ₹7,081.

Which fixed deposit is best in Post Office FD?

The best fixed deposit tenure depends on your financial goals, as different tenures come with varying interest rates. You can get a return rate ranging from 6.90% to 7.50%. If you want to earn high returns and get tax benefits, go for the 5-year Tax-Saver FD.

What are Post Office FD interest rates in 2023?

The fixed deposit Post Office interest rates in 2023 vary based on the tenure. The rates start at 6.90% and go up to 7.50%.

Is the Post Office FD 100% safe?

Yes, investing in Post Office FD is considered safe as it is backed by the Government of India. It is a secure investment option with guaranteed returns.

Can I double my money in 5 years with a Post Office FD?

No, as of now, you can get an interest of 7.50% on 5-year Post Office FDs, which does not double your investment.

What is the maximum FD amount I can invest in a Post Office?

There is no maximum limit for investing in a Post Office FD. You can start your investment with ₹1000 and up in multiples of 100.

Is it good to invest in Post Office FD?

Investing in Post Office FD can be a good option for secure and guaranteed returns. It provides a fixed interest rate, making it suitable for conservative investors seeking stability.

What is GST? Important points to know about the taxes on goods and services

Before GST, there were numerous taxes on goods and services. This included VAT, excise, service tax and more. The multitude of taxes made the taxation process increasingly challenging to comply with. To resolve this, GST was proposed in the year 2000. However, it wasn’t until 2017 that GST implementation in India truly began.

Read on to know more about what is GST and other details about GST.

Introduction of GST in India

GST implementation in India did not happen until around 17 years after it was first proposed. To help the country adapt to this new tax system, the introduction of GST in India happened after CST was phased out. Since its implementation, compliance with indirect taxation norms has become simpler and easier.

Purpose of GST in India

Prior to GST, numerous taxes were levied on goods and services, such as CST, excise, VAT and more. As such, one of the significant purposes of introducing GST in India was to subsume or replace these various taxes on goods and services.

It actually helped in simplifying the taxation process and reducing the burden on the taxpayers. It also made compliance easier and helped curb tax evasion. GST also helped eliminate the cascading effect of taxes, as you can now easily set off your input and output tax.

GST is also helping improve the logistics and distribution system because of a single system of taxation. This has resulted in improved turnaround time, minimised cycles, easy consolidation and other benefits.

Also Read: Is personal loan interest tax deductible

How Does GST Work?

GST in India is a multi-stage and destination-based tax. This means that GST is applicable at every stage of the sale and paid by the consumer/buyer of the product.

Here is an example to help you understand GST working in India.

A manufacturer pays GST on the raw materials purchased and subsequently levies GST for the product sold, which was created using the raw materials. This cycle continues till the product reaches the end consumer.

The payment of GST happens through the GST return filing system. During this process, the taxpayer sets off the tax received against the tax paid and the difference will be the liability. If the tax paid is more than the tax received, they will have a positive input balance. However, if the case is the opposite, they will have to pay the difference as GST tax.

The GST rate depends on the type of product and the type of GST applicable. Currently, the tax slabs for GST are 5%, 12%, 18% and 24%.

Types of GST in India

There are four types of goods and service tax in India and their applicability depends on the place of supply, transaction and sale. The four types of taxes are:

SGST (State)

This is applicable when the supply takes place within a state and the portion goes to the State government.

CGST (Central)

This is applicable when there is an intra-state supply of goods and services. This portion goes to the Central government.

IGST (Integrated)

This tax applies when the supply is interstate, i.e., between two states and this tax component goes to the states involved in the transaction.

UTGST (Union Territory)

This tax is applicable when the supply takes place within the Union Territories of India. The tax component is in addition to the CGST and SGST levied on the product.

Armed with this information on what is GST in India, ensure that you pay the right taxes on goods and services and file your returns as per the regulations. Delayed returns can result in penalties, putting your finances and business at risk. In times of a cash crunch, you can rely on financing solutions like personal loans.

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FAQs on GST in India

What are the 4 types of GST?

The four types of taxes on goods and services are CGST (Central), SGST (State), IGST (Integrated) and UTGST (Union Territory).

What is the main purpose of GST?

The main purpose of GST implementation is to centralise and unify the indirect taxation system. After its implementation, many taxes were subsumed, such as VAT, excise, service tax and others. Apart from this, the purpose of GST implementation was to curb tax evasion and reduce costs.

Who pays GST?

The buyer or consumer is liable to pay taxes on goods and services to the seller, who in turn remits the same to the government by filing a GST return.

When was GST launched?

The GST implementation date was July 1st, 2017. It took over a decade, 17 years, for the law to evolve and come into force across the nation.

What is the limit of GST?

The GST registration limit is ₹40 Lakhs for businesses across India. However, it is ₹20 Lakhs for businesses operating in certain states.

What are the benefits of GST?

One of the main benefits of GST is that it replaced numerous indirect taxes and helped simplify the taxation system. It has also helped reduce the tax burden and make compliance easier.

What is a GST return?

A GST return is a document used in the process of paying the appropriate tax to the government. On it, you will see the amount of tax you have paid and received; the net figure will be your GST liability.

Is GST good or bad?

Since its implementation, GST has resulted in a significant positive impact on the Indian tax structure and economy. With a simplified structure, compliance has become easier and the tax burden has been reduced for the consumer. This has ultimately helped boost the nation’s economy.

What is GST supply?

Supply, under GST, refers to the taxable event wherein a supply of goods and services takes place. There are several conditions that a transaction has to meet for it to be considered as a supply.

What is the fee for GST?

There is no fee for GST registration. However, if there is a delay in filing the GST return, you are liable to pay a fine of ₹10,000 or 10% of the outstanding amount. Keep in mind that the fine amount may change as per the amendments to the law.

What is the meaning of GST?

The full form of GST is Goods and Services Tax. As such, it refers to the tax levied on goods and services sold within the country.