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. If you are taking this traditional route to save, you can park your funds in the following schemes:
Read on to know the latest interest rates for Post Office FDs as per the tenure.
Post Office FD Interest Rates in 2024
By knowing the latest 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. Additionally, the rates vary based on the tenure. Check the table below to see what you stand to earn.
FD Tenure
Post Office FD interest rates in 2024
1 year (12 months)
6.90%
2 years (24 months)
7.00%
3 years (36 months)
7.10%
5-year Tax -Saver FD (60 months)
7.50%
Disclaimer: These rates are valid up to March 31, 2024. Check the latest rates before you invest to ensure you are making the right choice.
Features of the India Post Fixed Deposit
The following are several beneficial features of this scheme:
Choices of Tenure and Low Starting Value
You can start your investment for a period ranging between one and five years. That’s not all. You don’t have to wait to accumulate a lumpsum amount as you can start with just ₹1,000. Also, you can increase your investment in multiples of ₹100 with no upper limit.
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 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
Along with the high-interest rate of 7.50% on the 5-year FD, you can enjoy the advantage of exemptions u/s 80C.
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 depending on when youwithdraw your investment.
No Age or Member Limit
Anyone can open an account. You can have your own or have a joint account. That’s not all. Minors can have an account by themselves if they are above the age of 10 years and guardians can also open one on their behalf.
No Restriction on the Number of Accounts
You can open as many as account you want. You can even go for the laddering technique and ensure liquidity while maximising your returns.
These benefits allow you to grow your money and secure your financial future with ease. However, make sure you check the prevailing rates of other deposits before investing. This will help ensure you get the best returns.
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FAQs on Post Office FD Interest Rates
What is the interest on ₹1 lakh in a Post Office FD?
It depends on the following factors:
The tenure you choose
The prevailing rates
Which fixed deposit is best in Post Office FD?
The best tenure depends on your financial goals, as the rates vary with the term. Consider the following details while deciding:
You can get a return starting at 6.90%
You can go for the Tax-Saver deposit for tax benefits
What are Post Office FD interest rates in 2024?
Till March 2024, you can get returns between 6.90% and 7.50%, depending on the tenure.
Is the Post Office FD 100% safe?
Yes. The scheme is backed by the Government of India.
Can I double my money in 5 years with a Post Office FD?
No. The maximum interest you can get is 7.50%.
What is the maximum FD amount I can invest in a post office?
There is no upper limit on the amount you deposit in this scheme. However, you can increase the amount only in multiples of ₹100.
Is it good to invest in Post Office FD?
This scheme can be a good option because of the following reasons:
It offers secure and guaranteed returns.
It provides a fixed interest rate, making it suitable for conservative investors seeking stability.
The Government of India brought in the Goods and Services Tax to simplify indirect taxation. Before its implementation, there were numerous taxes on the supply of goods and services, including:
The multitude of taxes made the process increasingly challenging to comply with. However, the new multi-stage and destination-based tax has resolved this issue. Read on to learn more Goods and Services Tax details.
History of GST in India
In 2000, the Kelkar Task Force on Indirect Taxes proposed replacing the contemporary fragmented indirect tax structure with a unified GST regime. However, it was not until 2011 that a Constitution Amendment Bill was introduced in the Parliament for discussion.
It could not be implemented then because of certain challenges flagged by states regarding compensation and other issues.
Introduction of GST in India
After further deliberations between the States and the Central Government, GST bill was redrafted in the Parliament in 2014. This Constitution (122nd Amendment) Bill of 2014 was passed in the following years after going through the following process:
The Lok Sabha passed this bill in May 2015, and the Rajya Sabha passed it in August 2016 with certain amendments
The President of India gave assent in September 2016 after the required number of states ratified it
The government formed a Council consisting of the Union Finance Minister and representatives from all states and UTs to shape the framework
On July 1, 2017, the government implemented the new taxation across the nation in a joint sitting of both houses.
Advantages of GST
The Central Government introduced the new system with the following objectives:
To subsume or replace various taxes such as CST, excise, VAT and more
To simplify the taxation process and reduce the burden on the taxpayers
To make compliance easier and help curb tax evasion
To eliminate the cascading effect of taxes, as you can now easily set off your input and output tax
To improve the logistics and distribution system because of a single system of taxation
To improve turnaround time, minimise cycles, consolidate easily and offer other benefits
How Does GST Work
It is a multi-stage and destination-based tax. So, it is applicable at every stage of the sale, paid by the consumer/buyer. Here is an example to help you understand how it works 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, there will be a positive input balance
The rate depends on the type of product and the type of GST applicable
Currently, the tax slabs are 5%, 12%, 18% and 28%, depending on the category of product
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:
Type of GST
Description
State GST (SGST)
This is applicable when the supply takes place within a state, and the portion goes to the State government.
Central GST (CGST)
This is applicable on intra-state supply of goods and services. This portion goes to the Central Government.
Integrated GST (IGST)
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.
Union Territory GST (UTGST)
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.
Registration Under GST
The following tax-paying entities should register for GST:
Taxpayers registered under the pre-GST laws
Businesses with a turnover of more than ₹10 lakhs or the specified threshold
Casual and Non-Resident taxable persons
Agents of suppliers
Input service distributors
An individual supplying through an e-commerce aggregator
E-commerce aggregators
Individuals supplying online information, database access or retrieval services from outside India to a person within India
GST Registration Fees
According to regulations, there is no charge for enrolling for a GSTIN on the GST portal. Nevertheless, failure to register for GSTIN will result in a penalty. The penalty can amount to 10% of the tax owed, with a minimum of ₹10,000. If you intentionally evade paying taxes, you must pay a penalty equal to 100% of the tax owed.
How to Calculate GST
Here is how you can calculate your Goods and Services Tax obligation:
Get the net price of the product you buy
Check the applicable GST percentage
Use the following formula to calculate GST obligations: GST Amount = (Selling Price/GST Rate) X 100
Knowing these Goods and Services Tax details ensure you pay taxes and file your returns as per the regulations. This way, you can avoid penalties that can put your finances and business at risk.
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FAQs on GST in India
What is the main purpose of GST?
The main purpose of this tax include the following:
To centralise and unify the indirect taxation system
Many taxes were subsumed after its implementation, such as VAT, excise, service tax and others
The purpose of GST implementation also involves curbing tax evasion and reducing costs
Who pays GST?
The buyer or consumer is liable to pay taxes on goods and services to the seller. The seller, in turn, remits the same to the government by filing a GST return.
When was GST launched?
The implementation of this taxation happened on July 1, 2017. It took nearly two decades for the law to evolve and come into force across the nation.
What is the limit of GST?
Check the registration limit for goods and services tax below:
The turnover limit for companies supplying goods is ₹40 lakhs
However, it is ₹20 lakhs for businesses supplying services
What are the benefits of GST?
Some of the main benefits include the following:
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?
It is a document used in the process of paying the appropriate tax to the government. You will find the following information on it:
The amount of tax you have paid and received
The net figure of your GST liability
Is GST good or bad?
Since its implementation, it 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?
It refers to the 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 registration.
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.
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Why Opting for an Instant Personal Loan from Fibe is a Smart Move
Here are the standout reasons why applying for the Fibe Instant Personal Loan can be an ideal solution, no matter why, where or what.
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Eligibility That Doesn’t Require You to Jump Through Hoops
Like everything else, the Fibe Loan eligibility parameters are simple. You can qualify for the loan as long as you are:
Between the age of 21 and 55
An Indian resident
Earn ₹15,000 if you live in a non-metro city and ₹18,000 if you live in a metro city
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Pocket-friendly Repayment
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FAQs on the Fibe Loan
What is Fibe?
Fibe, which was earlier called EarlySalary, is a digital lending company. The company makes credit simple, inclusive, hassle-free and affordable for India’s mid-income and young working population. Fibe approves 98% of applications in a few minutes and offers instant personal loans, BNPL financing and more.
Fibe does not require you to have a good credit score and approves loans even if you do not have a credit score. It assesses applicants based on an alternate credit scoring mechanism. You can get more company details on the website.
What is a Fibe application?
The Fibe application refers to the loan application you can complete on the Fibe website or app. It requires you to enter basic details related to your name, address, age, employment and income.
What does Fibe company do?
Fibe is a digital lending app that offers easy and fast credit to salaried applicants. As of today, Fibe has offered more than 5.5 million loans and disbursed ₹15,000+ crores to over 21+ lakh customers.
What is the minimum salary for a Fibe loan?
The minimum salary you need to earn to qualify for a Fibe Loan is ₹15,000.
Who is the CEO of Fibe India?
Akshay Mehrotra is the Co-Founder and CEO of Fibe while Ashish Goyal is the Co-Founder and CFO.
Who is the owner of Fibe?
The founders of Fibe are Akshay Mehrotra and Ashish Goyal.
How to delete a Fibe account?
You can delete or withdraw your consent for the use of your personal information by emailing Fibe at care@fibe.in from your registered email ID.
The Saraswat Bank FD rates go up to 8.00% p.a., making it a great option to grow your wealth risk-free. The bank was recognised as one of the World’s Best Banks 2020 for the third time in a row on the Forbes list, making it a great bank to open a deposit. The bank offers various types of FDs, such as:
Fixed Regular (FR)
Fixed Monthly (FM)
Fixed Quarterly (FQ)
Kalpataru Deposit (KD)
Recurring Deposit (RD)
Madhukar Tax-Saving Deposit scheme
Read on to know the current Saraswat Bank FD rates and the benefits of investing in the deposit.
Saraswat Bank Rates for Fixed Deposits up to ₹2 Crores
The rates differ based on various factors, including the type of deposit and the tenure. Here is an overview of the latest FD rates for deposits up to ₹2 crores:
Investment Tenure
Saraswat Bank FD Rates for General Public (% p.a.)
Saraswat Bank FD Rates For Senior Citizens (% p.a.)
7 days to 14 days
4.00
4.50
15 days to 30 days
5.50
6.00
30 days
5.50
6.00
31 days to 59 days
5.50
6.00
60 days
5.50
6.00
61 days to 90 days
5.50
6.00
91 days
6.00
6.50
92 days to 111 days
6.00
6.50
112 days to 179 days
5.00
5.50
180 days
5.75
6.25
181 days to 240 days
5.75
6.25
241 days to less than 1 year
6.00
6.50
1 year
7.00
7.50
1 year 1 day to less than 1 year 10 days
7.00
7.50
1 year 11 days to less than 15 months
7.10
7.60
15 months
7.50
8.00
15 months 1 day to 15 months 10 days
7.10
7.60
15 months 11 days to less than 2 years
7.10
7.60
2 years up to 3 years
7.10
7.60
Above 3 years to 5 years
6.75
7.25
Above 5 years up to 10 years
7.00
7.50
Keep in mind that these rates are current as of February 2024 and may change periodically. If you plan to invest more than ₹2 crores at the bank, the rates will differ, so check the latest rates before you book your FD.
You can also invest in the bank’s Madhukar Tax-Saving Deposit Scheme. Here are some points to know about it:
This scheme offers an attractive interest rate of 6.75% p.a.
It also offers tax exemption under Section 80C of the Income Tax Act
Advantages of Choosing Saraswat Bank Fixed Deposits
Here are some benefits that a Saraswat Bank FD offers:
Low Minimum Cap
You can open a term deposit with just ₹1,000 at the bank, which makes it easily accessible to all and there are no restrictions on the maximum amount for deposits.
Multiple Tenures to Suit Your Needs
You can book a cumulative FD from just one week to a year and get your earnings at maturity to address short-term needs. In addition, you can enjoy compounding interest with the Kalpaturu scheme, choosing a maturity of 12 months to 36 months. If you need regular payouts every month or quarter, you can go for non-cumulative FDs booked from 12 to 120 months.
Flexible Options to Promote Liquidity
You can access funds conveniently when needed, as Saraswat Bank offers you the option to get an overdraft against your FD without breaking it.
Loan Against FD Facility
You can get a loan against your FD of up to 90% of your investment’s value.
Premature Withdrawal
You can prematurely withdraw your investment based on the bank’s terms and conditions. However, you may have to pay a penalty for the same.
Income Tax Deduction
By choosing the Madhukar Tax-Saving Deposit for 5 years, you can get up to ₹1.5 lakhs as an exemption from your taxable income per year.
DICGC Coverage
The Saraswat Bank is safe, which means you can rely on getting your corpus back and the interest earnings on time. You also enjoy insurance coverage under DICGC of up to ₹5 lakhs.
From competitive fixed deposit interest rates in Saraswat Bank to flexible terms, investing here gives you several advantages. For higher earnings, consider opting for investments over 2 years.
However, if you need immediate finances, you can avail of a Instant Loan within 2 minutes thanks to Fibe’s swift and budget-friendly options. To get up to ₹5 lakhs today, simply download our dedicated Personal Loan App or register on our website.
FAQs on Saraswat Bank FDs
Is Saraswat Bank safe for FDs?
Yes, your investment is secure with the bank as:
The bank has a strong presence
Your investment is covered by the Deposit Insurance and Credit Guarantee Corporation
What is the FD rate of Saraswat Bank?
The bank offers competitive FD interest rates that vary based on:
Deposit amount
Tenure
Type of FD
Current interest rates are:
Regular Citizens: 4.00% to 7.50% per annum
Senior Citizens: 4.50% to 8.00% per annum
What is the best FD Scheme in Saraswat Bank?
The best depends on your needs and preferences.
Madhukar Tax-Saving Deposit helps you get exemptions on your taxable income
Kalpataru Deposits can get you the highest FD interest at Saraswat Bank
Periodic payout FDs can help you manage your recurring expenses
What are the Saraswat Bank FD Rates for 2024?
The bank offers the following interest rates for deposits as of February 2024:
The current Canara Bank FD interest rate goes up to 7.90% p.a., making it a great investment option. It offers you two types of FDs:
Callable: Allows you to withdraw funds early with adjusted rates
Non-Callable: You cannot withdraw your funds early
Here are some other key features of Canara Bank FDs:
The interest rates for senior citizens are higher by 0.50%
The rate changes based on the tenure and the type of deposit you choose
You can opt for tenures ranging from 7 days to a maximum of 10 years
Read on to know the Canara Bank FD rates in 2024.
Canara Bank FD Interest Rates for Callable Deposits Below ₹2 Crores
High Canara Bank FD rates help you grow your money safely and steadily. See the table below to know the Canara Bank FD rates for deposits of up to ₹2 crores with premature withdrawal facility:
Tenure of Term Deposits
Interest Rate (% p.a.) for General public
Interest Rate (% p.a.) for Senior Citizens
7 Days to 45 Days
4.00
4.00
46 Days to 90 Days
5.25
5.25
91 Days to 179 Days
5.50
5.50
180 Days to 269 Days
6.15
6.65
270 Days to less than 1 Year
6.25
6.75
1 Year Only
6.85
7.35
444 Days
7.25
7.75
Above 1 Year to less than 2 Years
6.85
7.35
2 Years & above to less than 3 Years
6.85
7.35
3 Years & above to less than 5 Years
6.80
7.30
5 Years & above to 10 Years
6.70
7.20
Disclaimer: The above rates are subject to change at the bank’s discretion.
Here are some crucial points to note before you invest:
Canara Bank also offers a Tax Saver Deposit scheme with tax exemptions and an attractive rate of 6.70% p.a. for investments of up to ₹1.50 lakhs
You can also invest more than ₹2 crores in Canara Bank at different rates of interest
Check the latest rates before you invest so you can forecast your returns and invest accordingly
In case you choose non-callable deposits to earn higher interest, keep in mind that the minimum investment amount is ₹15 lakhs
Benefits of Investing in Canara Bank Fixed Deposits
Here are some pros of choosing Canara Bank FD:
Flexible Investment Range
You can start investing with a minimum amount of ₹1,000 and there is no upper limit. This allows you to start your deposit according to your income and preferences.
Varied Maturity Timelines
The Canara Bank FD tenure ranges from 15 days to 120 months and you can also invest for 7 to 14 days with a minimum investment of ₹5 lakhs. This allows you to invest as per your goals and needs.
Choice of Earning Frequency
You can enjoy the convenience of interest payouts at various intervals. You can access earnings every month or quarter as well as half-annually or annually.
Loan Facility
With Canara Bank’s loan against FD option, you can access financing of up to 90% of the value of your deposit without breaking your FD.
Auto-Renewal Option
Get the benefit of uninterrupted earnings with the convenience of automatic renewal. This facility renews your deposit for a similar period at the prevailing interest rate.
Part Withdrawal Flexibility
Depending on the deposit you choose, you can enjoy partial withdrawal options in units of ₹1,000. This allows you to access some funds while keeping the remaining funds in an FD account uninterrupted.
Now that you know the Canara Bank’s FD rates and benefits, you can make informed choices. Try to avoid withdrawing your FD prematurely to get maximum returns.
If you require instant funds, you can get an Online Personal Loan of up to ₹5 lakhs at affordable rates and in just 2 minutes on Fibe. Download our Personal Loan App or register on our website to get started.
FAQs on Canara Bank FD Interest Rates in 2024
What is the FD rate of Canara Bank?
As of February 2024, the rates range from 4% to 7.90%. They vary based on:
Deposit amount
Tenure
Type of deposit
Is Canara Bank safe for fixed deposits?
Yes, it is a reputable and well-established public sector bank in India. The FDs are also backed by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
What is the best FD scheme in Canara Bank?
Canara Bank offers various FD schemes tailored to different needs, so the ideal option will depend on your goals. Remember, senior citizens get higher rates than regular investors.
Does Canara Bank give 7.5% interest?
Senior citizens can earn up to 7.75% on a callable deposit under ₹2 crores for 444 days. The rates are subject to change based on:
Market conditions
RBI’s repo rates
Is Canara Bank good for FD?
Yes, it is a reliable option because it:
Has a long-standing presence in the banking sector
Comes with government backing
Provides various FD options
Offers competitive interest rates
Provides loan facility
Has an auto-renewal option
Comes with various maturity timelines
What are the Canara Bank FD interest rates in 2024?
The current Canara Bank FD rates range from 4% to 7.90% p.a. on callable and non-callable deposits under ₹2 crores. The rates differ based on:
The current IndusInd Bank Fixed Deposit interest rate makes it an attractive investment option. You can earn up to 8.25% interest on an FD with the bank. This makes your investment safe, giving you steady returns until maturity. So, along with capital appreciation, you can keep your savings protected from erosion due to market factors.
Read on to learn the various IndusInd Bank FD interest rates and the benefits you get via this investment avenue.
IndusInd FD Rates on Deposits Below ₹2 Crores
The IndusInd Bank FD rate is the same for
Domestic FDs
NRO FDs
NRE FDs
Check this table for the latest rates.
Tenure
For Regular Investors (Domestic/NRO/NRE deposits) (in % and p.a.)
For Senior Citizens (Not applicable for NRE/NRO deposits) (in % and p.a.)
7 days to 14 days
3.50
4.00
15 days to 30 days
3.50
4.00
31 days to 45 days
3.75
4.25
46 days to 60 days
4.75
5.25
61 days to 90 days
4.75
5.25
91 days to 120 days
4.75
5.25
121 days to 180 days
5.00
5.50
181 days to 210 days
5.85
6.35
211 days to 269 days
6.10
6.60
270 days to 354 days
6.35
6.85
355 days to 364 days
6.50
7.00
1 Year to below 1 Year 6 Months
7.75
8.25
1 Year 6 Months to below 1 Year 7 Months
7.75
8.25
1 Year 7 months to 2 Years
7.75
8.25
Above 2 Years to 2 Years 1 Month
7.25
7.75
Above 2 Years 1 Month to below 2 years 6 Months
7.25
7.75
2 years 6 Months to below 2 years 9 Months
7.25
7.75
2 years 9 Months to 3 years 3 months
7.25
7.75
Above 3 years 3 months to below 61 months
7.25
7.75
61 months and above
7.00
7.50
Disclaimer: The above rates are as of February 2024 and are subject to change at the bank’s discretion.
As you can see, you can get the highest IndusInd Bank FD rates in 2024 when you choose a tenure between 12 and 24 months. So, make sure you check the different rates and pick a term that allows you to maximise your earnings and align your investment with your goals.
Remember, IndusInd FD rates may be revised at the bank’s discretion, so lock in your investment at the right time. Also, the rates for FDs between ₹2 crores to ₹5 crores are different, so check the latest rates before investing.
IndusInd Bank also offers you tax savings with the 5-year Indus Tax Saver Scheme. Regular investors can get 7.25% interest and senior citizen investors can get 7.75% interest on booking an FD under this option.
Here’s a snapshot of the advantages you get with an IndusInd Bank Fixed Deposit.
Online Convenience
Starting your investment with IndusInd Bank is incredibly easy and you can complete the process online in just three simple steps. While you can submit KYC documents later, you can get going with just your Aadhaar and PAN copy. This allows you to set up your FD quickly and without any delay. Additionally, the bank doesn’t require you to have an account to start an FD online.
No Hefty Principal
Instead of delaying your investment until you have ample savings, you can get started with this FD with just ₹10,000. This way, you can enjoy assured earnings right now!
Flexible Options for Tenures
You can choose timelines from 1 week to 10 years to book your FD based on your goals. This flexibility helps you plan your investment and forecast your returns to the dot!
Various Payout Options
Apart from getting your earnings at maturity, you can receive regular interest payouts every month, quarter, year or even bi-annually. What’s more, you can make use of the auto-renewal option to stay invested for longer.
Instant KYC
Verifying your identity is easier and more convenient as the bank facilitates a video KYC process.
To make the most of these advantages and enjoy high FD rates, invest in an IndusInd Bank FD. However, you don’t need to compromise on financial ease today. To bridge gaps or achieve your goals, you can take an Instant Personal Loan from Fibe. Download the Fibe Personal Loan App or register on the website to get up to ₹5 lakhs at affordable rates.
FAQs on IndusInd Bank FD Rates
What is the interest rate of FDs in IndusInd Bank?
You can get up to 8.25% on an IndusInd Bank FD. Note that the rates fluctuate based on:
Investment type
Deposit amount
Tenure
What is the FD rate in IndusInd Bank in 2024?
Here are the rates you can enjoy by opening a deposit with the bank:
As regular citizens: up to 7.50%
As senior citizens: up to 8.25%
Is IndusInd Bank safe for fixed deposits?
Yes, the bank is considered safe for fixed deposits because:
It is regulated by the Reserve Bank of India (RBI)
Offers security of up to ₹5 lakhs as per DICGC guidelines
Learning how to make a UPI ID or set a UPI PIN is an easy solution to enjoying seamless transactions. Thanks to digital advancements and the launch of the UPI facility, now you no longer have to visit a bank to transfer money. With the Unified Payment Interface (UPI), you can effortlessly transfer funds from one account to another in seconds.
Read on to learn how to set up UPI, its features, benefits and how to generate a UPI ID.
What is UPI?
Governed by the Reserve Bank of India, UPI is a payment platform that has changed how people transact. One of the key benefits it offers is instant secured payments from one account to another.
You get to transfer funds with minimal information compared to traditional methods like IMPS and NEFT, which require the sharing of more information about you and the recipient.
Moreover, before transferring funds, you have to add beneficiaries and wait 30 minutes to 1 hour. But with UPI, you can instantly transfer money with just a UPI ID or mobile number.
How Does UPI Work?
The Unified Payments Interface, UPI, has made payments simple, transparent and quick. It’s a real-time payment system that allows inter-bank transfers through two-factor authentication. The RBI regulates the interface and works with existing systems, such as:
Immediate Payment Service (IMPS)
Aadhaar Enabled Payment System (AEPS)
Not only does it help you carry out push (pay) and pull (receive) payments, it also helps make:
Over-the-counter payments
Barcode payments
Recurring payments
Why is it Important?
UPI has been proving its worth since its inception. To have a profound knowledge of why UPI is important then, take note of the following reasons:
It offers convenience and simplicity
UPI enhances security
It is available 24/7
UPI is accepted almost everywhere
UPI has helped to improve cash flow
You can add multiple bank accounts
Understanding UPI Registration and UPI ID
With your UI ID, also known as VPA (Virtual Payment Address), you can enjoy several benefits of digital transactions. But first, you need to complete the UPI registration process. To begin with the UPI registration process, link your bank account to the UPI app by providing details like:
Your bank account number
The IFSC code
The mobile number linked to your bank account
After you complete the process, you can seamlessly and securely transfer money with your UPI ID or number. You can pay for:
First, you need to download your preferred app. Some of the top and most common popular applications are:
Google Pay
Paytm
PhonePe
BHIM
BharatPe
Once you have installed the app you want, follow the steps outlined below:
Register with the mobile number linked to your bank account
Complete the verification process
Go to your profile or account section
Select the ‘Bank Account’ option
Choose the account you have
Complete the verification through an OTP sent to your registered number
Registering for UPI Payments
After you complete the process, you will see multiple UPI IDs and numbers available under the profile section of the app. You can choose and edit any of the options as you wish and click ‘Activate’. You will receive an OTP for verification. Enter the code to complete the process.
Then, you need to select a 4 or 6-digit number UPI PIN that will authorise your UPI payments. Make sure you add a strong PIN and remember it. You need to provide your debit card details to set up your PIN.
Set UPI PIN
To successfully set a UPI PIN in your UPI app, you will have to follow these steps:
Go to the Play Store
Download the UPI app
Open the installed app
Tap your profile picture at the top right corner
Add your bank account
Enter all the debit details
Enter the OPT you received in your registered mobile number
Enter your PIN and reconfirm it
Make a small payment to check
How to Send Money Using UPI ID?
To transfer funds using UPI ID, you need to install and launch a digital payment application. Then, you can follow these steps:
Scan the QR code or enter the recipient’s ID or number
Add the transfer amount and note
Confirm the transaction and Enter your PIN
After the payment is complete, you’ll be notified about the same through the app and by your bank.
The transaction flow in UPI payments is similar to other payment options. Once you initiate a payment request, the banks verify the account details and balance. After verification, the confirmation is passed on to the NPCI, and the transfer occurs.
Now that you know how to make UPI ID and the various benefits of UPI payments. You will also have to start practising online hygiene to ensure your financial security. Once you have it set up, you can use it for easy and quick transfers. You can check your utility bills and other credit dues like loans on some UPI apps and pay your EMI quickly with your UPI ID number.
In case your account falls short, you can access instant funds from Fibe. Apply for Personal Loan up to ₹5 lakhs and enjoy pocket-friendly repayment with our flexible plans and rates. Download our Instant Loan App or simply register on the website to get started.
FAQs on UPI ID
What is the UPI code?
A UPI code is the PIN and ID you set when you create your UPI ID number. You require these details to complete any UPI transaction.
Can I open a UPI ID without a bank account?
No, you cannot because you need a bank account to generate a UPI ID and facilitate fund transfers.
Is it safe to share a UPI ID?
Yes, because it doesn’t contain any sensitive information. Generally, your UPI ID is in the following format:
your name@bankname
registered mobile number@bankname
Can I use UPI without mobile banking?
No, since you make digital payments through UPI, you must activate the facility.
How to create a UPI ID without a debit card?
Here’s how you can create a UPI without a debit card:
Log in to a UPI app and navigate the ‘Add UPI ID’ option
Choose an Aadhaar-linked bank account and create a UPI ID according to the app
Select ‘Aadhaar-based verification’ and accept the terms and conditions
Provide your Aadhaar number’s first 6 digits and click on ‘Confirm’
Set up your UPI PIN
Enter the OTP that you’ll receive on your registered mobile number
Type in the UPI PIN and click on ‘Confirm’ to complete the registration
How to add UPI ID in Google Pay?
Log in to the app and follow this process:
Step 1: Click on your profile picture in the top right corner
Step 2: Go to the bank account tab and select the account added
Step 3: Select the ‘Manage UPI IDs’ option
Step 4: Choose the UPI ID you want to add from the drop-down menu
In the increasingly interconnected digital landscape, online scams have become an unfortunate reality, preying on unsuspecting individuals and organisations. From phishing emails to fake investment schemes, the realm of financial fraud is vast and ever-evolving.
One way to protect yourself from these is to be aware of the tactics that scammers use and the tips you can use. So, read on to know more.
Types of Scams
Here is a list of some common scams in India that you should know to keep yourself and your finances protected.
Part-time Job Scam
The rise of part-time job scams targeting the youth involves tasks like data entry and content writing. Here, scammers try to lure victims by providing small commissions and eventually persuading them to invest to earn big returns. Once a victim makes a substantial investment, these scammers disappear, leaving the victim with significant financial loss.
UPI Scam
In the UPI scam, scammers mainly target shop owners and businessmen. They send a large sum through UPI and then pose as someone who made a mistake, requesting the recipient to return the money through a provided link. Falling for this, victims unknowingly download malware, allowing scammers to hack their phones, access personal data, including bank details and commit theft.
In some cases, they provide forged screenshots of the money sent without actually making the payment and then request the merchant/receiver to repay the excess amount. Since the money was never transferred, doing so leads to significant financial loss.
QR Code Scam
The QR code scam tricks individuals into believing they’ll receive money, but instead, funds are deducted. This often happens when scammers present QR codes as offering vouchers or discounts, leading to debit rather than credit upon scanning.
Loan Scam
The loan scam involves fraudsters using names resembling legitimate bank companies to create a false sense of urgency, pressuring victims about heavy penalties for missing loan repayment deadlines. This tactic aims to confuse and provoke quick action, especially in the context of personal loans. If you fall for it, you will be transferring money to fake links and the actual bank’s terms will remain unchanged.
Lottery Scam
The lottery scam is familiar to most, involving SMS or email claiming a cash prize. These scams manipulate trust, making victims believe they’re chosen for a special prize. Sharing personal details supposedly for receiving the prize leads to theft from the victim’s account instead. It’s crucial to never share OTPs and stay informed to avoid such scams.
Tips to Avoid Being Scammed
Amid the rise in digital transactions, remote work and delivery apps in Digital India, the threat of cyber scams is also increasing. To protect against these, here are some helpful tips for you:
Safeguard personal information and never share PINs
Be cautious of too-good-to-be-true offers
Recognise urgency tactics and verify payment recipient
Avoid attending calls/messages from unknown and unverified sources
Regularly update your passwords
Monitor your bank account statements for unusual activity.
These precautions aim to promote awareness and ensure Freedom from Fraud. In continuation of the Freedom from Fraud initiative, Fibe launches our Cyber Insurance product to give you an added layer of security from digital threats.
Remember to click on the checkbox to avail of this product while availing of an Instant Personal Loan. Download the Fibe Personal Loan App to get quick funding of up to ₹5 lakhs and get more information on how to avoid falling into the trap of financial scammers.
FAQs on Biggest Financial Scams in India 2023
What to do if I have fallen prey to a financial scam?
Follow these steps if you fall into a financial fraud:
In case of a UPI scam, complain with your UPI service provider and file a complaint with NPCI or your bank if the UPI service provider is unresponsive
Report immediately to your bank if it is a banking fraud
You can report the fraud at the local police station
Report it on the National Cyber Crime Reporting Portal through their website or helpline number, 1930
What are some of the most effective strategies to avoid online financial scams?
Here are some suggestions to prevent an online fraud:
Use malware protection
Enable 2-Factor Authentication (2FA)
Be vigilant with emails
Don’t open unauthorised, unknown, or suspicious links
How to report financial fraud on the National Cyber Crime Reporting Portal?
Follow these steps to file a complaint on the NCCR portal:
The fixed deposit interest rate of HDFC Bank varies depending on your deposit amount and tenure. HDFC is one of India’s leading private sector banks, offering a range of financial products, one of them being fixed deposits.
At HDFC Bank, you can open an FD account with an amount as low as ₹5,000 up to a maximum amount ₹5 crores with flexible tenure options. While non-senior investors enjoy attractive interest rates, senior citizens get an additional 0.50% interest over regular FD rates.
Read on to know the latest HDFC FD rate of interest so you can plan your investment today!
HDFC Bank interest rates for deposits less than ₹2 crores
If you wish to make a deposit of ₹2 crores or less, here are the FD interest rates of HDFC Bank that will apply across various tenures.
Tenure
Regular Citizen FD Interest Rates
Senior Citizen FD Interest Rates
7 to 14 days
3.00% per annum
3.50% per annum
15 to 29 days
3.00% per annum
3.50% per annum
30 to 45 days
3.50% per annum
4.00% per annum
46 to 60 days
4.50% per annum
5.00% per annum
61 to 89 days
4.50% per annum
5.00% per annum
90 days to 6 months
4.50% per annum
5.00% per annum
More than 6 months and less than or equal to 9 months
5.75% per annum
6.25% per annum
More than 9 months and less than 12 months
6.00% per annum
6.50% per annum
More than 12 months and less than 15 months
6.60% per annum
7.10% per annum
More than 15 months and less than 18 months
7.10% per annum
7.60% per annum
More than 18 months and less than 21 months
7.00% per annum
7.50% per annum
Between 21 months and 2 years
7.00% per annum
7.50% per annum
2 years 1 day to less than 2 years 11 months
7.00% per annum
7.50% per annum
2 years 11 months to 35 months
7.20% per annum
7.70% per annum
More than 5 years and less than 10 years
7.00% per annum
7.75% per annum
Disclaimer: These fixed deposit interest rates of HDFC Bank are the latest as of July 2023 and may change at the bank’s discretion.
HDFC Bank interest rates for deposits equal to or more than ₹2 crores
Here are the fixed deposit interest rates of HDFC Bank if you plan to book an FD between ₹2 crores and ₹5 crores.
Tenure
Regular Citizen FD Interest Rates
Senior Citizen FD Interest Rates
7 to 14 days
4.75% per annum
5.25% per annum
15 to 29 days
4.75% per annum
5.25% per annum
30 to 45 days
5.50% per annum
6.00% per annum
46 to 60 days
5.75% per annum
6.25% per annum
61 to 89 days
6.00% per annum
6.50% per annum
90 days to 6 months
6.50% per annum
7.00% per annum
More than 6 months and less than or equal to 9 months
6.65% per annum
7.15% per annum
More than 9 months to less than 1 Year
6.75% per annum
7.25% per annum
1 Year to less than 15 months
7.25% per annum
7.75% per annum
15 months to less than 18 months
7.05% per annum
7.55% per annum
18 months to less than 21 months
7.05% per annum
7.55% per annum
21 months to 2 years
7.05% per annum
7.55% 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
7.00% per annum
7.50% per annum
Disclaimer: These rates are current as of July 2023 and may change at the discretion of the bank. So, check the latest rates before you apply and forecast your earnings by using an FD interest calculator.
Also, keep in mind that the FD interest rates of HDFC Bank change if you plan to invest ₹5 crores or more. In addition, the rates mentioned above pertain to only select categories. Visit the bank’s website for details on other deposit types.
Eligibility terms to start an HDFC Bank FD
To enjoy these FD interest rates of HDFC Bank, all you need to do is belong to any of the below categories:
Indian Residents
Hindu undivided families (HUFs)
Sole proprietorship firms
Partnership firms
Limited companies
Trust accounts
Documents required to book an HDFC Bank FD
Applying for an HDFC Bank FD requires you to submit the following documents, depending on whether you are an entity or an individual.
Latest passport-size photograph
PAN card
Aadhaar Card
Passport
Driving Licence
Voter’s ID
Address proof
Partnership proofs
Individual and company proofs
A fixed deposit is a great option to earn secured and guaranteed returns, as it is a non-market linked instrument. While you are allowed to liquidate your FD during emergencies, banks may levy a small penalty for the same. However, if you need immediate funds without utilising your FD funds, applying for personal loan is an ideal choice.
Get an Instant Personal Loan from Fibe at affordable interest rates starting from just 2% per month and manage your financial requirements hassle-free. By registering on our Personal Loan App or website, getting a personal loan of up to ₹5 lakhs takes just 2 minutes!
FAQs on HDFC FD Interest Rates
What are the interest rates on FDs in HDFC Bank?
The fixed deposit interest rate of HDFC Bank starts from 3% p.a. and goes up to 7.75% p.a., depending on your deposit amount and tenure.
What are the HDFC FD interest rates in 2023 for senior citizens?
Senior citizens can get FD interest rates starting from 3.50% p.a. at HDFC Bank.
What is the HDFC Fixed Deposit interest rate today?
The current fixed deposit interest rate of HDFC is 7.20% p.a. for regular citizens and 7.75% p.a. for senior citizens.
What are HDFC Fixed Deposit interest rates for a ₹1 lakh investment?
On booking a deposit of ₹1 lakh, you can enjoy FD rates in HFDC Bank ranging between 3% – 7.20% p.a. as a regular investor. The FD rates in HDFC Bank for senior citizens for a ₹1 lakh deposit varies from 3.5% to 7.75% p.a.
A DD is one of the most reliable banking tools for secure money transfers. The DD full form is Demand Draft. It’s a prepaid instrument where the amount is deducted from your account at the time of issue. So there’s no risk of the payment bouncing later.
Even with online payments becoming more common, DD in bank transactions continue to be popular. They are used for safe, verified transfers like college fees, real estate payments or business deals.
Keep reading to explore what is DD, how to make demand draft both online and offline and more.
What is a Demand Draft (DD)?
A Demand Draft (DD) is a secure banking instrument used to transfer money between accounts. The process starts when you visit your bank and request a DD. You provide the payee’s name, the amount and the branch where it should be payable. The bank then deducts the amount from your account or accepts it in cash before issuing the draft.
Because the amount is prepaid, there’s no risk of the DD bouncing. Once the recipient deposits it, the funds are transferred directly to their account. One of the main benefits of a DD in bank transactions is that you don’t need the recipient’s account number or IFSC code. Just their name and city are enough for the transfer.
It’s a simple, safe and user-friendly way to make secure payments for government or school fees, business deals or even property transactions.
Demand Draft Charges
Banks charge a small fee for issuing or cancelling a demand draft. The charges depend on the transaction amount and whether the DD is created online or at a branch.
Here’s a quick look at demand draft charges across a few major banks:
Bank
Charge Range and Conditions
HDFC Bank
₹75 per draft (₹50 via Phonebanking). For higher amounts, ₹2.50 per ₹1,000 (min ₹100); ₹2 per ₹1,000 above ₹1 lakh (min ₹250, max ₹5,000)
ICICI Bank
No charge for small drafts. For large transactions, ₹3 per ₹1,000 (min ₹75, max ₹15,000)
Punjab National Bank (PNB)
Urban: ₹40 up to ₹5,000 and ₹4 per ₹1,000 thereafter (max ₹12,000)Rural: ₹30 up to ₹5,000 and ₹3 per ₹1,000 (max ₹12,000)
State Bank of India (SBI)
₹25 for DDs up to ₹5,000, ₹50 for ₹5,001-₹10,000, ₹5 per ₹1,000 (min ₹60) up to ₹1 lakh and ₹4 per ₹1,000 (min ₹600, max ₹2,000) beyond ₹1 lakh
Please note: These rates may vary across branches or with policy updates. Always verify the latest fees on your bank’s official website before issuing a DD.
Demand Draft Validity
A demand draft has a limited validity period, after which it becomes unusable. Here’s what you should know:
A demand draft is valid for 3 months from the issue date as per RBI guidelines
If not presented within this period, it becomes invalid. But the funds remain safe with the issuing bank
You can revalidate the DD by submitting a written request to your bank. Once approved, the validity extends for another 3 months
A revalidated DD cannot be renewed after this extension
Some banks may levy a small revalidation charge.
Types of Demand Draft
Here are the two main types of DDs and their distinguishing characteristics:
1. Sight Demand Draft
This is an immediately payable DD. The payee can receive the amount in their bank account by presenting certain documents, including proof of identity. It is generally used for international transactions, ensuring a prompt transfer.
2. Time Demand Draft
A time demand draft is payable only after a specific date mentioned on it. The recipient can encash it once that period has passed. It’s often used in business transactions where payment is scheduled for a later date.
Features of a Demand Draft
Here are some key features of demand drafts:
Secure and prepaid: A DD is issued only after the bank receives the full amount. This makes it a more secure form of payment.
No signature needed: Unlike cheques, demand drafts don’t require the account holder’s signature. This makes them less prone to fraud.
Tamper-proof and fixed amount: The amount on a DD is fixed at the time of issue and cannot be changed. This ensures the payee receives the exact amount stated.
Widely accepted and account-free: Demand drafts are accepted across India by institutions, colleges and businesses. You don’t need to have an account with the issuing bank.
Safe for large transactions: There’s no set limit on how much money can be sent using a DD. It’s a suitable option for high-value payments.
Refundable if unused: If the DD isn’t delivered on time, the bank refunds the amount to the person who initiated it.
How to Make Demand Draft Offline?
Step 1: Visit the nearest branch of your bank Step 2: Ask the bank staff for a demand draft application form Step 3: Fill out the form with details like amount, currency, payee name and reason for payment Step 4: Submit the form at the counter Step 5: Pay using cash, cheque or directly from your account. If the amount is above ₹50,000, provide your PAN Step 6: Keep a photocopy of the DD for your records
How to Fill Demand Draft Form Online?
Step 1: Log in to your bank’s internet banking account. Step 2: Go to the ‘Requests or Enquiries’ section and select ‘Issue Demand Draft.’ Step 3: Choose the account you wish to pay from. Step 4: Enter the amount, payee name and payment reason. Also, add the branch code and select the branch where the DD should be payable. Step 5: Pick how you want the DD delivered, courier or branch pickup. Step 6: Review all details and click ‘Submit’ to complete your request.
Both these methods are simple. You can choose the one that works best for you, depending on convenience and urgency.
How to Cancel a Demand Draft?
If a demand draft (DD) is no longer needed or has errors, you can request its cancellation at the issuing bank. However, a DD can only be cancelled if it hasn’t been handed over or deposited by the payee. Here’s how the process works:
Step 1: Go to the bank branch where the DD was issued and carry a valid ID proof
Step 2: Ask for a demand draft cancellation form and provide details such as the DD number, amount, issue date and reason for cancellation
Step 3: Submit the original draft along with the form. The bank will verify its status
Step 4: Pay cancellation fees.Banks usually charge a nominal fee
Step 5: Collect the refund or confirmation
This ensures your DD is securely cancelled and the funds are safely returned without any complications.
Sample Demand Draft Cancellation Letter
To The Branch Manager [Bank Name] [Branch Address]
Subject: Request for Cancellation of Demand Draft
Dear Sir/Madam,
I am writing to request the cancellation of the demand draft issued from my account. Below are the details:
Demand Draft Number: [Enter DD number]
Amount: [Enter amount]
Issue Date: [Enter date]
Payee Name: [Enter name]
The draft has not been delivered or deposited by the payee. Kindly cancel the same and initiate the refund.
Here are some guidelines outlined by the RBI regarding DD:
Banks must issue demand drafts for amounts of ₹50,000 and above only by debiting your account or accepting cheques or other instruments, except cash.
You cannot encash demand drafts; the bank at which you have deposited the draft will deposit it into your bank account.
For transactions over ₹50,000, you must provide your permanent account number (PAN).
The demand draft validity stands at 3 months after issue, and the process for revalidation is also allowed after 3 months.
With these simple steps, you can complete the demand draft procedure. The payee can credit the amount in their bank account by submitting the demand draft at their nearest branch. Equipping yourself with these details about a DD makes it easy for you to transfer funds across bank accounts without the risk of rejection.
Whether you are waiting to cash in a DD or need to create one, you can access funds without hassles on Fibe. With our Instant Personal Loan, you can avail of up to ₹5 lakhs within minutes, even if you are new to credit. Download our Personal Loan App or register on the website for quick funding at affordable rates!
FAQs on Demand Draft
How do you make a demand draft?
Check the process of requesting a DD below:
The process starts with going to the bank and requesting a DD form.
Fill in the details like your name, the names of the payee and drawee, the amount, the reason, etc.
Payment of the amount for which you want to create a DD.
Once you show your ID to verify the transfer, you will receive the DD in the payee’s name.
What is DD in bank?
In banking terms, a demand draft (DD) is a negotiable instrument for transferring funds without knowing the recipient’s account details.
How do you make a demand draft with cash?
You can visit any bank and request a demand draft form. After completing the form and submitting the cash, the bank will generate a DD for the cash amount.
Why is DD used?
A Demand Draft is used when you want to make secure payments. It’s commonly used for college fees, application forms, large deposits or transactions between two different banks.
How to withdraw money from a DD?
The person whose name is on the DD needs to deposit it into their bank account. Once processed, the amount gets credited just like a cheque.
What is the maximum limit of DD?
There is no fixed upper limit for issuing a DD. However, if the amount is ₹50,000 or more, PAN details are mandatory as per RBI rules.
