Are you a professional relocating for work and need funds to pay your housing deposit? Or do you need to bridge a cash crunch to address medical needs? Whether you are looking to upgrade your life or meet a short-term requirement, the Fibe Instant Cash Loan can be your ally.
This personal loan requires no collateral and offers a flexible repayment tenure that you can tailor to your comfort. What’s more, you can repay early with zero pre-closure charges!
Unlike other loans in India’s growing financial marketplace, the eligibility terms of a Fibe loan are simple. Moreover, Fibe does not require you to have a great credit score. In fact, thanks to a proprietary alternate credit scoring algorithm, you can get funds even if you don’t have a score at all. Sounds promising, right?
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.
Worried about the time it takes to get all your documents in order? Don’t be. You can apply for a Fibe loan with just 2-3 documents. These include a government-issued ID and address proof, your PAN and bank statements. That’s it.
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
No Need to Risk Your Assets
Getting access to credit doesn’t have to be complex and that’s why you can get an ample loan amount without collateral from Fibe. Get any amount from ₹5,000 to ₹5,00,000 in just 2 minutes, thanks to an easy, online application journey that does not require any evaluation of security.
You can pay EMIs from 3 to 36 months, choosing a repayment duration that suits your pocket the best. This makes repayment absolutely stress-free. What’s more, you can apply for repeat loans at any time and get the money in your bank account.
Pocket-friendly Repayment
Without any part-prepayment or foreclosure charges, you can repay your Fibe Loan when you have surplus funds, even before the tenure ends. Additionally, the Fibe interest rate is affordable and fixed. This helps you plan repayment with ease right at the time of applying.
All these advantages are literally at your fingertips when you sign up for a Fibe Instant Cash Loan. With a PCI DSS App-based journey, your safety is also taken care of. Download the Fibe Loan App now or register on the website to get started.
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 Demand Draft (DD) is a secure prepaid banking instrument used to transfer money to a person, business, institution or government body. It is commonly used for college fees, exam fees, application payments, property transactions, tender deposits and business payments where the receiver wants assured funds. Since the amount is paid to the bank before the DD is issued, there is almost no risk of the payment bouncing like a cheque.
This guide explains the DD full form, demand draft meaning, required details, charges, validity, types, process, cancellation, RBI-related rules and key differences between DD and cheque.
What is a Demand Draft (DD)?
The full form of DD is Demand Draft. It is a payment instrument issued by a bank after the payer deposits the amount in advance through cash, cheque or account debit. The bank then issues the DD in the name of the payee.
For example, if a student has to pay ₹75,000 as college admission fees, the college may ask for a DD instead of a cheque. This gives the college assurance that the payment is backed by the bank and will not bounce.
A DD is usually deposited by the payee into their bank account. Once processed, the amount is credited to the payee.
What Details Are Required for a Demand Draft?
To make a demand draft, you generally need the following details:
Detail Required
Meaning
Payee name
Name of the person, company, college or authority receiving the payment
Amount
DD amount in figures and words
Payable location
City or branch where the DD is payable
Drawer details
Name and address of the person making the DD
Purpose of payment
Reason such as fees, deposit, tender or application payment
Always check the spelling of the payee name and amount before submitting the request.
Demand Draft Charges
Banks charge a small fee for issuing, cancelling or revalidating a demand draft. The fee depends on the bank, DD amount and mode of request.
Bank
Indicative Demand Draft Charges
HDFC Bank
May start from around ₹75 per draft; higher amounts may be charged per ₹1,000
ICICI Bank
May be free for small drafts; higher values may be charged per ₹1,000, subject to limits
SBI
Charges may start from ₹25 for small DDs and increase with the amount
PNB
Charges may vary for rural and urban branches; usually charged slab-wise
Axis Bank
May offer limited free DDs for select accounts; higher amounts may attract charges
HSBC
Charges may start from around ₹100 and vary by amount
Bank of Baroda
Charges may start from around ₹50 and increase based on value
Note: These charges are indicative. Banks revise fees from time to time, so always check the latest schedule of charges on your bank’s official website or at the branch.
Demand Draft Validity
A demand draft is generally valid for 3 months from the date of issue. If it is not presented within this period, it becomes invalid for payment.
However, the money does not disappear. The person who made the DD can request the issuing bank to revalidate it. Once approved, the DD may be valid for another 3 months. A revalidated DD usually cannot be renewed again after the extended period. Some banks may charge a small revalidation fee.
Types of Demand Draft
There are two main types of demand drafts:
1. Sight Demand Draft
A sight demand draft is payable when it is presented to the bank with the required documents. After verification, the bank processes the payment. It is useful when payment needs to be made quickly after document checks.
2. Time Demand Draft
A time demand draft is payable only after a specific date or period mentioned on it. It is commonly used in business transactions where the payment is scheduled for a future date.
Features of a Demand Draft
Key features of a DD include:
Prepaid instrument: The amount is paid to the bank before issue.
Low bounce risk: Since the bank already has the funds, it does not bounce like a cheque.
Payee-specific: It is issued in the name of a specific person or organisation.
Fixed amount: The amount cannot be changed after issue.
Widely accepted: Used by colleges, businesses, government bodies and institutions.
Useful for large payments: Suitable for formal and high-value transactions.
Can be cancelled if unused: Cancellation is possible if the DD is not deposited or cleared.
How to Make Demand Draft Offline?
You can make a demand draft by visiting a bank branch.
Step 1: Visit your bank branch.
Step 2: Ask for a demand draft application form.
Step 3: Fill in details such as payee name, amount, payable city and purpose.
Step 4: Submit the form with valid ID proof if required.
Step 5: Pay the DD amount and bank charges through cash, cheque or account debit.
Step 6: Provide PAN if the amount is ₹50,000 or more.
Step 7: Collect the DD and verify the payee name, amount and date.
Keep the receipt safely for tracking, cancellation or revalidation.
How to Fill Demand Draft Form Online?
Many banks allow DD requests through internet banking or mobile banking.
Step 1: Log in to your bank’s net banking or mobile banking account.
Step 2: Go to Requests, Service Requests or Issue Demand Draft.
Step 3: Select the account from which the amount will be debited.
Step 4: Enter payee name, amount, payable location and purpose.
Step 5: Choose delivery mode, such as courier or branch pickup.
Step 6: Review all details carefully.
Step 7: Submit the request and note the reference number.
Online DD requests are convenient, but delivery or pickup timelines may vary by bank.
How to Use a Demand Draft
Submit it to a college or university for education fees.
Attach it with government forms or applications.
Use it for property-related payments or deposits.
Submit it for tenders, security deposits or business payments.
Deposit a received DD into your bank account for credit.
Keep an acknowledgement or receipt after handing over the DD.
How to Cancel a Demand Draft?
A DD can usually be cancelled only if it has not been deposited or cleared by the payee.
Step 1: Visit the issuing bank branch.
Step 2: Carry valid ID proof and the original DD.
Step 3: Fill out the DD cancellation form.
Step 4: Mention DD number, amount, issue date, payee name and reason.
Step 5: Pay applicable cancellation charges.
Step 6: The bank verifies the DD status and refunds the amount after deductions.
Sample Demand Draft Cancellation Letter
To
The Branch Manager
[Bank Name]
[Branch Address]
Subject: Request for Cancellation of Demand Draft
Dear Sir/Madam,
I request you to cancel the demand draft issued from my account. The details are given below:
Particular
Details
DD Number
[Enter DD number]
Amount
[Enter amount]
Issue Date
[Enter date]
Payee Name
[Enter payee name]
Account Number
[Enter account number]
The demand draft has not been delivered to or deposited by the payee. Kindly cancel the same and refund the amount to my account after deducting applicable charges.
Yours faithfully, [Your Name]
[Contact Number]
[Signature]
RBI Guidelines for DD in Cash
Important banking rules related to DDs include:
Demand drafts of ₹50,000 or more are generally not issued against cash.
High-value DDs are usually issued through account debit, cheque or other traceable banking modes.
PAN details are required for DDs of ₹50,000 or above.
A DD is generally valid for 3 months from the issue date.
Expired DDs can be revalidated by the issuing bank on request.
A DD is usually credited to the payee’s bank account and not treated like direct cash withdrawal.
These rules help make high-value transactions safer and more traceable.
Demand Draft vs Cheque: Key Differences
A demand draft and cheque are both used for payments, but they are not the same. A cheque is issued by an account holder and may bounce if there is insufficient balance. A demand draft is issued by the bank after collecting the money in advance, making it more secure for the receiver.
Difference
Demand Draft
Cheque
Issued by
Bank
Account holder
Payment assurance
High
Depends on account balance
Bounce risk
Very low
Possible
Best for
Fees, deposits, official payments
Regular payments
Security
More secure
Comparatively less secure
Payment basis
Prepaid
Paid when presented
Advantages of Demand Draft
Offers assured payment to the payee.
Does not bounce due to insufficient funds.
Useful for official and high-value payments.
Accepted by colleges, government bodies and businesses.
Does not always require the receiver’s account number.
Provides proof of payment through DD receipt.
Can be cancelled or revalidated if not used within the allowed period.
Conclusion
A demand draft is a safe and reliable payment option for formal transactions. It is especially useful when the receiver wants guaranteed funds, such as for college fees, government applications, property payments, tender deposits and business transactions. Since the amount is paid in advance to the bank, a DD offers better payment assurance than a cheque.
Before making a DD, always verify the payee name, amount, payable location, validity and bank charges. This helps avoid rejection, cancellation or delays.
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FAQs on Demand Draft
1. What is DD in bank?
DD means Demand Draft. It is a prepaid banking instrument issued by a bank to make secure payments.
2. How do you make a demand draft?
You can make a DD by visiting a bank branch or using internet banking. Fill in the payee name, amount, payable city and purpose, then pay the amount and charges.
3. Can a demand draft be made online?
Yes, many banks allow DD requests through net banking or mobile banking. You can choose branch pickup or courier delivery depending on the bank.
4. How do you make a DD with cash?
You can visit a branch, fill the DD form and submit cash. For DDs of ₹50,000 or more, banks usually require account debit, cheque or another traceable payment mode.
5. What happens if a demand draft expires?
If a DD expires, it cannot be used for payment. The drawer can request the issuing bank to revalidate it, usually for another 3 months.
6. What is the difference between a demand draft and a cheque?
A DD is issued by a bank after receiving the amount in advance, while a cheque is issued by an account holder and can bounce if there is not enough balance.
7. What is the maximum limit of DD?
There is generally no fixed upper limit, but banks may set internal limits. PAN is usually required for DDs of ₹50,000 or more.
A PAN Card isn’t just for adults — it can be a valuable financial tool for minors too. From opening a bank account to investing in their future, having a PAN Card early sets the foundation for smart money management. Thankfully, you can easily apply for a PAN card for minors online or offline.
Read on to learn how to empower your child’s financial journey, why you should get a PAN card for minors and the steps to apply for a minor PAN card online or offline.
When is a PAN Card for Minors Required?
There are many instances where getting a PAN card for minors is fruitful. Listed below are a few:
A PAN card for minors serves as identity proof if the child is above five years old.
It is required to open a bank account in your child’s name.
Needed when investing in your child’s name or making them a nominee for real estate, shares, etc.
Mandatory for availing government schemes for children, such as Sukanya Samriddhi Yojana.
Essential if the minor’s income is taxable separately under specific conditions for filing ITR.
Here are a few key advantages for applying a Minor PAN card:
Acts as Identity Proof – Useful for official documentation and verification
Required for Bank Accounts – Needed to open a savings account in the child’s name
Essential for Investments – Helps in investing in real estate, shares or making them a nominee
Mandatory for Government Schemes – Required for schemes like Sukanya Samriddhi Yojana
Help in Tax Filing – Necessary if the minor’s income is taxable separately
Secures Financial Future – Lays the foundation for better financial planning and opportunities
What Documents are Required for a Minor PAN Card Application?
Below are the documents that are needed to apply for a minor PAN card:
Proof of Identity – Aadhaar Card, Passport or any government-issued ID of the minor
Proof of Address – Aadhaar Card, Passport or utility bill of parents/guardian
Proof of Date of Birth – Birth certificate or school leaving certificate
Parent/Guardian’s PAN Card – Required for verification
Recent Passport-size Photos – Two colored passport-size photographs of the minor
How to Update a Minor PAN Card to a Major?
Fill out the PAN Card Update Form (Form 49A): Download it from the NSDL or UTIITSL website
Enter Updated Details: Provide your PAN, updated personal details and any required changes
Attach Supporting Documents: Submit a copy of your Aadhaar, proof of age and a recent passport-size photo
Signature Update: As a major, you need to sign the form (earlier, parents/guardians signed it)
Submit the Form: Apply online or visit the nearest PAN service center
Pay the Fee: A nominal processing fee applies
Receive Updated PAN: The new PAN card with updated details will be sent to your address
You can also easily get financing with your PAN card and a few basic documents to meet your and your child’s requirements.
With the Fibe Online Personal Loan, you can get a loan of up to ₹5 lakhs at affordable interest rates and with a flexible repayment tenure of up to 36 months. You can use the funding as you need without any restrictions. Download our Instant Loan App or register on the website to get started.
Any individual above the age of 18 can apply for a PAN card. However, according to the Income Tax Act, there’s no age limit and parents/legal guardians can get one for minors too.
What is a minor PAN card?
A minor PAN card is issued to individuals under the age of 18.
What is the minimum age for applying for a PAN card?
According to the Income Tax Act, there is no major and minor PAN card age limit and any individual can get it. However, in the case of minors, parents/legal guardians will have to apply.
How to change a minor PAN card to a major?
To update a minor’s PAN card once they become an adult, they will need to fill out the changes/correction form available on the official website. The application must be filled out as per the instructions mentioned and submitted.
Can a minor apply for a PAN card?
While a minor cannot apply themselves, you as a parent or guardian can apply on their behalf and get a minor PAN card online or offline.
What details are required for a minor PAN card?
To apply for a minor’s PAN card, you will need their name, parent/guardian’s name and address. You will also need to submit the necessary documents and recent photographs of the minor.
Can a minor student apply for a PAN card?
A minor student can get a PAN card but an adult, such as the parent/legal guardian, will need to fill out the minor PAN card application form on their behalf.
What are the benefits of a minor PAN card?
Having a PAN card as a minor enables them to apply for various financial products like bank accounts and make investments. You can also make them a nominee for your investments, securing their future.
What is the difference between major and minor PAN cards?
A major’s PAN card is issued to individuals who are 18 or above, while a minor’s PAN card is issued to those below 18 years.
Is it necessary to change your PAN card from minor to major?
Yes, you need to update your minor PAN card as soon as you become an adult. This is because a PAN card issued for a minor has no photograph or signature, which is essential in making it a valid proof of identity.
Debt-to-income ratio is an essential criterion that helps financial institutions evaluate your finances. This figure affects the loan amount and credit card limit that you can get.
When you apply for credit, lenders determine this ratio since it reflects your borrowing capacity. Continue reading to understand the significance of this ratio in your loan application process and learn how to calculate it using the debt-to-income ratio formula.
Understanding your DTI Ratio
As mentioned, your DTI ratio is an important metric that impacts your credit score and your ability to borrow funds. It is a percentage of your total debt per month against your total earnings in a month.
Experts recommend that you maintain a 35% or lower DTI figure so you can apply for credit without the risk of rejection. Why? In simple words, this number indicates the percentage of your income that goes towards repaying debt.
No wonder lenders prefer a lower ratio because it means a borrower can afford a new loan and is likely to repay it on time. A higher ratio means that your income may be stretched too thin, and the borrower is less likely to pay EMIs on time and more likely to default or delay repayment. Further, having a higher ratio indicates higher dependence on loans and credit cards. Such borrowers pose big red flags for lenders.
Thus, your debt-to-income percentage affects whether or not your loan application will be approved, and also helps lenders decide on your interest rate. With a lower debt-to-income ratio, you seem more reliable to lenders and can get a more competitive rate of interest on a loan.
Depending on your ratio of debt against income, here are your chances of availing of affordable loans:
10% or less: You can get loans at affordable interest rates easily and quickly, as only up to 10% of your income per month is being used to service debt
11-20%: You can avail of competitively priced loans without much hassle, as up to 20% of your monthly earnings are going towards repayment
21-35%: While you can get quick approval on loans provided you meet all the eligibility criteria, as up to a third of your monthly income is targeted towards paying EMIs, you can try to bring this down
36-50%: Approval of credit is less likely, and the interest rates may be higher as up to half of your earnings are being used to repay debt
More than 50%: Qualifying for credit can be challenging at this stage
Debt-to-income ratio formula and calculation
To better understand how this ratio works, you must know the simple formula:
DTI percentage = Total Monthly Debt / Net Monthly Income X 100
Here is an example:
Say Manvi wants to apply for personal loan. To avoid rejection, Manvi wants to check her debt-to-income ratio. Here are her monthly obligations and earnings:
Car loan: ₹15,000
Credit card bill: ₹5,000
Net monthly income: ₹80,000
Her total monthly debt = ₹15,000 + ₹5,000 = ₹20,000
DTI percentage = ₹20,000 / ₹80,000 X 100 = 25%
With this ratio, Manvi has a good chance of approval on her personal loan application.
While DTI refers to the ratio for individuals, do not mistake it for debt ratio, which is what applies to companies. The debt ratio formula is total debts divided by total assets.
Since a lower DTI ratio improves your credit score, ensure that you track yours and reduce it when possible. Improving it takes perseverance and patience. With some financial planning, you can lower your debt burden quickly.
Here are some strategies to reduce your debt and improve the ratio.
Start by paying off your smallest loans in full
Refrain from taking any additional loans
Clear off credit card debts, if any
Consider increasing your existing loan EMIs to accelerate loan closure
Seek opportunities to boost your income, such as freelancing
Avoid unnecessary expenses and prioritise debt settlement
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FAQs on Debt-to-Income Ratio
What is the ideal debt-to-income ratio?
A debit-to-income ratio under 35% is considered ideal.
How do you calculate the debt-to-income ratio?
To calculate your DTI ratio, add all your monthly debt payments and divide it by your monthly income and multiply it by 100.
Is a 40% debt-to-income ratio good?
The general rule of thumb is to keep your DTI ratio under 35%. A higher DTI can adversely affect your chances of getting affordable credit. That being said, a 40% DTI ratio is considered fair.
Is 11% a good debt-to-income ratio?
Yes, with an 11% ratio, you should be able to get credit from any bank or financial institution. However, this also depends on meeting other eligibility criteria.
What does the debt-burden ratio mean?
The debt-burden ratio is the same as the debt-to-income percentage, which is the ratio of your total debt to income on a monthly basis.
