On Wednesday, the Reserve Bank of India (RBI) raised its repo rate by 25 basis points to 6.50%, prompting private lender Axis Bank to increase rates on fixed deposits of less than Rs 2 crore. The new rates will become effective on February 11, 2023, per the Axis Bank website.

As a result of the recent increase in FD rates, Axis Bank offers interest rates on deposits maturing in 7 days to 10 years that range from 3.50 percent to 7.00 percent for the general public and from 6.00 percent to 7.75 percent for senior citizens.

The bank is now offering an interest rate of 3.50 percent on fixed deposits that mature within the next seven to forty-five days, while Axis Bank is now offering an interest rate of 4.00 percent on deposits that mature within the next forty-six to sixty days.

Axis Bank is now offering 4.50% and 4.75 % on deposits with maturities ranging from 61 days to three months and three months to six months, respectively.

Now, deposits maturing in 6 to 9 months will accrue interest at a rate of 5.75 percent, while those maturing in 9 to 12 months will accrue interest at a rate of 6.00 percent.

The bank is currently offering an interest rate of 6.75 percent on fixed deposits with terms of one year to one year and twenty-four days, and a rate of 7.10 percent on deposits with terms of one year and twenty-five days to thirteen months. Now, deposits with maturities between 13 months and two years will accrue interest at a rate of 6.75 percent, while deposits with maturities between two years and thirty months will accrue interest at a rate of 7.26 percent.

Also read this:Prime Minister Modi inaugurates the first section of the Delhi-Mumbai Expressway.

Axis Bank is currently offering an interest rate of 7.00% on deposits with terms between 30 months and 10 years. Seniors will receive an additional rate of interest on fixed deposits maturing between six months and ten years beyond the standard rate.

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Bank FD vs Stock Market

If you are planning to invest your money somewhere. So first of all options like Stock Market or Fixed Deposit will come in front of you. We are going to tell you about some such banks, which have made investors rich by owning more bank shares than their fixed deposits (FD). With this news, you can make your investment plans better. Also, you can invest in the right place.

Investing in the stock market is very risky, but if you are ready to take the risk, you can become a millionaire and a millionaire from a millionaire in a few months or years. Your money can be doubled. If you make a fixed deposit of your money in the bank for 7 to 30 days. So in this case you will get a maximum return of 3.5%. Means your 1 lakh rupees will become 103500 rupees after one month. On the other hand, if you invest 1 lakh rupees in the shares of these banks before 1 month, then your money can be up to 2.5 lakhs

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Bank fd vs bank shares

Let us tell you that, you can see the comparison of 1 month returns of shares and FDs of some public sector banks. Just like Uco Bank is paying 2.9 percent interest on fixed deposits for 7 to 29 days, the same bank’s stock has given a return of 145 percent in 1 month. Similarly, the Central Bank of India has given a return of 76 per cent to its equity investors during this period, while 3.25 per cent on FD. State Bank of India has given equal returns in both.

Return on Bank Shares (in %) Return on FD (in %)
UCO Bank 145 2.9
Central Bank Of India 76 3.25
Indian Bank 10.68 2.80
Indian Overseas Bank 77.58 3.25
Punjab National Bank 38 3.50
State Bank of India 3.00 3.00

Fixed Deposit (FD) Interest Rates: ICICI Bank Vs HDFC Bank Vs SBI Vs Kotak Mahindra Bank – NDTV https://t.co/rhdq0xEtGC I think that present situation is different. People have lost their confidence about banking work. So it is better to invest in share market.

— ALOKE KUMAR DAS (@ALOKEKUMARDAS10) February 20, 2018

Must take expert opinion

If you are going to invest money anywhere. Before this, you must take the opinion of a market expert. If you are going to invest money in shares, then you must keep in mind that it is not necessary that your money will always increase. Many occasions come when your money can also be drowned. Money does not sink in the same fixed deposit in the bank. You get decent interest.

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The biggest problem with the salaried class is that, when they need a huge amount, then they have to take a loan from a relative or a personal loan from a bank. Because they wait for the salary for a month, and then all the expenses in a few days as soon as the account is credited.

The post Extra Income Formula: Will not touch salary, earn separately equal to salary every month, understand maths appeared first on Republic Aeon.

IDBI Bank would continue its primary dealer business even if a foreign bank acquires majority stake and management control in the private sector bank, the finance ministry said on Tuesday.

As part of the primary dealer activity, IDBI Bank is involved in market making activities in respect of G-Secs, including T-bills. IDBI’s treasury actively participates in primary auction of government bonds.

In response to a query on the primary dealership activities undergoing change/getting impacted, where a foreign bank acquires more than 50 per cent shareholding and management control in the strategic sale, the Department of Investment and Public Asset Management (DIPAM) said, “There may not be any impact on the primary dealer business of the IDBI Bank.”

Primary dealers are RBI registered entities that buy and sell government bonds. They have the licence to buy government securities (G-secs) directly from the central bank and sell them to other buyers, thereby creating market for G-Secs.

The clarification is part of the supplementary responses to queries received from interested bidders for IDBI Bank. The first set of responses were released last month.

The DIPAM had then clarified that IDBI Bank will continue to operate as an ‘Indian private sector bank’ after its strategic sale even if the successful bidder is a foreign bank.

The government had on October 7 invited bids for privatising IDBI Bank and said that it along with LIC will sell a total of 60.72 per cent stake in the financial institution. The last date for putting in Expression of Interest (EoI) or preliminary bids is December 16.

The government and LIC together hold 94.72 per cent stake in IDBI Bank and have offered to sell 60.72 per cent stake in the bank. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent of the public shareholding.

Interested bidders would have to clear RBI’s ‘Fit & Proper’ assessment and get security clearance from the government/home ministry in the EoI stage itself to be able to access IDBI Bank’s data room for due diligence

The DIPAM had earlier said that potential investors should have a minimum net worth of Rs 22,500 crore, must report net profit in three out of the past five years to be eligible for bidding for IDBI Bank.

Also, a maximum of four members would be allowed in a consortium. The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for five years from the date of acquisition.

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