Latest Fixed deposit Interest rate data on way2goals last Updated on May 18th, 2012

Interest on Savings Bank account

Starting October 25th 2011 , RBI has allowed all banks to offer and set their own rates for Savings Bank accounts. RBI allows two types of savings bank accounts for saving below Rs. 1 Lakh and savings above Rs. 1 Lakh. Please visit this page often to saving account interest rate offered by banks operating in India. We are tracking the announcements and will update this list as Banks change their interest rates on saving Bank accounts. Now it is easy to earn more on your savings! The time of lazy savings is over now and one has to take advantage of the market dynamics and earn more on short term fixed deposits. The interest on short term fixed deposits is nearly 100% more than offered by the same bank on saving bank accounts. You can earn by switching money from Saving Bank accounts to Short term deposits.

Starting October 25th 2011 , RBI has allowed all banks set their own rates for Savings Bank accounts. RBI allows two types of savings bank accounts for saving below Rs. 1 Lakh and above Rs. 1 Lakh. We are tracking the announcements and will update this list as Banks change their interest rates on saving Bank accounts.

We understand that it may not be practical to create an SB account in a Bank which is offering higher rate of interest. But, you may wish to consider creating a fixed deposit for shorter duration. Please find below how much Rs. 100000 saved for 30 days can become if a short term Fixed Deposit is created. A large number of Banks provide facility to do a Fixed Deposit online. So, make use of this facility to earn more on your savings.

As can be seen from the table below, you can potentially earn upto Rs. 313 more (the difference in maturity value for bank offering highest vs lowest interest rate). The Bank offering the highest interest rate is shown at(Best FD)is shown at the top.

Have Surplus in Saving Account? Wish to the best fixed deposit rates in India?

You can find the Best Fixed Deposits using Best Fixed Deposits. You can get customized report by choosing your tax bracket, period of time you want to invest your money and amount you want to invest . It also shows the maturity value,interest earned, post tax returns and gain after calculating for inflation. Inflation is a silent killer. It eats your wealth without your knowledge. You can find all this information with ease on a single page. Time is money. This saves you time without going back and forth through each bank site which is very tedious and time consuming.

Financial know-how

What if a particular bank goes bankrupt? How do you protect your money in banks? Do you want to educate your children about money? We are hovered by so many questions like these constantly. To learn more about how to protect your money, current Income tax rates and useful finance related links visit our Financial Education section.

Our Honourable Finance Minister has announced a co-contribution of Rs. 1000 per annum for 3 years for people who open an NPS ( National Pension System ) a/c on or after April 1, 2010 and invest up to Rs. 12000 per year in the system.