Can I open FD in Yes Bank?
Account holders should know that deposits with Yes Bank are insured for up to Rs 5 lakh by the DICGC.
DICGC insures all deposits such as savings, fixed, current, recurring, etc.
except for a few such as inter-bank deposits, any amount due on account of and deposit received outside India, etc..
Which bank is safest in India?
List of Best, Safe Banks in India1) HDFC Bank. If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. … 2) State Bank of India. … 3) ICICI Bank. … 4) AXIS Bank. … 7) Kotak Mahindra Bank, IndusInd Bank.
Which is better FD or LIC?
Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.
Is FD a good option?
Apart from offering you a higher interest rate, FDs also offer better returns because a lumpsum amount earns interest for a fixed period.
Is Post Office FD safe?
However, post office term deposits are totally risk-free as they are backed by the government. Bank FDs are insured only up to R1 lakh. … If you are looking for a safe investment, bank FDs are suitable for you.
Is FD tax free?
Tax deduction on FD interest The interest earned under an FD is taxable under “income from other sources”. The amount invested under 80C of the Income Tax Act is exempt but interest earned under such investments is taxable.
How can I get maximum return from fixed deposit?
How to Get Maximum Returns from Fixed Deposits?Plan your investment strategy.File your returns on time.Ladder your FDs for liquidity and tax benefits.Choose Cumulative FDs over Non-Cumulative FD.Also Read: What is FD.
Which type of FD is best?
Corporate Fixed Deposit schemes offer higher returns on your investment, but choosing the right company is imperative. If you choose a good Company FD scheme, you will generally earn more on your investment than bank FDs as these schemes offer the highest interest rate on FD.
Which bank is FD safe?
To get the benefit of high rates, both SBI Bank and ICICI bank have a new FD scheme exclusively for senior citizens. The bank fixed deposits are becoming the first choice of depositors to keep their savings safe.
Why is Fd not safe?
Fate of investments above Rs. 1 lakh in a single bank may not be entirely safe because the cap on deposit insurance is Rs. … You can invest and get cover for more than Rs. 1 lakh on your FDs if you open them at different banks. In such cases, the deposit insurance applied for each bank will be separate.