Banking has evolved a great deal in the last few years. Internet banking and transfer of money online, has almost eliminated the traditional brick and mortar banking that we have seen. Today, traditional banking has paved the way for adoption of newer technologies. Easy access of information on bank interest rates and facilities like bank calculators online and FD interest rates have also benefited readers. Please do also use the valuable information on banking provided on the Goodreturns.in website.
If you have either taken a loan or have invested in FDs, in both cases it becomes imperative to check the interest rates. You can use loan calculators and FD interest rate calculators. However, some of these calculators do not offer you returns with tax. You have to remember, that you have to factor in tax, as interest on deposits is completely taxable in the hands of the investor. A quick comparison would also help you to earn more money on FD, especially if there is a huge interest rate differential.
If you are a regular salaries individual, it would be good, if you opt for recurring deposits. This would enable you save money in a systematic way for the longer term. Investors are advised to open these recurring deposits for a longer time frame, as interest rates tend to be higher over a longer tenure.
As we have mentioned earlier, do not invest, unless you have a longer term time frame in mind.