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.
Assuming your investment in a Fixed Deposit at an interest rate of 6% p.a. then according to Rule 72, the formula is 72/6 = 12 years. Let's apply Thumb rule in a reverse way, if you wish to double your money say in 5 years, then you will have to invest money at the rate of 72/5 = 14.40% p.a. to achieve your target.
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FD Calculator
- A fixed deposit (FD) is a type of term investment offered by several banks and NBFCs.
- There are two types of FD that you may avail – simple interest FD and compound interest FD.
- M = P + (P x r x t/100), where –
- For example, if you deposit a sum of Rs.
- M= Rs.
- = Rs.
- M= P + P {(1 + i/100) t – 1}, where –
FD is better than PPF because of its more flexible attributes and it is better than RD because it offers higher interest rates. Among RD, FD and PPF the best instrument for investing your money is different for every customer. A PPF has a limit of deposit of Rs. 1.5 lakh per year.
Best FD Rates in India among Top 10 BanksAxis Bank offers the highest FD interest rate of 5.75% p.a. which is for a tenure of 5 years and above for the general public. For senior citizens, the interest rate is up to 6.50%. The next highest interest rate is 5.60% p.a. which is offered by Union Bank of India.
- Become a Day Trader.
- Pursue a Side Hustle.
- Put your money in a High-Yield Savings Account.
- Lend your money to on Peer-to-Peer lending Platforms.
- Rent your belongings.
- Sell your unwanted goods.
- Share your knowledge.
- Invest in your own knowledge – The long-term plan!
Essentially, divide 72 by your expected rate of return to estimate the time it takes to double your money. At 10% return on investment, it would take 7.2 years or 72 / 10. However, what if you found an investment return of 20%? Using the rule of 72, It would take you 3.6 years to double your money.
Here are some options to double your money:
- Tax-free Bonds. Initially tax- free bonds were issued only in specific periods.
- Kisan Vikas Patra (KVP)
- Corporate Deposits/Non-Convertible Debentures (NCD)
- National Savings Certificates.
- Bank Fixed Deposits.
- Public Provident Fund (PPF)
- Mutual Funds (MFs)
- Gold ETFs.
For example, the Rule of 72 states that $1 invested at an annual fixed interest rate of 10% would take 7.2 years ((72/10) = 7.2) to grow to $2. In reality, a 10% investment will take 7.3 years to double ((1.107.3 = 2). The Rule of 72 is reasonably accurate for low rates of return.
Rate(s) of interest on Domestic Term Deposits, stands revised with effect from 16.12. 2020
| Sr. No. | Time Period | General |
|---|
| 8 | 151-180 Days | 3.90% |
| 9 | 181 to 364 days | 4.70% |
| 10 | 1 year | 4.90% |
| 11 | More than 1 year but upto 2 Years | 5.00% |
Fixed Deposit Interest Rates by Different Banks
| Bank | Tenure | Interest rate |
|---|
| ICICI Bank | 7 days to 10 years | 4% to 7.25% |
| Punjab National Bank | 7 days to 10 years | 5.70% to 6.85% |
| HDFC Bank | 7 days to 10 years | 3.5% to 7.40% |
| Axis Bank | 7 days to 10 years | 3.5% to 7.25% |
How to close Uco Bank Fixed Deposit Account?
- (1) Fill up the FD Account Closure Form or Fixed Deposit Liquidation form of Uco Bank. In order to close Uco Bank FD account, the first step is to fill up an FD Account Closure Form.
- (2) Attach your KYC (Know Your Customer) Documents.
- (3) Submit FD Certificate or FD Receipt.
Savings Account Minimum Balance Requirements
| Type of Account | Minimum Balance |
|---|
| UCO Saral Savings Deposit Scheme | Metro: Rs.1,000Urban: Rs.1,000Semi-Urban: Rs.500Rural: Rs.250 |
| No-Frills Savings Bank Account | Nil |
| UCO Smart Kids Savings Bank Scheme | Nil |
| Motor Accident Claim Tribunal SB Account | Nil |
Saving Bank Deposit Interest rate with effect form 25.08.2017
| Balance | Rate of Interest (p.a) |
|---|
| Upto Rs 50 lakhs | 3.50% |
| over Rs 50 lakhs | 4.00% |
Every depositor while opening a Fixed Deposit Account by tendering cash shall be required to furnish PAN/GIR Number or submit Form 60/61 if the deposit amount exceed Rs. 50,000/-. Deposits aggregating to more than Rs. 5 Lakh during the year will need submission of  PAN.
It is easy to transfer your fixed deposit account from one bank branch to another. The steps are quite simple — you will have to the manager of the present bank and request them to allow for a change in the location of your fixed deposit account to a new bank account within the same branch.
Soon this nascent idea came into reality and, on the 6th of January 1943, The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata.
A simple Fixed Deposit (FD) plan, which offers fixed regular monthly income in future by investing a lump sum amount today.
Major Bank's Best Recurring Deposit Interest Rates 2021
| Bank | General Interest Rates | Senior Citizen Interest Rates |
|---|
| ICICI RD Interest Rates | 3.50% – 5.35% | 4.00% – 5.85% |
| HDFC RD Interest Rates | 3.50% – 5.50% | 4.00% – 6.00% |
| Kotak Bank RD Interest Rates | 4.40% – 4.75% | 4.90% – 5.25% |
| Axis Bank RD Interest Rates | 4.40% – 5.50% | 4.65% – 6.05% |
You can calculate Interest on your loans and investments by using the following formula for calculating simple interest: Simple Interest= P x R x T ÷ 100, where P = Principal, R = Rate of Interest and T = Time Period of the Loan/Deposit in years.
Visit the UCO Bank net banking portal or their official website. Click on the login page and enter your user id and password allocated for the net banking services. After logging in, click on the 'Enquiries' tab. Under the Enquiries head, select the 'Home loan provisional certificate' option.
Kuber YojanaA long term fixed deposit scheme. Interest is compounded every quarter by way of reinvestment. Thus the scheme generates a large sum of money at the time of maturity. The scheme meets the need for a safe long term investment. The maximum period of deposit is 120 months.
