Category: Personal Finance

4 Bank Deposits That Earn A Higher Interest Rate

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Here are 4 bank deposits that offer you higher interest rates

BANK 1-2 years 2-3 years 3-5 years
IndusInd Bank 6.50% 6.50% 6.50%
Yes Bank 6.00% 6.25% 6.50%
IDFC First Bank 5.50% 5.75% 6.00%
DCB 6.00% 6.50% 6.50%

What about safety of deposits?

What about safety of deposits?

History suggests in India that a full fledged commercial bank has not collapsed till date. Cooperative banks definitely have, but, not the commercial banks. Even the small finance banks have not had problems so far.

Yes, there has been a history of banks like Yes Bank and Global trust Bank running into problems, but, eventually these banks either get bailed out or are bought over by the bigger and stronger banks.

Apart from this, deposits of upto Rs 5 lakhs at all banks put together are insured DICGC. Therefore, to that extent they are secure. However, we all know that to get the money back, while there maybe insurance is always a tough thing.

Is it a risk really?

Is it a risk really?

We really do not see a problem with bigger banks like IndusInd Bank. The bank reported a good set of quarterly numbers, but, there is no saying how things pan out for the banking sector. The second wave of covid-19 infections may put some pressure on the larger retail banks, but, one has to wait and see.

What we recommend investors is to stay invested in deposits for a more shorter duration. Looking at a tenure of 5 years and so on is not advisable at all. This is because, if interest rates rise, breaking your deposits would prove a costly affair. Hence, stick to a shorter duration to get the best.

Also, one cannot predict the direction of interest rates, though we believe in the next 1-2 years, it should go higher.

Look for various other options

Look for various other options

Don’t stick to bank deposits alone. Look for other investment options like NCDs, tax free bonds etc. These too can offer investors very good yields. However, in case of both of these, since they are listed your yields would depend on your buying price.

There are also debt mutual funds, where you good get decent returns. However, again this depends on the net asset value at which you buy them. Overall, getting returns from the debt class has become very difficult, whether you are a short term investor or long term investor.

Disclaimer

Disclaimer

Goodreturns.in has taken utmost care in compilation of data for this article. The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy the bank deposits mentioned above. You should consult other sources before taking an investment decision, based on the prices provided. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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Yes Bank Revises Interest Rates On FD, Check New Rates Here

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Investment

oi-Vipul Das

|

Both regular and senior citizens can take advantage of a variety of fixed deposit (FD) schemes offered by Yes Bank. The bank offers fixed deposit schemes with terms ranging from seven days to ten years. On May 10, 2021, the bank changed the interest rate on its term deposits. Yes Bank now proposes an interest rate of 3.50 per cent on deposits maturing in seven to fourteen days, 3.75 per cent on deposits maturing in 15 to 45 days, and 4.25 per cent on FDs maturing in 46 to 90 days, after the most recent adjustment. On term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months, Yes Bank offers 4.75 per cent and 5.25 per cent, respectively. The Bank offers a 5.50 per cent interest rate on FDs for a maturity period of 9 months or less than one year. Both regular and senior citizens can take advantage of a special interest rate on FDs maturing in one year to ten years offered by Yes Bank. Term deposits maturing in one year or less than two years will offer a 6.00 per cent interest rate. FDs with a maturity period of two to three years will yield 6.25 per cent, while deposits with a maturity period of three to five years will yield 6.50 per cent, and deposits with a maturity period of five to ten years will yield 6.75 per cent. Senior citizens will receive interest rates that are 50 basis points higher than regular citizens. On FDs maturing in 7 days to 10 years, the bank proposes interest rates ranging from 4% to 7.5 per cent. On FDs maturing in three to ten years, senior citizens will receive an additional rate of 75 bps.

Yes Bank Revises Interest Rates On FD, Check New Rates Here

Yes Bank FD Rates

Below are the latest interest rates on fixed deposit of Yes Bank for a deposit amount of less than Rs 2 Cr.

Tenure Regular FD Rates Senior Citizen FD Rates
7 to 14 days 3.50% 4.00%
15 to 45 days 3.75% 4.25%
46 to 90 days 4.25% 4.75%
3 months to less than 6 months 4.75% 5.25%
6 months to less than 9 months 5.25% 5.75%
9 months to less than 1 Year 5.50% 6.00%
1 years to less than 2 years 6.00% 6.50%
2 years to less than 3 years 6.25% 6.75%
3 Years to less than 5 years 6.50% 7.25%
5 Years to less than 10 years 6.75% 7.50%
Source: Bank Website, W.e.f. 10th May 2021



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3NCDs That Give Better Interest Than Bank Deposits

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Where can NCDs be bought and how secure are they?

Non Convertible Debentures can be bought from the exchanges and if you buy them at the right prices, you can most certainly make more returns than bank deposits.

Let’s see some of the NCDs from a selective list that is prepared and than work out the returns.

Name Interest rate Maturity date CMP Face value
Britannia 8.00% 01/08/22 31 30
Shriram Transport N2 9.50% 2023-02-01 1050 1000
Edelweiss Housing N5 9.57% 2026-07-01 954 1000

NCDs can be either secure or unsecure. Most of the NCDs that were issued earlier were secured and all of the above NCDs are rated either AAA or AA.

Understanding with an example

Understanding with an example

Let’s understand with an example. Let’s say that you buy the Shriram Transport NCDs with a face value of Rs 1000 for Rs 1050. If you were to spend about Rs 1 lakh, you receive 95 NCDS. On these 95 Ncds, the interest received every year would be Rs 8883, taking the yield to around 8.88%.

However, one has to take the loss into account, because you would receive only Rs 1,000 in Feb 2023 and you have paid Rs 1050. If you even work that out, the yield still works to around 6 to 7%.

If you do a research on all listed NCDS and there are plenty of them, you would realize that you can get vary good yields. The key here is that you need to pick the NCDs at the right price. If you are not buying at the current price, your yield is likely to be terrible.

Other details about NCDs

Other details about NCDs

Non Convertible Debentures are listed on the stock exchanges and hence can be bought and sold there. We would advise to buy in smaller quantities as NCDs are not very liquid. Another advise would be to buy and hold till maturity. Generally, buy for a shorter duration of around 3 years and since you can sell them, it is a good option.

The interest earned is fully taxable, though there is no TDS that is deducted on the NCDs. This means that you need to add the interest income to the total income and file returns accordingly. Like NCDs there are tax free bonds also that can be bought in a similar manner, though there needs to be adequate research that has to be done before buying. The key here is to buy at the right price, so your yields remain high.

About the author

About the author

Sunil Fernandes has spent 26 years covering business and finance in India and abroad. Sunil has worked with frontline daily newspapers including Hindustan Times, Deccan Herald and Gulf Times. He has also worked with investment magazines like Dalal Street Investment Journal and Oman Economic Review. His forte remains stocks, mutual funds and tax planning.



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2 Safe Equity Options And Other Investments That Can Beat Inflation

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Equity based options:

1. SIP in Index fund:

If you wish to earn return from the share market without taking too much risk, Systematic Investment Plan (SIP) in Index fund can be started. Typically, index funds are suitable for investors who are on the hunt for less risky investment and have a considerably long term investment horizon. Furthermore, lesser volatile the index fund be more shall be the return for the investor.

Until April 2021, Indian stock market in the last 10, 20 and 30 years has yielded an average return of 10 percent.

2. Equity Linked Savings Scheme:

2. Equity Linked Savings Scheme:

Equity linked savings scheme are equity funds that park a major chunk of its corpus into equity and related instruments. These schemes carry a mandatory lock-in of 3 years. Investment in ELSS qualifies for tax deduction up to the maximum of Rs. 1,50,000 per year under Section 80C. So, if you remain invested in the scheme for a considerable time then one can get a return as high as 15 percent.

1. VPF or Voluntary Provident Scheme:

1. VPF or Voluntary Provident Scheme:

This is another investment tied to EPF or Employee provident fund (EPF) that can fetch a higher return over and above inflation. This is because VPF carries a similar rate as EPF and is currently pegged at 8.5 percent. Employees with surplus income can consider the VPF investment option and contribute in it on a voluntary basis to earn inflation beating return. Note from this year, contribution of up to Rs. 2.5 lakh annually into the scheme shall be tax-exempted.

2. National Savings Certificate (NSC):

2. National Savings Certificate (NSC):

This is a post office savings scheme whose interest rate is decided based on the repo rate. Currently the repo rate is at a barely 4 percent (Repo rate is the rate at which RBI lends money to commercial banks). And in the near future, repo rates are likely to head northwards and so shall the interest rate on NSC which is currently offering 6.8 percent per annum.

3. Savings scheme for senior citizens:

3. Savings scheme for senior citizens:

For individuals aged over 60 years, the government has given out two options, one is the PMVVY or Pradhan Mantri Vaya Vandana Yojana that fetches 7.4 percent and the other is Senior Citizen Savings Scheme (SCSS) that also offers 7.4 percent tax-free return. While the former scheme is provided by the LIC, the SCSS is a Post office scheme.

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Bitcoin posts record weekly outflows as gains stall, BFSI News, ET BFSI

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NEW YORK: Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday.

Outflows for bitcoin products and funds totaled $98 million, or 0.2% of total assets under management. For the year, total bitcoin inflows amounted to $4.3 billion. In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed.

Since hitting a record just under $65,000 in mid-April, bitcoin’s price has fallen 35%. Bitcoin was down 5.2% at $44,073, driven by tweets from Tesla Inc. chief Elon Musk.

“While it only represented 0.2% of AUM, last week’s largest-ever outflows from bitcoin investment products is noteworthy,” said Matt Weller, global head of market research at Forex.com.

“Bitcoin’s perceived environmental costs are becoming a bigger and bigger part of the narrative, boosting the relative appeal of ethereum and its upcoming transition to the less energy-intense proof-of-stake security model,” he added.

Ethereum, the second-largest cryptocurrency in terms of market capitalization, continued to post solid inflows of $26.5 million last week, with a total of $910 million so far this year.

The cryptocurrency has been bolstered by the surge in usage of ethereum-based decentralized finance applications, which facilitate crypto-denominated lending outside traditional banking.

Ethereum hit a record high of $4,380.64 last week but was last down 6.3% at $3,358. It has gained about 355% in 2021.

All other digital asset investment products saw inflows as well in the latest week, such as Cardano and Polkadot.

Grayscale remains the largest digital currency manager, with $47.268 billion in assets, down from $49.3 billion at the end of April.

CoinShares, the second-biggest and largest European digital asset manager, oversaw about $6 billion as of last week, up from $5.8 billion in late April.



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Current quarter seems to be quite challenging: Shyam Srinivasan, MD & CEO, Federal Bank

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Our loan growth was quite diversified and meaningful, except for our corporate loan book. Gold loan had the sharpest growth of 70%. Corporate loan book de-grow by almost 6%.

Federal Bank reported its highest-ever quarterly net profit of Rs 477.81 crore for the fourth quarter of FY21. It also reported a net profit of Rs 1,590.30 crore for the 2020-21 fiscal. Excerpts from a post-result virtual press meet held by Shyam Srinivasan, MD & CEO of Federal Bank.

Interest income is seen flat and other income has de-grown. Is the growth in net profit due to lower provisioning?
Other income of the bank has de-grown because in Q4 of FY20 we had a spectacular one-off sale of a portfolio investment. Provisioning is lower in Q4, because we have been provisioning significantly in the first three quarters without taking NPAs. As the NPA recognition came through in March, it shifted from standard asset provision to credit provision.

Could you share your outlook for the current quarter and fiscal?
It is hard to tell at this juncture. The current quarter does seem to be quite challenging. Q1 FY21 was challenging for all of us and things came back roaring later in the year. Last year, it began badly and ended up very decently. We have to believe that a similar occurrence will happen in this fiscal too. Our portfolio quality is good and our net NPA is 1.19%; there are only two-three banks that are better than us. So there is no reason we should suddenly see it adverse.

From which sector has loan growth come from?
Our loan growth was quite diversified and meaningful, except for our corporate loan book. Gold loan had the sharpest growth of 70%. Corporate loan book de-grow by almost 6%.

Many NRIs have lost jobs in the Middle East. What is the outlook on remittances, given that the bank has a good market share in total remittance into the country?
We had the finest year ever in terms of remittances. Total remittance crossed `1,06,000 crore in the last fiscal. We, as a bank, have gained market share over the years. There are many reasons for the growth in remittance. Rupee has depreciated with respect to the dollar, families have moved back to India, with the earning member still there and sending more money back. I think it is a temporary resettlement that is happening.

Any update on the credit card launch?
We are [introducing] our proprietary credit cards and we have gone live with cards for our staff … over 80% of our staff have been carded. Towards the end of this calendar [year], we will be live with our existing customers and then look outside.

What is your outlook on gold loan growth? There have been reports of gold auctions by banks.
Last year was quite sensational for us as we grew 70%. It continues to be an attractive business. That kind of growth rates are not possible both environmentally and based on our higher denominator. At this juncture, 25-30% growth is quite possible and that is what we are focusing on. I do believe that gold loans will pick up in June-July as other credit line starts choking.

Your tenure is coming to an end in September. Is there is any update on renewal?
I am eligible for a renewal; I am willing and so is my board. We have already applied. Our application with the RBI is pending and we will know in due course.

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Federal Bank reports highest-ever quarterly net profit of Rs 477.81 crore

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The provision coverage ratio improved substantially from 53.39 % to 65.14% on y-o-y basis.

Federal Bank on Monday reported its highest-ever quarterly net profit of Rs 477.81 crore for the fourth quarter of FY21, 58.60 % higher year-on-year (y-o-y), mainly due to lower provisioning.

Provision and contingency for the fourth quarter has come down by 57.29% y-o-y to Rs 242.33 crore, with the recognition of NPAs.

“We have been provisioning significantly in the first three quarters without taking NPA. As the NPA recognition came through in March, it shifted from standard asset provision to credit provision,” Shyam Srinivasan, MD & CEO of Federal Bank, said. He said the first quarter of the current fiscal will be quite challenging.

The Kerala-based lender had reported a net profit of Rs 301.23 crore in the fourth quarter of FY20 and Rs 404.10 crore in the third quarter of the last fiscal. For the complete FY21, the lender reported a net profit of Rs 1,590.30 crore.

The total income of the bank during the fourth quarter declined by 6.5 % y-o-y to Rs 3,831.71 crore. While interest income remained flat y-o-y, other income declined by 34.5% due to a one-off sale of a portfolio investment in Q4 of FY20. Total business stood at `3,04,523.08, registering a growth of 10.91%.

The bank’s asset quality reported a decline on a quarterly basis. Gross NPA as a percentage was 3.41% for Q4 as against 2.71% in Q3 and 2.84% in the year-ago period. Net NPA ratio for Q4 was reported at 1.19%, compared to 0.60% reported in the third quarter and 1.31% reported in Q4 FY20.

The provision coverage ratio improved substantially from 53.39 % to 65.14% on y-o-y basis.

“We delivered our highest every quarterly profit despite an extremely challenging environment … Segments such as gold loans and CASA continue to shine for us, with gold loans registering a staggering growth of 70.05%. The asset quality held up well and net NPA of 1.19% placed the bank amongst the best in the industry,” Srinivasan said.

The Capital Adequacy Ratio (CRAR) of the bank, computed as per Basel III guidelines, stood at 14.62% as of March 31.

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Private Vs Public Vs Small Finance Banks: Interest Rates On Tax Saving FDs Compared

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Investment

oi-Vipul Das

|

Five-year tax-saving fixed deposits (FDs) have not only guaranteed higher returns and liquidity, but also the ability to plan your tax-saving goals accordingly. You can take advantage of the section 80C tax exemption by investing in these FDs. Section 80C of the Income Tax Act allows for tax deductions on investments up to Rs 1.5 lakh. Premature withdrawals are not permitted from tax-saving FDs, which have a five-year lock-in duration. Despite the fact that bank FD rates have sunk to historically low levels, some banks still pay competitive interest rates. Smaller private banks are now offering tax-saving FDs with interest rates as high as 6.75 percent. RBL Bank pays 6.6 percent interest on five-year tax-saving FDs, while DCB Bank and Yes Bank pay 6.75 percent interest on tax-saving deposits for instance. These rates are higher than those offered by major public sector banks on tax-saving FDs. Leading private sector banks such as Axis Bank, ICICI Bank, and HDFC Bank, on the other hand, pay 5.75 percent, 5.35 percent, and 5.30 percent interest on tax-saving FDs, respectively. Union Bank of India, on the other side, provides the highest rate of 5.55 percent on a 5-year tax-saving FD, led by Canara Bank and State Bank of India (SBI), which pay 5.50 percent and 5.40 percent interest on tax-saving FDs among the leading public-sector banks, respectively. On tax-saving FDs, Bank of Baroda is paying 5.25 percent interest. Here’re the top 5 public, private and small finance banks that are currently providing higher interest rates on tax-saving FDs.

Tax Saving FDs of Private Sector Banks

Tax Saving FDs of Private Sector Banks

Below are the top 5 private sector banks which are currently providing higher returns on 5-year tax-saving FDs on deposit amount of less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Yes Bank 6.75% 7.50% May 10, 2021
RBL Bank 6.60% 7.10% May 7, 2021
DCB Bank 6.50% 7.00% May 15, 2021
IndusInd Bank 6.50% 7.00% April 26, 2021
City Union Bank 6.00% 6.00% December 16, 2020
Source: Bank Websites

Tax Saving FDs of Public Sector Banks

Tax Saving FDs of Public Sector Banks

Here is a list of top 5 public sector banks which are currently offering higher interest rates on 5-year tax-saving FDs on deposit amount of less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Union Bank 5.60% 6.10% December 15, 2020
Canara Bank 5.50% 6.00% February 8, 2021
State Bank of India 5.40% 6.20% January 8, 2021
Bank of India 5.30% 5.80% January 10, 2020
Bank of Baroda 5.25% 6.25% November 11, 2020
Source: Bank Websites

Tax Saving FDs of Small Finance Banks

Tax Saving FDs of Small Finance Banks

For a deposit amount of less than 2 Cr, here are the top 5 small finance banks giving higher interest on tax-saving FDs.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% October 19, 2020
Equitas Small Finance Bank 6.65% 7.15% 25.01.2021
Suryoday Small Finance Bank 6.50% 7.00% 15.02.2021
AU Small Finance Bank 6.50% 7.00% 1 April, 2021
North East Small Finance Bank 6.25% 6.75% April 19, 2021
Source: Bank Websites

Note

Note

Customers’ deposits in a bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly-owned subsidiary of the Reserve Bank of India. All types of banks except company deposits are included under DICGC. In a scheduled bank, the deposits are covered up to Rs. 5 lakh for both principal and interest under DICGC. As a result, investing in a tax-saving FD scheme offered by any of the banks mentioned above will not only help you to earn higher returns but also secure your money.



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Sovereign Gold Bond (SGBs) Scheme 2021-22 Series I Opens: Should You Invest And How?

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Why Invest In Gold?

Gold from time immemorial has been considered a store of value which has over a period of time only appreciated in value. Last year only (2020) we saw gold clinching never before hit levels of Rs. 56,200 on the MCX. Now even as the gold prices have softened substantially from these levels, there still remains a bullish outlook for the bullion and most experts expect gold to hit Rs. 60,000 per 10 gm by the end of CY 2021.

Now given the bullish outlook, together with the gold’s quality of diversifying your financial portfolio and also serving as an inflation hedge i.e. in all probability expected to edge higher amid the ample liquidity in the financial system, it would always make sense to lap up the metal for both capital appreciation and interest earnings (provided exceptionally in the case of SGBs)

Why invest in Sovereign Gold Bond (SGBs)?

Why invest in Sovereign Gold Bond (SGBs)?

With a sovereign backing this is the safe form of gold investment (SGBs being issued by the RBI on behalf of the Indian government) that unlike other gold investment modes such as gold mutual funds, gold ETFs neither entail volatility in NAVs but instead offers interest at the rate 2.5 percent that is payable half-yearly.

Other advantages of holding gold as SGBs in your portfolio are SGBs are free from risk of theft and also there is no purity issue with them. Further there is attached no storage cost. The only concern can be their long tenure of 8 years but the investment in SGBs can be liquidated after the 5th year of opening the account.

Not to forget, investors in SGBs also get taxation advantage i.e. in case the units of SGBs are held until maturity then any capital gains made on them will not attract taxation implication.

Should You Invest In Sovereign Gold Bond Scheme 2021-22 Series I?

Should You Invest In Sovereign Gold Bond Scheme 2021-22 Series I?

Since its first launch in the CY 2015, the scheme is being notified every year and for the FY 2021-22, the government has announced its launch in 6 tranches. The Sovereign Gold Bond Scheme 2021-22 Series I is currently open until May 21, 2021 and the units under the same will be issued on May 25, 2021.

Here considering its current pricing or the issue price (SGB 2021-2022 Series I issue price), we will try and figure out whether or not you should opt for this latest investment that has opened up for taking position into the yellow metal gold.

Issue price of the SGB 2021-22 Series I has been decided at Rs. 4,777 per gram. While the spot gold prices are not available as the physical gold market is shut owing to the pandemic, on the MCX gold futures for June delivery quotes at Rs.47990 per 10 gm or Rs. 4799 per gm. So, this SGB issue price level is decided very close to the MCX gold rate and in fact buyers on online subscription to SGBs get a Rs. 50 discount for every gram of gold purchased that means the cost on buying 1 gm of SGB gold shall amount to Rs. 4727 per 10 gm this time.

Note the retail gold price is higher than the Gold MCX price by almost Rs. 1500 to Rs. 1800 per 10 gm. So, considering that gold rates in the retail market shall still be on the higher side, current SGB 2021-22 Scheme Series I is available at a discount to customers.

Conclusion

Conclusion

The SGB price currently being offered in the SGB scheme 2021-22 (Series I) is a pretty decent price to get into gold investment in the current hour as on inflation risks and other economic and geo-political threats, gold shall most likely head northwards. Experts expect gold to scale to Rs. 50000 in price in the one month’s time.

How To Buy Sovereign Gold Bonds?

How To Buy Sovereign Gold Bonds?

Now as we recommend buying current SGB series on offer, here we tell you how you can buy the gold bond online amid the pandemic.

These bonds are primarily sold by scheduled banks except small finance banks and payment banks, Stock Holding Corporation of India Limited (SHCIL), recognised stock exchanges including BSE and NSE, and designated post office branches.

Now if amid the restriction in movement you wish to lap up SGB 2021-22 Series I, here’s how you can buy it online supposing you maintain internet banking account with ICICI Bank:

Step 1: Login to your net banking account of ICICI Bank

Step 2: Go to Investments & Insurance

Step 3: Click on Invest Online

Step 4: Choose Sovereign Gold Bond and specify the quantity you wish to buy. Note SGBs come with a cap on the amount which can be bought by retail investors.

iMobile:

Step 1:Login to iMobile app

Step 2:Mutual Fund, Insurance & Tax Payment

Step 3: In the third step go to Sovereign Gold Bond and apply for its subscription. As you buy the bonds online you will get a special discount of Rs. 50 per gram.

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