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<p>Founder &amp; Managing Director, MyMoneyMantra| BFSI Visionary &amp; Thought Leader| Erstwhile Captain,DGC</p>

Raj Khosla

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<p>Omni Channel Content Specialist| enthusiastic personal finance writer | Top50 CM professional by WMC, CMO</p>

Reshma Rawat

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<p>Finance Writer: Expert in Loans &amp; Credit Cards</p>

Priyanka Jain

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<p>Director - MyMoneyMantra Fintech&nbsp;</p>

Aparna Sharma

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<p>In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won’t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses. The ATM and Debit Cards’ boom in India has been growing since that invention. Nowadays, people can’t imagine going through the same old process anymore. Today, most of the bank account holders have an ATM or Debit Card.</p><p>However, unlike Debit Cards, <a href="https://www.mymoneymantra.com/credit-card.html"><strong>Credit Cards</strong></a> took so long to get the acceptance among Indian customers. Credit Cards were seen as a liability in India and people were resistant to accept that transformation in the way transaction used to happen. The Credit Card market started in 1981 in India when Visa issued the card, and Andhra Bank was the trailblazer of Credit Cards in the country back then.</p><p>The word credit did not go down well in the Indian anti-credit mindset in the initial years of the invention of Credit Cards. Not many people were willing to adopt that trend as they felt Credit Cards can increase their credit and liability which they might not be able to repay. If they default or delay the due payment, the outcome could be against them.</p><p>The ability to ‘spend now and pay later’ became the reason behind acceptance of this plastic currency. And, gradually, with the increase in income and internet boom, salaried individuals also started using Credit Cards.</p><p>Today, <strong>Credit Cards</strong> are not just merely accepted, but are being used exponentially across the country for several reasons – you can withdraw money, make utility and other bill payments, buy a recent expensive gadget and pay in instalments, transfer funds, shop, and do a lot of stuff with this single plastic card.</p><p>As per the data recently released by RBI (Reserve Bank of India), around 29.8 million Credit Cards were issued in March, 2017. The usage of Credit Cards has also hit a record high in India. There is a 9% growth in Credit Card outstanding in the initial four months of FY18. The Credit Card spending stood at 33,6196 Crores on 31 March, 2017 in India. In March 2012, the figure was 8,958 Crores, that shows a leap of 275%. The number of defaults has also been reduced in recent years.</p><h3><i><strong>So, what is the reason behind this sudden jump? Here are a few reasons:</strong></i></h3><ul><li>Banks are being more flexible in issuing Credit Cards as they can easily access the credit scores of their customers through CIBIL and other credit bureaus. These scores help them determine borrower’s financial stability and the default, if any.</li><li>There is contribution of e-commerce boom too. Now more people are shopping online using digital payment methods including Credit Cards.</li><li>The merchants are providing attractive offers on Credit Cards for their customers such as cash-backs, rewards, discounts, etc.</li><li>Credit Cards enable customers can to buy expensive items on easy instalments.</li><li>The growth is also the outcome of Indian Government’s demonetization and digitalization move.</li></ul><p><strong>Credit Cards</strong> are being used in India like never before, and with the speed, people are being digitally advanced now, e-payments (including Credit Cards) are expected to increase 10 times by 2010.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure><p>&nbsp;</p>

<p>In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won&#8217;t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-cards-resistance-acceptance-growth-india/' data-a2a-title='Credit Cards: The Resistance, Acceptance, and Growth in India'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Credit Cards: The Resistance, Acceptance, and Growth in India -

<p>Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals. They not just provide us a cashless payment medium but also offer us the flexibility of repayment.</p><p>However, with the availability of sky-full of Credit Cards nowadays, it has become extremely difficult to find one that suits your needs in the best way. It is important to keep in mind for which purpose you need a <strong>Credit Card</strong> such as – for saving on interest repayments, enjoying the benefit of repaying in instalments, earning attractive cashback, or utilizing other benefits.</p><h2><i><strong>When you are sure about your needs, follow the tips mentioned below for deciding which Credit Card is best:</strong></i></h2><h3><strong>1. Analyze Your Pattern of Usage</strong></h3><p>Analyze your spending habits! Do you pay monthly mobile bills or utility bills? Are you a frequent shopper? Do you travel by flights often? Considering these factors majorly influence your Credit Card choice because these habits directly determine your monthly interest outgo on an unpaid bill.</p><p>If you can pay monthly dues in a disciplined way, you don’t need to worry about the interest on unpaid amount or late payment charges. In that case, look out for a card with zero annual fees and longer grace period that comes with cashback offers and reward points.</p><p>If you feel that there could be a delay in payments, enroll for a card that provides the flexibility of carrying your existing balance forward to the next month at minimum charges or a card that comes with the lowest interest on the unpaid amount.</p><p>For those who don’t use their card frequently or hold multiple cards, opt for a no-frills card with no annual membership fee and low-interest rate.</p><h3><strong>2. Pay Heed to the Credit Limit</strong></h3><p>With daily expenses reaching sky high, everyone is looking for <a href="https://www.mymoneymantra.com/credit-card.html"><strong>Credit Cards with Higher Limit</strong> </a>to help them meet any unexpected expenses. Moreover, having a low card limit can lead to max out situation which can drastically pull your credit score down impacting your future borrowing eligibility. Hence, pay utmost importance to the credit limit before finalizing a card. Also, it is advised to plan your expenses beforehand so as to restrict your unnecessary expenses within card’s limit.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Eligibility_1072142971.jpg" alt="Best Credit Card" srcset="https://d1lt2ralzv8247.cloudfront.net/Home_Loan_Eligibility_1072142971.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/01/Home-Loan-Eligibility-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/01/Home-Loan-Eligibility-768x88.jpg 768w" sizes="100vw"></figure><h3><strong>3. Consider Interest Rate</strong></h3><p>The interest rate is the most important factor to be considered when choosing a Credit Card, especially for those who often miss paying their Credit Card bills. Credit Cards come with two types of interest rate – fixed interest rate and variable interest rate.</p><p>The interest rate may vary depending on user’s credit limit and payment history. Don’t forget to read the clause relating to the APR (annual percentage rate) in the terms and conditions document of your card.</p><p>Do you know that some banks offer lifetime free Credit Cards that come with no processing fee and annual charges? Make sure you are aware of all the factors before purchasing a Credit Card so that you can negotiate for a low-interest rate.</p><h3><strong>4. Be Aware of Penalties</strong></h3><p>To maintain a good rapport with your Credit Card issuer and get multiple reward points offers, you need to be a disciplined card user. For that, make sure you do not default on any payment. Card issuers levy heavy penalties on non-payment to prevent the card holders from repeating defaults. Also, go through their terms and conditions document before deciding on a card.</p><p><strong>Also Read:</strong>&nbsp; <a href="https://mymoneymantraloans.weebly.com/post/do-credit-cards-enjoy-an-edge-over-popular-e-wallets"><i><strong>Do Credit Cards Enjoy an Edge Over Popular E-wallets?</strong></i></a></p><h3><strong>5. Look for Attractive Offers</strong></h3><p>Does your card offer cashback or reward points for each spending? Are there any partner hotel chains, flights or retail merchants where you can get discount on your every purchase? Many Credit Cards come with these benefits nowadays. Research before choosing a card to make sure you have got the best deal as per your requirements.</p><p>With these considerations in mind, we hope you will find the best-suited Credit Card for your needs to make your life simpler.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure><p>&nbsp;</p>

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Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals.

5 Tips to Find an Ideal Credit Card

<p>Without an iota of doubt, Credit Cards have become the preferred mode of transaction for many of the salaried and business individuals. They not just provide us a cashless payment medium but also offer us the flexibility of repayment.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/5-tips-to-find-an-ideal-credit-card/' data-a2a-title='5 Tips to Find an Ideal Credit Card'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2F5-tips-to-find-an-ideal-credit-card%2F&amp;linkname=5%20Tips%20to%20Find%20an%20Ideal%20Credit%20Card' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>.myTable { width:100%; overflow:auto; }&nbsp;</p><p>Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month. Besides high liquidity, you also enjoy multiple free &amp; nominally charged benefits on your Bank Account such as a Debit Card, internet banking facility, cheque books, pre-approved Credit Card offers, discounts on other bank products &amp; many more.</p><p>Yet, in the current falling interest rate regime, top banks such as State Bank of India, HDFC Bank, Axis Bank, and PNB have slashed bank account yields drastically. The return on Savings Account is as low as 2.75 % to 3.5 % with many of these top banks. The markets are highly volatile to invest funds for your short term needs. Amidst falling gleam of debt funds, bank FDs and other short term saving plans, it is no brain teaser to opt for a Savings Bank Account promising 6-7% return &amp; enjoy 100% liquidity.</p><p>So let’s find out which are these high yielding Saving Account options that can let you earn 6% -7 % returns on your bank account balance while enjoying liquidity, safety, security &amp; convenience all along.</p><ul><li>IDFC first</li><li>Fincare Small Finance Bank</li><li>ESAF Small Finance Bank</li><li>Utkarsh Small Finance Bank</li><li>DBS</li><li>Bandhan bank 6%</li></ul><h2><strong>IDFC First Bank</strong><br>&nbsp;</h2><p><strong>About:&nbsp;</strong>In 2018, IDFC Bank and Capital First merged to form IDFC First Bank. It is one of the popular commercial banks of the country with good infrastructure back up. Currently the bank is offering the best interest rate on Savings Accounts and <a href="https://www.mymoneymantra.com/fixed-deposits.html"><strong>Fixed Deposits</strong></a>, making it one of the first choices for anyone who wants to earn interest while keeping the money idle. It is also the first bank in India to launch Aadhaar-linked cashless merchant solution.</p><p><strong>Rating:</strong> CRISIL has rated IDFC First as FAAA, i.e safe for banking and fixed deposits.</p><p><strong>Rate of Interest:</strong> With IDFC Bank customers enjoy up to 7% interest per annum on Savings Account. It is the only main stream bank to offer such high yield. The accounts with lower than Rs. 1 Lakh deposit earn 6% p.a while the accounts with over Rs 1 Lakh balance earn Rs 7% interest rate.</p><p>The Interest is capitalised to your account on quarterly basis.</p><p>Minimum Balance Required: Average Monthly Balance should be Rs. 25000. If the account holder fails to maintain minimum balance, a charge will be applied.</p><p><strong>Features &amp; Benefits:</strong></p><ul><li>6-7% interest return per annuam</li><li>Digital transactions facility</li><li>Free Visa Debit Card</li><li>Whatsapp banking facility</li></ul><p>Indian Residents &amp; NRI can open the account, subject to GOI’s specific norms.</p><h2><strong>Fincare Small Finance Bank</strong></h2><p><strong>About:</strong> Fincare Small Finance Bank is a scheduled commercial bank that offers a host of bank account options for catering a diverse customers’ base. You can choose the best account as per your needs. You can also open an instant bank account through Aadhar based verification online with Fincare Small Finance Bank.</p><p><strong>Rating:</strong>&nbsp; Short Term Ratings by CRISIL is A1+</p><p><strong>Rate of Interest: </strong>With Fincare Small Finance Bank, you can earn up to 7% interest on your savings bank account balance. The rate of interest will vary as per the balance in the account. Here are the details:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Balance</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td>Up to Rs 1 Lakh</td><td>5.50%</td></tr><tr><td>1 lakh to 5 lakh</td><td>6.50%</td></tr><tr><td>5 Lakh to 5 crore</td><td>7.00%</td></tr><tr><td>5 crore to 15 crore</td><td>7.10%</td></tr><tr><td>&nbsp;20-30 Cr</td><td>6.50%&nbsp;</td></tr><tr><td>Above 30 cr&nbsp;</td><td>5.50%&nbsp;</td></tr></tbody></table></figure><p><strong>Types of Savings Accounts:</strong></p><p>Let’s run through the types of savings account you can open with Fincare Small Finance and yield 7% or more interest rate annually.</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>S.No.</strong></td><td colspan="1"><strong>Product Name</strong></td><td colspan="1"><strong>Rate of Interest</strong></td><td colspan="1"><strong>Minimum Balance Required (Rs.)</strong></td><td colspan="1"><strong>Debit Card</strong></td><td colspan="1"><strong>Other Benefits&nbsp;</strong></td></tr><tr><td><strong>&nbsp;1</strong></td><td>Smart Saver Account</td><td>&nbsp;5.5 to 7.25%</td><td>10000</td><td>Silver (RuPay classic ) Debit Card</td><td><ul><li>Internet banking</li><li>Mobile banking</li><li>Debit card</li><li>Insta Account Opening</li><li>Monthly interest payout</li></ul></td></tr><tr><td><strong>&nbsp;2</strong></td><td>Priority Account</td><td>&nbsp;5.5 to 7.25%</td><td>10000</td><td>&nbsp;NA</td><td>Same as above&nbsp;</td></tr><tr><td><strong>&nbsp;3</strong></td><td>Priority Plus Account</td><td><p>&nbsp;6 % on Balance Up to 1 Lakh</p><p>7% on balance above 1Lakh</p></td><td>1 lakh</td><td>Premium (RuPay Platinum) Debit card</td><td><p>Same as above</p><p>+ Doorstep service</p><p>+ Optional benefit: By opting for a Rs 4 Lakhs FD, get waiver on monthly balance requirement</p></td></tr><tr><td><strong>&nbsp;4</strong></td><td>Pro Priority Account</td><td>&nbsp;5.5 to 7.25%</td><td>Waiver on minimum balance requirement</td><td>&nbsp;NA</td><td><p>Account for Doctors &amp; chartered accountants&nbsp;</p><p>All benefits included</p></td></tr><tr><td><strong>&nbsp;5</strong></td><td>101 First Account</td><td>&nbsp;5.5 to 7.25%</td><td>Zero balance account</td><td>Gold (RuPay Classic ) Debit card</td><td><ul><li>Mobile banking facility</li><li>Free debit card</li><li>12 free ATM transactios per month</li><li>50 online transactios free each month</li></ul></td></tr><tr><td><strong>&nbsp;6</strong></td><td>101 Priority</td><td>&nbsp;5.5 to 7.25%</td><td>Rs 25000&nbsp;</td><td>Premium (RuPay Platinum) Debit card</td><td>&nbsp;All benefits + 24X7 concierge service</td></tr><tr><td><strong>&nbsp;7</strong></td><td>BSBDA<br>Basic Savings Bank Deposit Account</td><td>5.5 to 7.25%</td><td>&nbsp;Zero Balance Acount</td><td>Silver (RuPay classic ) Debit card</td><td><p>&nbsp;All benefits</p><p>+ No annual maintenance charge for card</p></td></tr><tr><td><strong>&nbsp;8</strong></td><td>Shakti Account&nbsp;</td><td>&nbsp;5.5 to 7.25%</td><td>No Minimum Balance Requirement&nbsp;</td><td>&nbsp;NA</td><td><p>All benefits</p><p>+ 5 Min Insta Account opening</p></td></tr></tbody></table></figure><h2><strong>ESAF Small Finance Bank</strong><br>&nbsp;</h2><p><strong>About:&nbsp;</strong>ESAF Small Finance Bank is an SFB headquartered in Kerela and offers banking services and loan &amp; credit facilities for underbanked population across country. Prior its incorporation in 2017, ESAF was a Non-Banking Finance Company and microfinance institution (NBFC-MFI). This small finance bank offers different types of Savings Accounts for different segment of customers yielding high interest rates.</p><p><strong>Rating:</strong>&nbsp;NA</p><p><strong>Intereset Rates:</strong> The saving bank holder can earn rate of interest as per the account balance. Currently return on Saving Account range from 4 % to 7 % p.a.</p><p><strong>Saving Account Rate of Interest by ESAF Small Finance Bank</strong></p><figure class="table"><table><tbody><tr><td><strong>Up to Rs.1 Lakh</strong></td><td>4.00%</td></tr><tr><td><strong>Above Rs. 1 Lakh to&nbsp;Rs.10 Lakhs</strong></td><td>6.50%</td></tr><tr><td><strong>Above Rs. 10 Lakhs</strong></td><td>7.00%</td></tr></tbody></table></figure><p><strong>Types of Accounts:</strong><br>&nbsp;</p><p><strong>1.Regular Savings Account</strong></p><ul><li>Account can be opened with minimum opening balance of Rs 1,000.</li><li>Average quarterly balance of Rs.2,000 needs to be maintained.</li><li>No cap on cash deposits and withdrawals; No cap on ESAF ATM withdrawals</li><li>Cash withdrawal limit: Rs.30,000 per day; At POS: Rs 2,000/- in Tier II to VI Cities &amp; Rs 1,000 in Tier 1 &amp; II cities</li><li>Internet banking facility</li></ul><p><strong>2. Premium Savings Account</strong></p><ul><li>Account can be opened with minimum balance of Rs 10,000</li><li>Unlimited Cash transactions in Base and Non Base branches</li><li>Classic/ Platinum Debit Card</li><li>Unlimited transactions &amp; Rs 50000 limit for daily withdrawal at ESAF all ATMs</li><li>Anywhere banking</li><li>Internet banking</li><li>Mobile banking</li><li>SMS alert &amp; banking services</li><li>Missed call banking facility &amp; many more</li></ul><p><strong>3. Pradhan Mantri Jan Dhan Yojana (PMJDY)</strong></p><ul><li>Offers basic banking facilities</li><li><a href="https://www.mymoneymantra.com/zero-balance-saving-accounts.html"><strong>Zero-Balance Account</strong></a></li><li>Eligibility: 10 years or above</li><li>Rs 10000 per day ATM withdrawal limit</li><li>Insurance &amp; all applicable benefits on PMJDY</li></ul><p><strong>4. Senior Citizen Savings Account</strong></p><ul><li>Minimum account opening balance: Rs 1000</li><li>Dedicated relationship officer</li><li>Daily cash withdrawal limit of Rs 50000</li><li>All other banking benefits &amp; facilities included</li></ul><p><strong>5. Mahila Savings Account</strong></p><ul><li>Account can be opened with Min balance of Rs 100</li><li>Average quarter min limit Rs 1000</li><li>Daily withdrawal limit of Rs 20000</li><li>All other benefits included</li></ul><p><strong>6. Student Saving Account</strong></p><ul><li>Minimum initial balance of Rs 100.</li><li>Joint account holder &amp; nomination facility</li><li>Passbook/statement issuance on request</li><li>Daily cash withdrawal limit from ATM: Rs 5000</li><li>All other benefits included</li></ul><h2><strong>Utkarsh Small Finance Bank</strong></h2><p><strong>About:</strong> Utkarsh Small Finance Bank was established in 2009. It is primarily a small finance bank from Varanasi that has a mission to fulfil dreams and needs of low-income group. Currently bank meets banking and credit need of a vast base of customers.</p><p><strong>Rating: </strong>CARE A (by ICRA)<br>&nbsp;</p><p><strong>Interest Rate:&nbsp;</strong>Utkarsh Small Finance Bank offers 7% annual return on balance up to Rs 25 Lakh. This is the maximum return on Saving Accounts.</p><p><strong>Types of Saving Accounts:</strong> Let’s take a quick overview on different Saving Account Options and features below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Savings Account</strong></td><td colspan="1"><strong>Features &amp; benefits</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td><strong>Standard Savings Account</strong></td><td><ul><li>Free &amp; Unlimited ATM transactions across India</li><li>low Average Quarterly Balance (AQB) requirement</li><li>Free NEFT/RTGS</li></ul></td><td><p>7.00% p.a ROI on Balance Up to Rs. 25 Lakh</p><p>7.25% p.a on</p><p>Incremental balance above Rs. 25 Lakhs to Rs. 10 Crores</p><p>7.75% p.a. on incremental balance above&nbsp; Rs. 10 Crores</p></td></tr><tr><td><strong>Premium Savings Account</strong></td><td><ul><li>Access to Premium Airport Lounges</li><li>Lifestyle Privileges</li><li>Doorstep Banking Services</li><li>Free online transaction</li><li>Unlimited Free ATM transactions across India</li><li>Platinum Rupay Debit Card with Personal Accidental Insurance Cover of 2 Lakh*</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>Gen-Nex Savings Account</strong></td><td><ul><li>Auto transfer funds to Minor’s Account</li><li>Classic Rupay Debit Card</li><li>Unlimited Free ATM access across India</li><li>Lower ATM withdrawal and purchase limits as protection against misuse</li><li>Free SMS Alerts</li></ul></td><td>&nbsp;</td></tr><tr><td><p><strong>Salary Accounts:</strong></p><p><strong>Two variants:</strong></p><ul><li>Standard Salary Account</li><li>Premium Salary Account</li></ul></td><td><ul><li>Zero Balance Savings Account</li><li>Free and Unlimited ATM Access</li><li>Discounts on Banking Facilities</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>BSBDA</strong></td><td><ul><li>Zero Balance Savings Account</li><li>Free Debit Card</li><li>Unlimited ATM access</li><li>Internet Banking</li><li>Passbook Facilities</li></ul></td><td>&nbsp;</td></tr><tr><td><strong>BSBDA Small</strong></td><td><ul><li>Zero Balance Account</li><li>Free Debit Card</li><li>Unlimited ATM access</li><li>Internet Banking</li><li>Passbook Facilities</li></ul></td><td>&nbsp;</td></tr></tbody></table></figure><h2><strong>DBS Bank</strong></h2><p><strong>About:</strong> DBS Bank India Limited is a subsidiary of DBS Bank, which is a well-known multi-national bank that offers high <a href="https://www.mymoneymantra.com/fixed-deposits.html"><strong>Savings Account Interest Rates</strong></a>. The DBS is headquartered in Singapore. It is one of the popular choices among millennials.</p><p><strong>Rating: </strong>DBS Bank India Limited is rate as A1+ by Crisil</p><p><strong>Benefits:</strong> DBS bank offers seamless banking services at attractive interest rates. Benefits of DBS Savings Account are:</p><ul><li>Access your account as per convenience, online, mobile or via ATM</li><li>Attractive interest rates ranging from 3.5% to 6% p.a.</li><li>NRE and NRO accounts are also available</li></ul><p><strong>Rate of Interest:</strong> The rate of interest is calculated as below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Daily Balance</strong></td><td colspan="1"><strong>Rate of Interest</strong></td></tr><tr><td>Up to Rs. 1 Lakh</td><td>3.5%</td></tr><tr><td>Above Rs. 1 Lakh to Rs 2 Lakh</td><td>6%</td></tr><tr><td>Above Rs. 2 Lakh to Rs 5 Lakh</td><td>4%</td></tr><tr><td>Above Rs. 5 Lakh</td><td>4%</td></tr></tbody></table></figure><h2><strong>Bandhan Bank</strong></h2><p><strong>About:</strong> Bandhan Bank is one of the mainstream banks to offer high interest rate to its Savings Account holders. Bandhan bank was incorporated in 2014 and is popular for customer-friendly services.</p><p><strong>Interest Rate: </strong>Bandhan Bank is one of the few banks that offer 6% interest rate on Savings Account. The details of savings account interest rates are shared below:</p><figure class="table"><table><tbody><tr><td colspan="1"><strong>Daily Balance</strong></td><td colspan="1"><strong>Interest Rate</strong></td></tr><tr><td>Up to Rs. 1 Lakh</td><td>4.00%</td></tr><tr><td>Above Rs. 1 Lakh to 10 Crore</td><td>6.00%</td></tr><tr><td>Above 10 Crore to 50 Crore</td><td>6.55%</td></tr><tr><td>Above 50 Crore</td><td>7.15%</td></tr></tbody></table></figure><p><strong>Types of Account:&nbsp; </strong>Bandhan Bank caters to a diversified base of customers. Thus, the bank offer a host of choice for its customers.</p><p><strong>The different types of Saving Account options are:</strong></p><ul><li>Elite Savings Account</li><li>Advantage Savings Account</li><li>Sanchay</li><li>Premium Savings Account</li><li>Standard</li><li>Special Savings Bank Account</li><li>GOS</li><li>TASC</li><li>BSBDA</li><li>BSBDA-small</li></ul><p><strong>Benefits:</strong> A customer enjoys seamless banking service with Bandhan Bank. The benefits can be briefly listed as:</p><ul><li>One bandhan- one bank- access account from any branch across the country</li><li>High rate of interest</li><li>Net banking</li><li>Debit Card</li><li>Mobile App</li><li>Unlimited transactions</li><li>All state-of-the-art banking facilities</li></ul><p><strong>Also Read:&nbsp;</strong><a href="https://www.mymoneymantra.com/blog/step-by-step-process-to-open-saving-account-online-in-different-banks/"><strong>Step by Step Process to Open Saving Account Online in Different Banks</strong></a></p><p>To apply online for <a href="https://www.mymoneymantra.com/blog/best-personal-loans-provider-for-pensioners/"><strong>Best Personal Loan for Pensioners</strong></a>, Credit Cards, Secured Loans and Unsecured Loans, visit&nbsp;<i>www.mymoneymantra.com</i>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served&nbsp;7 million+ happy customers since 1989.</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/HDFC_Personal_Loan_6f3f1d74cf.jpg" alt="HDFC Personal Loan Offer" srcset="https://d1lt2ralzv8247.cloudfront.net/HDFC_Personal_Loan_6f3f1d74cf.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/12/HDFC-Personal-Loan-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/12/HDFC-Personal-Loan-768x202.jpg 768w" sizes="100vw"></figure><p>&nbsp;</p>

<p>Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/list-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020/' data-a2a-title='List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Flist-of-savings-bank-accounts-offering-6-percent-7-percent-and-more-interest-rate-in-2020%2F&amp;linkname=List%20of%20Savings%20Bank%20Accounts%20Offering%206%25%2C%207%25%20and%20More%20Interest%20Rate%20in%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Amidst falling gleam of debt funds, bank FDs and other short term saving plans, by opting for a Savings Bank Account promising 6-7% return you can enjoy 100% liquidity. Here is a list of highest yielding Saving Accounts in India.

List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2021

 <p style='text-align: justify;'>The very idea about owning your dream home in your preferred location will give you mixed feelings of joy, excitement and ecstasy. Your long wait can be over! Let go your patience and have possession of your dwelling availing a bank loan. It is as easy as you think so. When the information is available with a click, all you need to do is sit in the comfort of your home and look for various options. Explore UBI, HDFC Ltd., Axis Bank, PNB HFL, SBI or <strong>ICICI Bank Home Loan</strong> options before you file an application. Though the recent reduction of repo rates by the RBI has directly influenced bank rates, yet you will find a difference in the lending rates they offer to new borrowers.</p> <p style='text-align: justify;'>MCLR-linked loans are lower in terms of interest rates compared to fixed rate types or one that is linked to the base rate regime. With <a href='https://www.mymoneymantra.com/home-loan/icici-bank.html' target='_blank'><strong>ICICI Bank Home Loan</strong></a>, you gain a competitive advantage as interest rate of this bank is linked to MCLR (marginal cost of funds based lending rate). The bank has lowered the MCLR by 0.10% to 8.2%. With changing rates of interest from time to time, borrowers benefit from MCLR, which has been effective from post April 2016. In case you have an existing loan, you may ask your bank to switch it to MCLR. Currently, ICICI Bank is also offering higher loan amount, balance transfer facility, higher eligibility, and lower EMIs at attractive interest rates.</p>  <p style='text-align: justify;'><a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><img class='aligncenter size-full wp-image-3775' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1_0e59c0bb76.jpg' alt='Best Home Loan Offer Online' srcset='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1_0e59c0bb76.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/07/Home-Loan-1-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/07/Home-Loan-1-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p>  <p style='text-align: justify;'>Faster approval of <strong>ICICI Bank Home Loan</strong> is ensured through processing of applications through the bank’s tablet and smart phone apps or online marketplace like <strong>mymoneymantra.com</strong>. Why wait? Download the application on your tablet or smartphone and apply right away! Do calculate your EMI at the bank’s official website or a marketplace that hosts multiple banks. This will help you determine your EMI based on total loan amount, tenure in months, and interest rate. Not all homes are approved by this bank. Before you search for a property at your desired location, search the bank’s database of approved projects. This will help you give shape to own your dream home fast and without hassles. Do not forget to check your eligibility first!</p> <p>Enumerated below are the advantages of <strong>ICICI Bank Home Loan:</strong></p> <p style='padding-left: 30px;'><strong>1.  </strong>A wide range of home loan options to choose from</p> <p style='padding-left: 30px;'><strong>2.  </strong>Hassle-free and fast processing</p> <p style='padding-left: 30px;'><strong>3.  </strong>Guidance from the bank from start to finish of the home buying process</p> <p style='padding-left: 30px;'><strong>4.</strong>  Doorstep services at the comfort of the loan applicant</p> <p style='padding-left: 30px;'><strong>5.  </strong>No complexities involved in the documentation process; simple and easy-to-understand documentation</p> <p style='padding-left: 30px;'><strong>6.  </strong>Approval of sanction even if you have not yet selected a property before applying</p> <p style='padding-left: 30px;'><strong>7.  </strong>Repayment options are flexible</p> <p style='padding-left: 30px;'><strong>8.</strong>  A vast network of 2500 branches across India; there can be an ICICI Bank branch near your home!</p> <p style='padding-left: 30px;'><strong>9.</strong>  Loan service available in 900 bank branches pan India</p> <p style='padding-left: 30px;'><strong>10.</strong>  With an ICICI Bank Home Loan, you may avail a personal accident insurance for free depending on the type of product you choose.</p> <p style='padding-left: 30px;'><strong>11.  </strong>There are other insurance options that you may avail at attractive premium with your home loan.</p>  <p><strong>Also Read: <span style='text-decoration: underline;'><a href='https://www.mymoneymantra.com/blog/are-you-prepared-financially-to-build-your-home/' target='_blank'>Are You Prepared Financially to Build Your Home?</a></span></strong></p>  <p style='text-align: justify;'>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com' target='_blank'><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.</p>   <p><a href='https://www.mymoneymantra.com/home-loan.html'><img class='aligncenter size-full wp-image-1713' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1d8bd7c995.png' alt='Home Loan' width='268' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/why-choose-icici-bank-home-loan-to-own-your-dream-home/' data-a2a-title='Why Choose ICICI Bank Home Loan to Own Your Dream Home?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>Faster approval of ICICI Bank Home Loan is ensured through processing of applications through the bank’s tablet and smart phone apps or online marketplace like mymoneymantra.com. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/why-choose-icici-bank-home-loan-to-own-your-dream-home/' data-a2a-title='Why Choose ICICI Bank Home Loan to Own Your Dream Home?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fwhy-choose-icici-bank-home-loan-to-own-your-dream-home%2F&amp;linkname=Why%20Choose%20ICICI%20Bank%20Home%20Loan%20to%20Own%20Your%20Dream%20Home%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Icici-Bank-Home-loan.jpg

The very idea about owning your dream home in your preferred location will give you mixed feelings of joy, excitement and ecstasy.

Why Choose ICICI Bank Home Loan to Own Your Dream Home?

<p>Travelling always works as a therapy when you’re stuck in your mundane life and seek some moments of peace. It rejuvenates your soul and mind. With increasing pollution, a lot of work pressure, and stress, everyone needs a break. And that is the reason the Indian travel industry is growing at an impressive pace over last few years.</p><p><i>According to a study, India was among the fastest-growing tourism destinations across the world in 2014. In 2015, the travel and tourism industry of India contributed $124.8 billion to country’s total GDP (which is approximately 6% of country’s total GDP), and it is expected to grow at 7.9% annually till 2023.</i></p><p>In recent years, the usage of internet has increased manifold, and travel industry is leaving no stone unturned to grab customers online with digitally advanced platforms and marketing. With a plenty of travel blogs, pictures, videos, discounts and offers, travel companies are luring their audience to travel more and more.</p><p>People have so many options to choose from – they can book a luxury travel package to Paris or a backpacking trip to Kasol, they can book a houseboat in Kerala or guesthouse in the hills of Uttarakhand, they can go to beaches or to the mountains, they can go for a girls-only trek to the hills or a spiritual solo trip to Varanasi, and so on. You just have to type the place on Google, and a plenty of travel agencies will open up on your laptop or mobile’s screen. Not just the weekend trips around the hills in India, but international tours are also witnessing the growth in this digital era in India.</p><p>We all have a wanderlust somewhere hidden in our hearts, however, not everybody gets enough time and money to travel the world. Even if you get some time out of your schedule, lack of finance is a major worry. Although, the hotel and transportation prices have gone down with the implementation of GST in India, still, a lot of cost is incurred on other travel items such as accommodation, tickets, food, and so on. And if your wanderlust is big, you need more finance.</p><p>What are your options to fund your dream of travelling to a foreign destination like a trip to Europe, Bali, Australia, or other corners of the world that require a bigger amount than a trip to Indian destinations? We suggest you avail a <strong>Holiday Loan</strong> to feed your hunger for travel.</p><p>A Holiday Loan or Vacation Loan or Travel Loan is a <a href="https://www.mymoneymantra.com/personal-loan.html"><strong>Type of Personal Loan </strong></a>that you can avail to make your travel dream a reality. You can fund your vacation with friends, a honeymoon package with your life partner, or a trip with family members with Holiday Loans.</p><h3><strong>Why Avail a Holiday Loan to Fund Your Dream Vacation?</strong></h3><p>Why spend your savings to fulfil your passion when they are meant for emergency financial crunches? Avail a Personal Loan instead, and head to your dream destination for a mesmerizing honeymoon or an adventurous trip. Get a Holiday Loan at affordable interest rates, go on a vacation, and repay the amount in pocket-friendly EMIs. You don’t even have to mortgage your property or any valuable asset to get this loan, your Credit Record, and stable income is enough. Even the documentation requirement is much lesser and processing time is quicker than other forms of financing.</p><p>So, why let your dream to travel die when you can easily soothe your wanderlust with an affordable Holiday Loan?</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Personal_Loan_a5b207947a.png" alt="Apply for a Personal Loan"></figure><p>&nbsp;</p>

<p>Travelling always works as a therapy when you’re stuck in your mundane life and seek some moments of peace. It rejuvenates your soul and mind. With increasing pollution, a lot of work pressure, and stress, everyone needs a break. And that is the reason the Indian travel industry is growing at an impressive pace over last few years.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/soothe-wanderlust-holiday-loans/' data-a2a-title='Soothe Your Wanderlust with Holiday Loans'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsoothe-wanderlust-holiday-loans%2F&amp;linkname=Soothe%20Your%20Wanderlust%20with%20Holiday%20Loans' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Soothe Your Wanderlust with Holiday Loans -

<p>If you own a business, you must be aware that you need a constant inflow of cash to run your business. Lack of funds at the right moment can break your business. Every business goes through cash crunch cycles at some point in time, and if it’s a new venture, such situations are more frequent.</p><p>As a business owner, you can keep complaining about your losses or lack of funds. No matter what, you must keep moving ahead to ensure your business is growing.</p><p>Businesses will always have working capital gaps in cycles and need for periodic capital infusion. How will you manage these demands? Business Loans are one of the best alternatives to finance all such business needs.</p><p>Here are top five <a href="https://www.mymoneymantra.com/business-loan.html"><strong>Types of Business Loans </strong></a>based on the purpose for which they are obtained that can help you run your business successfully.<br><strong>&nbsp;</strong></p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_83494e4321.jpg" alt="Types of Business Loans in India" srcset="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_83494e4321.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Business-Loan-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/Business-Loan-768x88.jpg 768w" sizes="100vw"></figure><h3><br>&nbsp;<i><strong>5 Business Loan Types for All Your Business Finance Worries</strong></i></h3><h3><strong>1.&nbsp; Demand Loan</strong></h3><p>Demand loan can be recalled by the bank or other financial institution at anytime. The borrower will have to repay it when bank demands even if it is within a short period of time (1 to 7 days) depending on the bank’s policy on which the loan was given.</p><p>Demand loans can be unsecured as well as secured in nature and comes at very fine pricing. These loans are usually obtained to overcome short-term working capital gaps. The maximum term for these loans is 12 months, after which they can be renewed.</p><h3><strong>2.&nbsp; Term Loan</strong></h3><p>If you want to acquire long-term assets like building, land, machinery, etc., you should go for a term loan. You can finance building, land, infrastructure creation, purchase of a building, renovation, purchase of machinery, equipment, capital infusion, and vehicles with a term loan.</p><p>Term loan comes with a fixed repayment schedule (monthly or quarterly). The interest rate may either be fixed or floating. Usually, the maximum tenure for a term loan is 3 years (in case of unsecured loan) and 15 years (in case of secured loan). The quantum of the loan may vary according to the borrower’s need and eligibility.</p><h3><strong>3.&nbsp; Loan Against Securities</strong></h3><p>If you have invested in any financial security like mutual funds, demat shares, fixed maturity plans, insurance policies, exchange traded funds, and saving bonds, you can avail loan against them to meet your business financial needs. You can use the funds raised by pledging financial securities for any purposes. Tenure of such loans is renewed every 12 months.</p><p>However, only those shares, insurance policies, and mutual funds can be pledged to raise funds which are approved by the bank.</p><h3><strong>4.&nbsp; Cash Credit Facility and Overdraft Facility</strong></h3><p>Cash credit loans are granted as overdrafts on the security of borrower’s stock in trade/raw materials/process. You can secure cash credit facility by pledging your current business assets such as inventory or receivables.&nbsp; Limit on cash credit withdrawal (which is usually 70-80%) is based on your drawing power which is calculated after deducting margin fixed by banks over the stocks. Lenders always ensure that the balance outstanding is lesser than the drawing power of the borrower. The tenure for this loan is renewed every 12 months. This facility is suitable for financing your working capital needs like inventory and receivables.</p><p>On the other hand, bank overdraft is a facility wherein the bank allows you to debit your current account below zero, up to a specified limit. The overdraft limit is predefined by the bank based on the securities (such as property or other financial asset) pledged by the customer/ accout holder or his/ her repayment capacity. Interest is&nbsp;charged only on the amount utilised. The bank reserves the right to ask for repaying the money at short notice.</p><h3><strong>5.&nbsp; Letter of Credit (LC) Facility and Bank Guarantee</strong></h3><p>It is a type of credit facility wherein a bank provides a letter to the seller guaranteeing him/her that a buyer’s payment will be received by the seller on time for the correct amount. If the buyer is unable to make payment for the purchase, the bank will cover the entire outstanding payment on certain conditions.</p><p>Letter of credit facility is used in various domestic as well as international trade transactions to ensure sellers receive payment on time by the buyers even if they are operating in different nations and do not know each other.</p><p>Lenders require you to pledge inventory and capital assets for extending the letter of credit. The margin requirement varies between 60 – 80% of the assets based on the borrower’s profile. Letter of credit’s tenure is renewed every 12 months.</p><p>On the contrary, bank guarantee facility reduces the loss if transactions don’t go as planned. A bank guarantee also guarantees a certain sum to the beneficiary, and pays that sum only when the opposing party doesn’t fulfill the obligations stipulated under the contract. This facility is used to insure buyers or sellers&nbsp;from any loss or damage caused by nonperformance of the other party.</p><h3><strong>Documents Required to Apply for a Business Loan:</strong></h3><ul><li>Identity Proof: Passport, Driving License, PAN card, Voter’s ID and so on</li><li>Bank&nbsp;Statement</li><li>Latest Income Tax Certificate</li><li>Audited Financials for the past three years</li><li>Address Proof: Trade License, Electricity Bill, Ration Card and so on</li></ul><h3><strong>Who Can Apply for a Business Loan?&nbsp;&nbsp;</strong></h3><ul><li>Any self-employed individual or professional, sole proprietorship, limited or private limited company, and partnership firm.</li><li>The borrowing business should be working in a profitable state since at least last 6 months or 1 year (requirement varies from lender to lender) at the time of applying for a Business Loan.</li><li>The age of the borrower should be between 25-65 years.</li></ul><h3><strong>How to Apply for a Business Loan?</strong></h3><p>You can either choose to visit a bank or other financial institution in-person or apply online for instant approval and funding. Nowadays, there are a plenty of online lending marketplaces or fintech companies through which you can apply for Business Financing.</p><h3><strong>Best Business Loan Providers in India</strong></h3><ul><li><a href="https://www.mymoneymantra.com/business-loan/hdfc-bank.html"><strong>HDFC Bank Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/bajaj-finserv.html"><strong>Bajaj&nbsp;Finserv Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/tata-capital.html"><strong>Tata Capital Business Loan</strong></a></li><li><a href="https://www.mymoneymantra.com/business-loan/capital-first.html"><strong>Capital First Business Loan</strong></a></li></ul><p><strong>Also Read:&nbsp;</strong><a href="https://www.mymoneymantra.com/blog/5-business-expansion-ideas-and-ways-to-fund-them/"><strong>5 Business Expansion Ideas and Ways to Fund Them</strong></a></p><p>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href="https://www.mymoneymantra.com/business-loan.html"><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.<br>&nbsp;</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Business_Loan_40543a643f.png" alt="Apply for a Business Loan"></figure><p>&nbsp;</p>

<p>If you own a business, you must be aware that you need a constant inflow of cash to run your business. Lack of funds at the right moment can break your business. Every business goes through cash crunch cycles at some point in time, and if it’s a new venture, such situations are more frequent.</p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/top-5-types-business-loans-india-apply/' data-a2a-title='Top 5 Types of Business Loans in India and How to Apply for Them'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Ftop-5-types-business-loans-india-apply%2F&amp;linkname=Top%205%20Types%20of%20Business%20Loans%20in%20India%20and%20How%20to%20Apply%20for%20Them' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Looking for business loan? Here are the different types of business loans and procedure to apply for them. Read on to know more.

Top 5 Types of Business Loans in India and How to Apply for Them

<p>Life Insurance is a boon to the people who seek a secure future for their family. It helps insured’s family to manage their daily expenses smoothly in case of his/ her untimely demise by providing the sum assured (as per the policy).</p><p>There are multiple Life Insurance products available in India and one of the best among them is a Term Policy or <strong>Term Insurance</strong>. It is cheaper than other <a href="https://www.mymoneymantra.com/life-insurance.html"><strong>Life Insurance</strong></a> products and provides maximum coverage at manageable premiums.</p><h3><i><strong>However, before buying a Term Plan, considering following important things can help you grab the best deal and reap maximum benefits of a Term Insurance:</strong></i></h3><h3><strong>1. Buying Insurance Early Means Lower Premiums</strong></h3><p>It is advised to buy Term Insurance early in your career to pay lesser. Ideally, you should buy Insurance Policy when you start earning. The policy costs lesser when started earlier, so don’t plan it for a later stage in your life.</p><h3><strong>2. Assess the Optimum Cover Size</strong></h3><p>One of the most important factors to be considered when buying a Term Plan is assessing an appropriately-size for the policy. Opt for a cover which would provide an adequate financial support to the dependents to help them live a financially comfortable life even in your absence. Make sure that you are neither overinsured, paying heavy premium costs or underinsured, putting your dependents at risk. When assessing the cover size for the Term Policy, keep your financial objectives and obligations in mind such as all the existing loan EMIs, investments, education and marriage of your child, health of your family members, etc.</p><h3><strong>3. Select the Right Insurance Tenure</strong></h3><p>When choosing an appropriate tenure for a Term Plan, make sure it is neither too short nor too long. A shorter period may expose dependents to risk after the period is over. On the other hand, if the tenure is longer than you need, you will have to pay an extra premium, making the policy costlier. It is advised to consider the needs of your family members and figure out for how long they would require your financial assistance. This assessment will help you decide the right tenure.</p><h3><strong>4. Pay Attention to Claim Settlement Ratio</strong></h3><p>The Claim Settlement Ratio (CSR) refers to the ratio of claims approved by the insurance company against the total number of claims raised by the claimants in one financial year. Higher the CSR, better the chances for your family to settle their claim when required. So, when buying a <strong>Term Insurance</strong> plan, pay attention to the insurer’s CSR.</p><h3><strong>5. Do a Thorough Comparison Before Making the Purchase Decision</strong></h3><p>There are various insurance companies offering numerous Term Plans, hence, a deep research and comparison can help you in making the right decision. Don’t go for a policy promising lower premiums before analyzing all the features offered by multiple insurers. Sometimes, a slight hike in the premium prices can get you attractive benefits such as permanent disability benefit, accidental death benefit, etc. Check the features, benefits, CSR, and additional advantages offered by the insurance company under the Term Plan to finalize your choice.</p><p>For best Term Plans and other<strong> Life Insurance Policies</strong>, visit <a href="https://www.mymoneymantra.com"><strong>mymoneymantra.com</strong>,</a> a leading online marketplace for all your financial needs. If you need any assistance to help you decide which policy you should opt for, you can talk to our experience Insurance Specialists.</p><p>&nbsp;</p>

<p>Life Insurance is a boon to the people who seek a secure future for their family. It helps insured&#8217;s family to manage their daily expenses smoothly in case of his/ her untimely demise by providing the sum assured (as per the policy). </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/planning-to-buy-term-insurance-consider-these-things-first/' data-a2a-title='Planning to Buy a Term Insurance? Consider These Things First'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fplanning-to-buy-term-insurance-consider-these-things-first%2F&amp;linkname=Planning%20to%20Buy%20a%20Term%20Insurance%3F%20Consider%20These%20Things%20First' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Planning to Buy a Term Insurance? Consider These Things First -

 <p>Buying a home is the biggest financial transaction of one’s life. So, you have saved enough money over the years for the down payment and applied for a Home Loan. However, as you waited for the approval, you received the bad news that your application has been rejected. Why? Risk profiling and credit lending policies may slightly differ from one bank to another, but what is it that leads to the rejection of your loan application?</p>  <h2><span style='font-size: 12pt;'><strong><em>These could be the 8 possible reasons why your Home Loan application gets rejected by the lender:</em></strong></span></h2>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>1. Unapproved Builder and Property</strong></span></h3> <p>Banks often do not approve certain builders for their properties. If the builder or property you have chosen isn’t approved by your bank, it could lead to<strong> Home Loan Rejection</strong>. Before applying, ask your builder which banks have approved them and which have not.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>2. Low Repayment Capacity</strong></span></h3> <p>If you have applied for a Home Loan for a property that is beyond what you can afford, there is a chance of rejection. Banks consider current income as well as financial commitment of the applicant during the approval process. Your income should be enough for not only paying your monthly EMI but also your living expenses. If your co-applicant has a good income, you gain a competitive advantage.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>3. Unhealthy Financial Record</strong></span></h3> <p>If you had an unhealthy financial record in the past such as bankruptcy, litigation cases, etc., banks will trace all these records. Banks also consider your current financial health. Past loan rejections may also negatively impact your application.</p>  <p><a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><img class='aligncenter size-full wp-image-1277' src='https://d1lt2ralzv8247.cloudfront.net/Blog_Banner_1_ded4d0957c.jpg' alt='Home Loan' srcset='https://d1lt2ralzv8247.cloudfront.net/Blog_Banner_1_ded4d0957c.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2017/12/Blog-Banner-1-300x51.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2017/12/Blog-Banner-1-768x132.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>4. Financial Liabilities</strong></span></h3> <p>Have you already taken loans like Personal Loan, Car Loan, etc.? Are these loan(s) still running? Do you have huge Credit Card bills to be paid each month? If yes, banks may either lower the loan margin or reject your application, especially if the total amount you pay each month is high against your monthly income. Banks consider the debt service ratio (DSR) based on your total loan commitment against your total income. Higher the DSR, higher is the chance of your Home Loan rejection.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>5. Poor Repayment</strong></span></h3> <p>The Central Credit Reference Information System (CCRIS) tracks your repayment of past loan credits and other monthly payment commitments like Credit Card bills, etc. If you have a track record of late or overdue repayments for even a small amount, your loan application may get rejected. Hence, maintain a good repayment record.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>6. No Credit Records</strong></span></h3> <p>If you do not have any past repayment record, banks cannot determine your repayment behavior. Hence, if you are geared up to <a href='https://www.mymoneymantra.com/home-loan.html' target='_blank'><strong>Apply for a Home Loan</strong></a>, ensure that you use your Credit Card and pay bills on time every time. Alternatively, if you don’t use Credit Cards, ensure that you have a savings account or fixed deposit account with the bank you wish to approach for the Home Loan.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>7. Income Instability</strong></span></h3> <p>Before applying for a loan, ensure that you have a stable job for the past several months. Lower the base salary with no fixed earnings every month, higher is the chance of a rejection. Furnish pay slips of several months of your stable job with your application to avoid a rejection. A consistent EPF (Employees Provident Fund) contribution by the employer is an added advantage.</p>  <h3><span style='color: #99cc00; font-size: 12pt;'><strong>8. Not Submitting the Right Documents</strong></span></h3> <p>Have you submitted all documents pertaining to your Home loan? Banks carefully observe your income-related documents during the approval process. Not submitting all documents or the right documents may lead to a rejection. Ensure that you make no errors while filling the application form.</p>  <p><strong>Also Read:<span style='color: #99cc00;'> <a style='color: #99cc00;' href='https://mymoneymantraloans.weebly.com/post/is-it-possible-to-claim-tax-deduction-on-home-renovation-cost' target='_blank'>Is it Possible to Claim Tax Deduction on Home Renovation Cost?</a></span></strong></p>  <p>Banks follow a well structured and stringent approval process while granting a loan. Hence it is advisable that you conduct a research beforehand and familiarize yourself with what banks consider when approving loans. Once you know the cause of rejection, you may not face it the next time you apply for it, as you will be well prepared to avoid a rejection.</p>  <p>For most affordable Home Loan offers, visit <a href='https://www.mymoneymantra.com' target='_blank'><strong>mymoneymantra</strong></a>, a one-stop solution for all your financial needs. Call our Mortgage Specialists toll-free at <strong><a class='tel' href='tel:18001034004'>18001034004</a></strong> for more information.</p>  <p><a href='https://www.mymoneymantra.com/home-loan.html'><img class='aligncenter size-full wp-image-1713' src='https://d1lt2ralzv8247.cloudfront.net/Home_Loan_1d8bd7c995.png' alt='Home Loan' width='268' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/is-your-home-loan-application-rejected-these-could-be-the-possible-reasons/' data-a2a-title='Is Your Home Loan Application Rejected? 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<p>Buying a home is the biggest financial transaction of one&#8217;s life. So, you have saved enough money over the years for the down payment and applied for a Home Loan. However, as you waited for the approval, you received the bad news that your application has been rejected. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/is-your-home-loan-application-rejected-these-could-be-the-possible-reasons/' data-a2a-title='Is Your Home Loan Application Rejected? These Could be the Possible Reasons'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fis-your-home-loan-application-rejected-these-could-be-the-possible-reasons%2F&amp;linkname=Is%20Your%20Home%20Loan%20Application%20Rejected%3F%20These%20Could%20be%20the%20Possible%20Reasons' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Buying a home is the biggest financial transaction of one’s life. So, you have saved enough money over the years for the down payment and applied for

Is Your Home Loan Application Rejected? These Could be the Possible Reasons

 <p>A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well. It can help build a good credit history and favourable credit score for you, thus helping you procure loans with ease. It can offer unmatched convenience while you’re travelling, thanks to its worldwide acceptance. Moreover, it can also help you save money due to the numerous <strong>Credit Card offers online </strong>which entail exciting cash backs and great discounts.</p> <p>It is, therefore, a great decision to <a href='https://www.mymoneymantra.com/credit-card.html'><strong>Apply for a Credit Card</strong></a> at the earliest possible. However, before you do, here is all that you need to know before filing your Credit Card application.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Financial Requirement</strong></span></h3> <p>In order to get a Credit Card, you will be required to meet certain financial requirements. To begin with, you need to be an adult with a steady job or a steady source of income. If you’re employed, you will be required to submit your pay-slip as a proof of income. Alternatively, if you run a business, or are a professional, you will need to submit your income tax returns and your bank statements as a proof of income.<strong> </strong></p>  <p><a href='https://www.mymoneymantra.com/credit-card.html?utm_source=internal-blog&amp;utm_medium=blog-post&amp;utm_campaign=credit-card'><img class='aligncenter size-full wp-image-1971' src='https://d1lt2ralzv8247.cloudfront.net/credit_cards_1_4c8035f53d.jpg' alt='Apply for a Credit Cards' srcset='https://d1lt2ralzv8247.cloudfront.net/credit_cards_1_4c8035f53d.jpg 868w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/credit-cards-1-300x35.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2018/04/credit-cards-1-768x88.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a></p> <h1><span style='font-size: 12pt; color: #99cc00;'><strong>Online Application</strong></span></h1> <p>Thanks to the technological advancement, you can now easily <strong>apply for a Credit Card online</strong>. This is usually a simple, step-by-step process, offered by online marketplaces like <strong>www.mymoneymantra.com</strong>, the portal of the bank or the Credit Card company that you are applying. In order to apply, you will be required to scan/upload the documents mentioned above, in addition to &#8211;</p> <ul> <li>Your Date of Birth</li> <li>An Address Proof ( government issued identity proof )</li> <li>PAN Card</li> </ul> <p>Once your application is duly complete, you may need to wait for a few days before the application is approved, and your credit card is sent to your registered address. In the meanwhile, if you wish to check your application status, you can do so by following steps &#8211;</p> <ul> <li>Log in to the official portal/Credit Card company that you have applied to.</li> <li>Find the ‘Track Application’ or a similar tab, and click the same.</li> <li>Once there, you may be required to fill in one or more of the following &#8211; <ul> <li>Application Number</li> <li>PAN Card number</li> <li>Form number</li> <li>Date of birth</li> </ul> </li> <li>Next, click on ‘Submit’.</li> <li>Here, you’ll be able to see the status of your Credit Card application form.</li> </ul> <p>If need be, do feel free to call the issuing company or the bank to check the status. You can also visit the establishment in person.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong><em>Please Note</em></strong></span></h3> <p><em>The process of online application for Credit Card, and for checking the status, may slightly differ from one financial institution to another. </em></p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Low Credit Limit</strong></span></h3> <p>Credit Limit is the maximum amount a Credit Card company allows a borrower to spend using a single card.</p> <p>When you apply for your first Credit Card, you should expect the company to offer you a fairly small credit limit. This is done due to two reasons &#8211;</p> <ul> <li>For you to understand the use and management of a Credit Card, and remain well within your ability to repay.</li> <li>For the issuing company to minimize its risk since you do not have a credit history that can prove as a guarantee that you will repay the company.</li> </ul> <p>Your credit limit may also be low due to the fact that your income is on the lower end. For instance, if you have a part-time job or an entry-level job, or a new business, chances are your credit limit will be limited by your own income.</p> <h3><span style='font-size: 12pt; color: #99cc00;'><strong>Credit History</strong></span></h3> <p>Your first Credit Card will become a part of your credit report. The company/bank which issues you the Credit Card will report your monthly card usage to credit reporting agencies/credit bureaus. This report will constitute for your credit history, and in the long run, will contribute towards your credit score. If you use your Credit Card sensibly and repay your bills on time, you can enjoy a favourable credit history. This, in turn, will help you procure loans, at minimal rates of interest.</p> <p>Moreover, it will help your other applications for Credit Cards get approved easily.<br /> &nbsp;</p> <h4><span style='font-size: 12pt; color: #99cc00;'><strong>Credit Utilisation Ratio (CUR)</strong></span></h4> <p>CUR refers to Credit Card usage with respect to the maximum spending limit. For instance, if the credit limit is <i class='fa fa-inr'></i>1,00,000 and you spend <i class='fa fa-inr'></i>70,000 in a month, your CUR will be 70%. The CUR will reflect your spending habits as well as your credit managing ability.</p> <p>A high CUR indicates that you are consistently in a cash crunch or are a compulsive spender. None of these help your credit history. Hence, it is advisable that you maintain a relatively low CUR. As a matter of fact, it is advisable for you to maintain a CUR of 30%.</p> <p>Moreover, you must ensure that you don’t exceed your credit limit, under any circumstances.</p> <p>Now that you know, all that there is to about Credit Card application, you should apply for the same right away!</p> <p>Don’t know where to get started? Well, let our Loan Specialist help you fill the application, based on your needs and preferences. Simply visit us mymoneymantra or call our Loan Specialists toll-free at <strong><a class='tel' href='tel:18001034004'>18001034004</a></strong> for further information.</p>  <p><strong>Also Read : </strong> <span style='text-decoration: underline;'><span style='color: #99cc00;'><a style='color: #99cc00;' href='https://medium.com/@mymoneymantra17/dear-travellers-stop-making-these-travel-mistakes-416993f24b29' target='_blank'><strong>Dear Travellers, Stop Making These Travel Mistakes!</strong></a></span></span></p>  <p>To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit <a href='https://www.mymoneymantra.com/credit-card.html' target='_blank'><strong>www.mymoneymantra.com</strong></a>, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.</p>   <p><a href='https://www.mymoneymantra.com/credit-card.html'><img class='aligncenter size-full wp-image-1706' src='https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png' alt='Credit Card' width='267' height='43' /></a></p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-card-application-everything-you-need-to-know/' data-a2a-title='Credit Card Application: Everything You Need to Know'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

<p>A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well. It can help build a good credit history and favourable credit score for you, thus helping you procure loans with ease. </p> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-card-application-everything-you-need-to-know/' data-a2a-title='Credit Card Application: Everything You Need to Know'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-card-application-everything-you-need-to-know%2F&amp;linkname=Credit%20Card%20Application%3A%20Everything%20You%20Need%20to%20Know' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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A Credit Card is one of the most efficient tools for making purchases. However, it has numerous other benefits as well.

Credit Card Application: Everything You Need to Know

<p>Ahead of festival season, State Bank of India (SBI) has drastically slashed home loans interest rates for salaried as well as self-employed borrowers. Now all customer profiles irrespective of loan amount and occupation (including balance transfers) can get the lowest home loan interest rate offer starting at 6.70 p.a. The largest housing lender has also waived off 100% processing fee for new home loan customers.</p><p>The eligibility for the latest SBI offer will be assessed basis the credit score of the customer. Announcing this one-of-its-kind home loan offer- that can indeed turn out to be a game changer for home loan borrowers SBI said in the press statement:</p><p><i><strong>"The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs. 8 lac, for a Rs. 75 lac loan with a 30 year tenure."</strong></i></p><h2>Lowest home loan rates: 45 bps cut for self-employed customers!</h2><p>With SBI’s festival offer now customers of all ticket size can <a href="https://www.mymoneymantra.com/home-loans"><strong>apply for home loan</strong></a> starting at 6.70%. Earlier customers availing of home loans over Rs 75 lakh had to pay interest rate of 7.15% bps. There is clear saving of 45 bps i.e. as much as Rs. 8 lakh can be saved on Rs 75 lakh loan with a 30-year tenure.&nbsp;</p><h2>SBI removes salaried &amp; non-salaried interest rate differential</h2><p>Earlier non-salaried borrowers were paying 15 bps higher rate than salaried borrowers. By removing occupation-linked interest premium SBI has initiated a new trend of uniform rates for eligible customers. It would be interest to see if other lenders follow the suit.&nbsp;</p><h2>SBI home loan processing fee waived off!</h2><p>Further boosting up the customer confidence ahead of festival season, SBI has waived off processing fees entirely for home loans.</p><p>The bank added: <strong>“We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable.”</strong></p><p>The bank added that this time offers are made more inclusive to boost market sentiment. The lender has also slashed its base rate and prime lending rate (PLR). With effect from September 15, 2021, <a href="https://www.mymoneymantra.com/home-loans/sbi"><strong>SBI Home Loan</strong></a> base rate will be 7.45% and PLR will be 12.2%.</p><p>Recently Kotak Mahindra bank has also <a href="https://www.mymoneymantra.com/blog/kotak-mahindra-bank-slashes-home-loan-interest-rates-to-6.50"><strong>slashed home loan interest rates</strong></a>. Kotak Mahindra Bank has announced lowest ever interest rate for home loan starting at 6.50% p.a.</p><p>With constant decline home loan rates, it continues to remain buyer’s market!</p><figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/images/origin/Sbi_home_loan_1_dddbae8508.jpg" alt=""></figure>

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SBI slashes home loan rates. Now both salaried & self-employed can get SBI Home loans @6.70% & save 8 Lakh on 75 lakh loan for 30 years. Check details.

SBI cuts home loan interest rates to 6.70%, waives processing fees

<p>SBI slashes home loan rates. Now both salaried &amp; self-employed can get SBI Home loans @6.70% &amp; save 8 Lakh on 75 lakh loan for 30 years. Check details.</p>

<p>Good news for home loan customers! Ahead of festival season, <strong>Kotak Mahindra Bank has slashed home loan interest rate</strong> and announced the <strong>lowest ever interest rate for home loan customers starting at 6.50% p.a.</strong>&nbsp;</p><p>In a press statement, Kotak bank on Thursday shared its latest offering for home loan customers. <strong>Kotak housing loan interest rates</strong> for new as well as balance transfer customers will now begin from 6.50 p.a for next sixty days, effective from September 1, 2021 to November 8, 2021.</p><p>The statement said: “Rates for both fresh home loans and balance transfers now start at 6.50% p.a., offering the best value to home buyers. This special rate is available across all loans amounts and is linked to a borrower's credit profile.”</p><p><strong>The lowest EMI for Kotak home loan will now be Rs 746 per lakh</strong>. Currently, home loan rates are the lowest ever in the last 15 years. Kotak bank has been constantly leading the lending ecosystem with the lowest rate and customer-friendly terms.&nbsp;</p><figure class="image"><a href="https://www.mymoneymantra.com/home-loans/kotak-mahindra-bank"><img src="https://d1lt2ralzv8247.cloudfront.net/images/origin/Kotak_Mahindra_Home_Loan_Banner_9_9_21_cf0014dd5c.jpg" alt="kotak home loan interest rate"></a></figure><h3>Highlights of Kotak Mahindra Home Loan</h3><ul><li>Home Loans at the lowest interest rate starting from 6.50 p.a.</li><li>Both salaried and self-employed can apply online or offline as per their choice.</li><li>Enjoy 100% processing fee waiver for online applications.</li><li>Avail of extended loan tenure of 20 years.</li><li>Attractive offers for balance transfer customers.</li><li>Repayment flexibility, OD &amp; Top Up available.</li><li>Minimal documentation.</li><li>Customer-friendly terms &amp; conditions.</li><li>Fast processing &amp; doorstep service, as desired.</li></ul><h3>Let’s take a look at top 10 homeloan interest rates in September 2021:</h3><figure class="table"><table><tbody><tr><td><strong>Kotak Mahindra Home Loan</strong></td><td><strong>6.50% onwards</strong></td></tr><tr><td><strong>State Bank of India Home Loan</strong></td><td><strong>6.75- 8.50%&nbsp;</strong></td></tr><tr><td><strong>HDFC Ltd Home Loan&nbsp;</strong></td><td><strong>6.75- 7.65%</strong></td></tr><tr><td><strong>ICICI Bank Home Loan&nbsp;</strong></td><td><strong>6.75%-7.55%</strong></td></tr><tr><td><strong>Bank of Baroda Home Loan</strong></td><td><strong>6.75- 8.60%&nbsp;</strong></td></tr><tr><td><strong>Union Bank of India Home Loan</strong></td><td><strong>6.80- 7. 40%</strong></td></tr><tr><td><strong>Tata Capital Home Loans</strong></td><td><strong>6.70 % onwards</strong></td></tr><tr><td><strong>PNB&nbsp;</strong></td><td><strong>6.80- 9.00%</strong></td></tr><tr><td><strong>Axis Bank Home Loans</strong></td><td><strong>6.90% -8.55%</strong></td></tr><tr><td><strong>IDFC First Home Loan&nbsp;</strong></td><td><strong>6.90 onwards</strong></td></tr></tbody></table></figure><p>Click Here to<strong> </strong><a href="https://www.mymoneymantra.com/home-loans/kotak-mahindra-bank"><strong>Apply for Kotak Home Loans Starting @ 6.5% only.</strong></a></p>

Good news for home loan customers. Ahead of festival season, Kotak Mahindra Bank has slashed home loan interest rate and announced the lowest ever interest rate for home loan customers starting at 6.50% p.a. 

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Kotak Mahindra Bank Slashes Home Loan and Balance Transfer Rates to 6.5% for next 60 days

Kotak Mahindra Bank Slashes Home Loan Interest Rates to 6.5% for next 60 days

<p>Good news for home loan customers. Ahead of festival season, Kotak Mahindra Bank has slashed home loan interest rate and announced the lowest ever interest rate for home loan customers starting at 6.50% p.a.&nbsp;</p>

<h2><strong>Best Mutual Funds to Invest in 2021</strong></h2><p>When it comes to investing, irrespective of your age, profession, gender, and other details, investing in mutual funds can always be one of the best options for you. It is of utmost importance in today's world to find some of the best mutual funds to invest<strong> </strong>in order to secure your future in the country.</p><p>If you are someone who is confused about the entire process or have already figured out some of it, here is all you need to know about how to find the best mutual funds in 2021 in India and why you should invest in one now.</p><h2><strong>Best Mutual Funds in 2021</strong></h2><p>No matter whether you are intending to invest for a short-term or long-term period, investing in mutual funds is always a good idea in today's world. Here are some of the best options that you can take into consideration if you intend to invest in mutual funds.</p><figure class="table"><table><tbody><tr><td><strong>Large Cap Fund</strong></td><td><strong>NAV</strong></td><td><strong>One Year Return</strong></td><td><strong>Crisil Rank</strong></td></tr><tr><td>JM Large Cap Fund (G)</td><td>89.78</td><td>29.6%</td><td>1</td></tr><tr><td>CR Bluechip Equity Fund(G)</td><td>38.34</td><td>44.2%</td><td>1</td></tr><tr><td>Axis Bluechip Fund (G)</td><td>42.5</td><td>46.5%</td><td>1</td></tr></tbody></table></figure><figure class="table"><table><tbody><tr><td><strong>Multi Cap Fund&nbsp; &nbsp;&nbsp;</strong></td><td><strong>NAV</strong></td><td><strong>One Year Return</strong></td><td><strong>Crisil Rank</strong></td></tr><tr><td>Canara Robeco Flexi Cap Fund</td><td>220.26</td><td>51.1%</td><td>1</td></tr><tr><td>JM Flexi Cap Fund</td><td>49.98</td><td>50.2%</td><td>1</td></tr><tr><td>UTI Flexi Cap Fund</td><td>248.26</td><td>66.2%</td><td>1</td></tr></tbody></table></figure><h2><strong>Best Tax Saver Mutual Funds (ELSS) in 2021</strong></h2><p>Equity-linked saving schemes, also known as ELSS, refer to tax saving mutual funds in India. According to the SEBI terms, ELSS funds are supposed to invest at least 80% in equity of their corpus in related instruments.</p><p>If you are looking for some of the best mutual funds to invest in 2021, ELSS mutual funds are a must for you to consider in 2021.</p><p>The ELSS funds come with a lock-in period of 3 years, and tax deduction policies are applied to these schemes under section 80 C.</p><p>The primary reason for investing in ELSS funds should be the higher returns that are guaranteed in these schemes in India. Although the equities can be tricky when it comes to short-term tenure periods, they usually offer higher returns for long-term periods to the customers.</p><p>The best ELSS funds that you can find in India are mentioned below for your reference.</p><figure class="table"><table><tbody><tr><td><strong>ELSS Fund</strong></td><td><strong>NAV</strong></td><td><strong>One Year Return</strong></td><td><strong>Ciril Rank</strong></td></tr><tr><td>Axis Long Term Equity Direct Fund</td><td>74.29</td><td>55.0%</td><td>1</td></tr><tr><td>BOI AXA Tax Advantage</td><td>104.42</td><td>70.5%</td><td>1</td></tr><tr><td>CR Equity Tax Saver Fund</td><td>113.37</td><td>58.3%</td><td>1</td></tr></tbody></table></figure><h2><strong>How to Choose Best Mutual Funds in India?</strong></h2><p>Choosing the perfect mutual fund for your position can be tricky when it comes to long-term period investments. However, if you want to invest in 2021, the first and foremost step that you should take is to find the best mutual fund to invest now.</p><p>Finding the Best mutual fund can help you achieve your future goals quickly. Making mistakes while choosing the proper mutual fund can lead to many disasters in your investment journey.&nbsp;</p><p>Some points that you should remember while shortlisting mutual funds are listed below:</p><ol><li>It would be best if you always avoided the rating map while finding the best mutual funds to invest in<strong> </strong>2021.</li><li>Take your time to identify and analyse your demands and future goals and understand your risk profile before investing in mutual funds in India.</li><li>Analyse the consistency of performance before making investments in any mutual funds In the current scenario.</li><li>Take a look at the AUM of the fund before you invest in it for security purposes.</li><li>You need to know what's best for you and what suits your demands the best in the current scenario before investing in any mutual fund. Try and understand how much time you have for investing before you will need the entire amount.</li></ol><p>Therefore, the foremost step for you would be to compare different plans and schemes of your contemporary time and then go for what suits your demands the best in 2021.</p><h2><strong>How to Invest in Best Mutual Funds?</strong></h2><p>Several factors need to be considered when it comes to investing in the best mutual funds. Some of these are given below. Keep these in mind before investing in any fund in India in 2021.</p><ul><li>The first and foremost step that you should follow in order to invest in the best mutual funds in India is to compare the current interest rates and other details of the mutual funds to finally find some of the best mutual funds to invest in India. You should take a look at the quality of securities while selecting the best mutual fund for SIP or lump sum for a long period of investment for your future.</li><li>Analyse and understand all the risk parameters associated with mutual funds investments before actually investing in one.</li><li>Mutual funds tend to have good exposure in equity and the likely instruments. Analyse the risk level that is associated with the particular fund you intend to invest in.</li><li>The important ratios that you should keep in mind while selecting some of the best mutual funds to<strong> </strong>invest in 2021 are alpha, beta, Sortino, capture ratio, standard deviation, and Sharpe.</li><li>Always keep in mind the amount of time you intend to invest for before you want the entire money. How much money you need to achieve the goal, how many years it might take, what is the interest rate that you are getting from the scheme, or some of the major things that you should consider if you want to invest in some of the best mutual funds In India.</li></ul><h2><strong>Why should you Invest in Best Mutual Funds?</strong></h2><p>There are several reasons that you should consider if you are wondering whether or not you should invest in mutual funds in India in 2021. Finding the best mutual funds to invest in 2021 India can be tricky.&nbsp;</p><p>However, it is of utmost importance to understand why exactly you should go for investing in mutual funds in today's scenario:</p><ol><li>You have the option to invest in a lump sum or through a SIP. The flexibility that comes with investing in mutual funds is unparalleled when it comes to the investment field. You can either go for making lump-sum investments, or you also have the choice to invest in small amounts over some time through a systematic investment plan.</li><li>The SIP can be as little as Rs.500 a month. This is one of the major options that make mutual funds feasible for most of the population of our country.</li><li>One of the other benefits that you can enjoy if you decide to invest in mutual funds is the fact that you can save income tax. For instance, if you invest in an ELSS fund, you can reduce your taxable income by around 1.50,00,00 according to the income tax act 80C invented in 1961.</li><li>When you find the best mutual funds to invest in 2020 and 2021, you become eligible to get a variety of shares or fixed income instruments. For instance, if you decide to invest in stocks in India, you probably get one or two shares. On the other hand, if you invest in a mutual fund, you can buy several stocks at the same time after investing the same amount you would invest in a stock.</li><li>There are a plethora of active schemes available in the country. Therefore, a lot of options are there for you to choose what kind of scheme you want to follow for your future investments. Analyse your future goals and the time you are willing to invest for and then go for the proper scheme that suits your demands well.</li></ol><h2><strong>Benefits of Investing in Mutual Funds</strong></h2><p>There are several benefits that you can enjoy by investing in mutual funds in India in 2021. Finding some of the<strong> </strong>best mutual funds to invest in 2021 is the first step that you should follow to enjoy the benefits. Here are some significant advantages of investing in mutual funds:</p><ol><li>There are several mutual fund options available in the country in today's world. By analysing your goals, needs, and requirements properly, she will be able to find some of the best mutual funds to invest in according to your needs. No matter how many years you're willing to invest for, what your future goals are, and what background you are from, there is always an option for you when it comes to investing in mutual funds.</li><li>If you invest in an open-ended mutual fund, you can enjoy the benefit of buying and selling your units at any time. Understand the fund's net asset value (NAV) to analyse your total buyable and redeemable value.</li><li>Whether you want to make a lump-sum investment or make investments in instalments over the entire period, there are a plethora of options available for you to choose from. The minimum SIP goes as low as Rs. 500 a month which makes it feasible for all people, irrespective of their profession, to invest in mutual funds in India.</li><li>Investing in mutual funds is cost-efficient. If you go for buying equity directly, you will have to pay brokerage, securities transaction tax, and other costs, which will be a huge amount at the end of the day. However, if you manage to find some of the best mutual funds to invest in, the entire procedure will be more cost-efficient.</li><li>Another major advantage that you can enjoy if you intend to invest in mutual funds in India is that you have the option to save income tax. It is one of the facts that make investing in mutual funds one of the most visible options in India in today's world.</li></ol><h3><strong>FAQs</strong></h3><h4><strong>✅1. What are the different types of mutual funds to invest in in India?</strong></h4><p>Ans: The different types are stock funds, money market funds, bond funds, and target-date funds.</p><h4><strong>✅2. Which type of mutual fund is the safest to invest in 2021?</strong></h4><p>Ans: DSP Government Securities Fund, IDFC Government Securities Fund, ICICI Funds are some of the safest options.</p><h4><strong>✅3. Which is better: mutual fund or FD?</strong></h4><p>Ans: If you are risk-averse, investing in fixed deposits will be the better option for you. Mutual funds come with certain interest risks.</p><h4><strong>✅4. What is the lowest amount that I can invest in mutual funds in India?</strong></h4><p>Ans: It is allowed for you to invest as low as Rs.500 in mutual funds in the country.</p>

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Mutual funds are created to make investing easy, so the newbies can invest in mutual funds without taking the risk of investing in Individual stocks. Read the article & find the best mutual funds to invest in 2021.

Best Mutual Funds to Invest in 2021 - MyMoneyMantra


<p>Mutual funds are created to make investing easy, so the newbies can invest in mutual funds without taking the risk of investing in Individual stocks. Read the article &amp; find the best mutual funds to invest in 2021.</p>

<p>The Systematic Investment Plan (SIP) is a popular method of investing in mutual funds. In this process, an investor is free to choose a mutual fund scheme and invest an amount of his choice in instalments.</p><p>The significant difference of this method from the lump-sum investment methods is that investors can make investments in instalments over a long period. Lump-sum investments require investors to invest a considerable amount of money at the very beginning of any scheme.</p><p>SIP plans are available for different periods. If you want to invest in a SIP for an extended period, try to find the best SIP plan for 10 years or more in India.</p><p>However, when it comes to choosing the best SIP plans, it can be tricky at times. Here is all you need to know about finding the best SIP plans and everything you need to know regarding the same in the current scenario.</p><h2><strong>What is SIP?</strong></h2><p>SIP or systematic investment plan refers to an investment method that an investor can take up. By following this method, the significant benefit that any investor enjoys is that they can make investments over a long period in small amounts.</p><p>Finding the best SIP plans can be difficult for some of the first time investors out there. However, proper research and a perfect methodology can help you find the appropriate plan that suits your needs.</p><h3><strong>Best SIP Plans Available in India 2021</strong></h3><p>Mutual funds and SIP plans keep changing from one year to the other. The best SIP plan 2020 and 2021 are the ones that you should consider if you are going to invest shortly.</p><p>If you are wondering about the Best SIP mutual funds available in India; take a look at the chart below to learn about some of the leading funds you can pick from for your investments:</p><figure class="table"><table><tbody><tr><td><strong>Fund Name</strong></td><td><strong>Monthly Investments</strong></td><td><strong>Return rate for 3 years (%)</strong></td><td><strong>Return Rate for 5 years</strong></td></tr><tr><td>Axis Bluechip Fund</td><td>5000</td><td>18.3</td><td>11.3</td></tr><tr><td>DSP Equity Fund</td><td>5000</td><td>14</td><td>14.36</td></tr><tr><td>HDFC Balance Advantage Fund</td><td>5000</td><td>16</td><td>15</td></tr><tr><td>TATA India Consumer Fund</td><td>5000</td><td>14</td><td>15</td></tr><tr><td>Kotak Standard Multicap Fund</td><td>5000</td><td>11</td><td>14</td></tr><tr><td>ICICI Prudential Bluechip Fund</td><td>5000</td><td>8</td><td>10</td></tr><tr><td>Motilal Oswal 25 Fund</td><td>5000</td><td>12</td><td>12</td></tr><tr><td>Nippon India Largecap Fund</td><td>5000</td><td>8</td><td>10</td></tr><tr><td>Mirae Asset Largecap Fund</td><td>5000</td><td>12</td><td>15</td></tr><tr><td>Aditya Birla Sunlife Fund</td><td>5000</td><td>9</td><td>11</td></tr></tbody></table></figure><h3><strong>Top 10 Mutual Funds for SIP to Invest in 2021 for 1 Year</strong></h3><p>If you are looking for the best SIP plans for 1 year, the leading funds that you can take into consideration are the Axis Bluechip Fund, Axis Focused 25 Fund, DSP Equity Fund, HDFC Balance Advantage Fund, Kotak Standard Multi-cap Fund, Nippon India Large Cap Fund, to name a few.&nbsp;</p><p>The top 10 mutual funds for SIP to invest in 2021 are mentioned below:</p><figure class="table"><table><tbody><tr><td><strong>&nbsp; &nbsp; &nbsp;Fund Name</strong></td><td><strong>&nbsp;Investment Amount</strong></td><td><strong>&nbsp;Return Rate for 1 Year</strong></td></tr><tr><td>&nbsp; &nbsp; Axis Bluechip Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;21</td></tr><tr><td>&nbsp; &nbsp; DSP Equity Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;31</td></tr><tr><td>&nbsp; &nbsp; HDFC Balance Advantage Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;3.1</td></tr><tr><td>&nbsp; &nbsp; TATA India Consumer Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;8.3</td></tr><tr><td>&nbsp; &nbsp; Kotak Standard Multicap Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;18.19</td></tr><tr><td>I &nbsp; ICICI Prudential Bluechip Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;12.2</td></tr><tr><td>&nbsp; &nbsp; Motilal Oswal 25 Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;26.57</td></tr><tr><td>&nbsp; &nbsp;&nbsp;Nippon India Largecap Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;11.8</td></tr><tr><td>&nbsp; &nbsp; Mirae Asset Largecap Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;17</td></tr><tr><td>&nbsp; &nbsp; Aditya Birla Sunlife Fund</td><td>&nbsp; &nbsp;5000</td><td>&nbsp; &nbsp;13</td></tr></tbody></table></figure><p>Investing in SIP mutual funds can be the best option for some people looking to invest for an extended period instead of going for lump-sum investments. Those from the low income group, and those from the urban area, prefer an investment method that allows them to invest in instalments. SIP plans become that perfect option to invest without feeling the financial strain of bulk investments and people can easily continue such investments for more extended periods.&nbsp;</p><p>For those searching for the best SIP plan to invest in 2021, you do not have to be stressed about spending a considerable amount of money in one go. The primary benefit of investing in SIP mutual funds is that you have the liberty to take your time and invest for as long as you want during the tenure period.</p><h2><strong>Why Should You Invest in SIP Plans?</strong></h2><p>Here are some hard-to-miss benefits of investing in SIP plans in 2021. Take a look:&nbsp;</p><ul><li>The major benefit that you enjoy is the small investment amount that you have to pay during the entire duration of the SIP. Most mutual fund schemes allow you to start investing with as little as Rs.500 per month. This is a sustainable method for every citizen in the country who wants to invest in a long-term, safe, and profitable fund in today's world.</li><li>Once you manage to find some of the best SIP plans in India and start investing in one of them, you gain the liberty to adjust the SIP amount the way you want.</li><li>Once you start investing in any SIP scheme, there is no compulsion to make the SIP investment every month for a fixed lock-in period. You can choose and stop for a few months and then start making the investments again at your convenience.</li><li>If you have just started investing, any SIP investment will help you become a disciplined investor, which will prove beneficial in time.</li><li>SIP schemes also tend to reduce the average cost at which you buy mutual fund units. This is one of the most significant benefits you gain by investing in some of the best mutual funds for SIP.</li></ul><h2><strong>How to Invest in Best SIP Plans?</strong></h2><p>The first and foremost step for you would be to compare and analyse the current written rates that you can gain from the SIP funds in India in 2021.</p><ol><li>You need to determine for how long you are willing to invest in any SIP plan. If you are looking to invest for a long period, consider finding the best SIP plan for 5 years or more which will be beneficial for you in the long run.</li><li>Once you manage to find some of the best SIP schemes in India, focus on achieving a specific SIP goal that you need to accomplish in the future. The goal of setting SIP is to make sure that your portfolio manages to get and analyse the risk profile along with a good diversification across asset classes.</li><li>Make sure you go through the current return rates in India along with their past experiments and experiences over the years to determine what scheme suits you the best.</li><li>If you intend to invest in SIP funds shortly, and if you are a first-time investor, always go for reputed fund houses such as HDFC, Reliance, SBI, Birla Sun Life, and the like.</li><li>The SIP you choose should be in conjunction with your bank. If you face any problem during the procedure, contact the relationship manager of your bank as soon as you can.</li></ol><h2><strong>How to Choose Best SIP Plans in 2021?</strong></h2><p>Choosing the top SIP plans to invest in in 2021 can be difficult especially if you are a first-time investor.</p><p>However, the major point you should keep in mind before investing in any mutual fund in India is to go through the current return rates of all your contemporary SIP mutual funds. Compare and analyse the return rates and see for yourself which plan goes the Best for the amount of period you are willing to invest for.</p><p>There are several SIP plans for short-term periods. Similarly, there are a plethora of SIP plans available for long-term periods ranging from five years to 10 years as well. Choose the plan that suits your requirements and then invest in it once you are ready.</p><h3><strong>Types of SIP Mutual Funds for SIP</strong></h3><p>If you are looking forward to finding the best fund for SIP for your future investments, it is very important to note several types of SIP mutual funds available in India in 2021 before investing in any of them.</p><p>Below are the major types of SIP schemes&nbsp; available in India:</p><p>1. <strong>Top-up SIP</strong></p><p>These kinds of systematic investing investment plans allow you to increase your investment amount in a periodic manner which gives you the flexibility to invest a higher amount of money when you tend to have a higher income.</p><p>2. <strong>Flexible SIP Plans</strong></p><p>Flexible SIP plans I love you to be flexible with the amount of money you want to invest in a SIP mutual fund. You are free to alter the amount (decrease or increase) based on your current financial situation without any fear of being charged penalties for the same.</p><p>3. <strong>Perpetual SIP</strong></p><p>Perpetual SIP plans allow you to invest for as long as you want. It lends you the freedom to choose the period you are willing to invest for, be it one year, three years, five years or more. You do not have to choose a particular period before starting to invest in a SIP mutual fund.</p><p>These are the major types of SIP plans available in India. Make sure you go through the rules thoroughly before you choose the plan to invest in. You can take the help of a SIP calculator that you can find online to analyse the return rate that is being offered to you by a particular SIP plan before investing in it.</p><h3><strong>Benefits of SIP Plans in India</strong></h3><p>The major benefits that you can enjoy if you decide to invest in SIP plants in India are mentioned below.</p><ol><li>If you are a first-time investor and have no experience in the field of investments, going for SIP plans can be the best option for you in the current situation. It is the most flexible investment plan that is offered by mutual funds in our country. You have the flexibility to decrease or increase the rate even after starting to invest.</li><li>Most first-time investors tend to be confused about their future investments, therefore, finding the best<strong> </strong>SIP plans becomes even more difficult for them. In order to avoid any risk factor, go for renowned mutual fund houses in India like Reliance, SBI, ICICI, and the like.</li><li>Investing in SIP schemes makes you a disciplined investor which helps you in the long run. If you lack superficial financial knowledge of the market, investing in SIP schemes can be the best option for you in the current scenario. The fact that you do not have to make lump-sum investments makes it easier for younger people to invest in it.</li><li>If you start having higher income after investing for a few months, you have the flexibility to increase the amount you invest. This flexibility can help you shift your SIP plans from time to time and see what is suiting your requirements the best.</li><li>Once you start investing in any SIP mutual fund, it makes sure that you constantly strive to make your investments grow. In that way, your financial growth becomes rapid in a short time.</li><li>You can start investing at as low as Rs.500 per month if you want to. You can increase the amount whenever you want and for as long as you want.</li></ol><h3><strong>FAQs</strong></h3><h4><strong>✅ </strong>Where do I find a SIP calculator to calculate the return rates?</h4><p>Ans: There are several SAP calculators available online. These are more than enough for you to determine the return rates being offered by the SIP mutual funds in our country.</p><h4>✅ What are some of the top SIP mutual funds to invest in in India?</h4><p>Ans: Some of the leading SIP mutual funds are Axis Mutual Fund, Kotak Mutual Fund, Reliance Mutual Fund, HDFC Mutual Fund, the State Bank of India mutual fund, ICICI Prudential Mutual Fund, and Aditya Birla Sunlife mutual fund.</p><h4>✅ Is it better to invest in SIP schemes instead of making Lamsam investments?</h4><p>Ans: If you are new to the investments field, and are looking for investing for a long period, investing in SIP schemes will be the best option for you.</p><h4>✅ How do I start investing in a SIP mutual fund scheme?</h4><p>Ans: Choose the right scheme for you, fill up the application form, submit a cheque of monthly SIP amount, provide the necessary details along with your KYC form, and you can start investing.</p>

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SIP (Systematic Investment Plan) is a smart, hassle-free method of investing a fixed sum in a mutual fund scheme. It permits one to purchase units on a particular date every month in order to implement a saving plan. Learn all about SIP Mutual funds ✓ Best funds to invest in for the year and much more!

Best SIP Plans 2021  - Top SIP Mutual Funds Plans in India to Invest - MyMoneyMantra

<p>SIP (Systematic Investment Plan) is a smart, hassle-free method of investing a fixed sum in a mutual fund scheme. It permits one to purchase units on a particular date every month in order to implement a saving plan. Learn all about SIP Mutual funds to invest in for the year and much more!</p>

<p>A loan against property or LAP permits the owner to leverage their property/land for raising funds to mitigate their personal or business requirement without actually losing out on the ownership of their property. As they are secured in nature, loan against property interest rate is lower than other unsecured credit options, and lenders often take a less stringent analysis towards credit score while assessing the borrower’s creditworthiness. But this ease of approval usually makes many of the borrowers avoid some vital facets.&nbsp;</p><p>Here, first, we will discuss certain crucial aspects that applicants generally avoid when applying for a loan against property. Next, we will discuss the present&nbsp;loan against property interest rate, which bank is best for loan against property, eligibility criteria regarding LAP, documents required, and why using the LAP EMI calculator is crucial before opting for this credit option.&nbsp;</p><h2><strong>Crucial aspects usually avoided by a loan against property applicants:&nbsp;</strong></h2><h4><strong>&nbsp;Avoiding comparing rate of interest of different lenders&nbsp;</strong></h4><p><strong>&nbsp;</strong>Loan against property interest rate<strong> </strong>ranges anywhere between 8.20% and 14.50 % based on the lender's evaluation of their credit risk concerning the applicant’s credit profile. The interest rate of LAP may even vary basis the loan amount and the loan repayment tenure that the borrower opts for. Thus, the ones planning to take up LAP must first compare LAP offers from multiple lenders. They must start their hunt for LAP by first visiting the bank/HFC with whom they already share an existing customer relationship. After this, they must visit the online financial markets for comparing LAP offers being provided by various other lenders. The final application for LAP must be with the bank/HFC that is charging you the lowest rate of interest for optimal loan amount and loan repayment tenure.&nbsp;</p><h4><strong>&nbsp;Avoiding to factor in the processing charges and prepayment fees</strong></h4><p><strong>&nbsp;</strong>Apart from loan against property interest rate, processing fees charged by a lender is the next crucial factor to be considered. Processing charges that are charged by maximum LAP lenders generally range from 1 % to 2 % of the loan amount. As this credit option involves a big-ticket loan amount, their processing fee too may be of a sizable amount. Hence the LAP applicants should always ensure to factor in their processing charges before making the final application with a specific lender.&nbsp;</p><p>&nbsp;According to the guidelines set by RBI, LAP taken upon floating rates come with no prepayment charges. But lenders who provide LAP on fixed rates might charge prepayment or foreclosure fees. As opting for the prepayment route when fixed-rate LAP is concerned can cost a huge amount, always consider opting for floating rate LAP. Doing this may enable you to opt for a prepayment option without having to pay any charges in the form of prepayment fees.&nbsp;</p><h4><strong>Not selecting loan repayment tenure based on repayment capacity.</strong></h4><p>&nbsp;The loan repayment tenure of any credit option plays an important role in deciding the loan EMI and complete interest cost. Higher loan repayment tenures may lead to reduced EMIs but result in increased interest costs. The opposite stands true in the case of loans available at shorter repayment tenures. As LAP repayment tenure can go as high as 15 or 20 years on the basis of the lender, one should choose the LAP repayment tenure based on their repayment capacity. Choose shorter loan repayment tenures just if you are completely sure of meeting your EMIs timely without any requirement to compromise on your monthly contributions towards important financial goals. The ones who cannot just stick with longer loan tenure to repay lower EMIs as failure to meet timely EMIs can lead to steep penal charges, which in turn negatively affects their credit scores as well as their loan and credit card eligibility prospects. Those borrowers choosing longer repayment tenures have always the option open to lower their interest cost by opting for prepayments whenever they avail surplus funds.&nbsp;</p><h4><strong>Failing to factor in the disbursal time at the time of availing loan</strong></h4><p>&nbsp;LAPs disbursal generally takes near to two to three weeks because the lenders require verifying all your property documents as well as conducting technical study when evaluating the property’s market value before accepting the LAP application. Hence, LAP may not be the right match for the ones with instant fund requirements. These applicants must, instead of opting for LAP, must consider opting for a personal loan or any other credit option with a shorter disbursal time.&nbsp;</p><h4><strong>Ignoring to factor in LAP’s EMI into an emergency fund</strong></h4><p>&nbsp;Financial exigencies like job loss, illness, accident etc., are uncertain in nature and can occur anytime, which can hamper your income, cash flows and also your capacity to meet loan EMIs. Though one can always rely on their existing investments for repayment of their loan EMIs, doing this can negatively hamper their financial health for the long term. To meet such risk arising owing to unexpected emergencies, borrowers must also ensure to consider their existing EMIs into their contingency fund. Note that a contingency fund must be adequate enough to mitigate your unavoidable expenditures for nearly 6 months or even more. Thus, when you begin with your plan for LAP, ensure to simultaneously increase your emergency fund by around 6 times the expected LAP’s EMI. As financial emergencies can occur anytime, remember to park your money in financial instruments which are liquid in nature, such as bank fixed deposits and high yield savings bank account.&nbsp;</p><h2><strong>Best Loan Against Property Interest Rates</strong></h2><p><strong>&nbsp;</strong>A loan against property or LAP is even addressed by the term mortgage loans. They have secured credit options wherein borrowers require pledging their property, either commercial or residential, as security or collateral. The current&nbsp;loan against property interest rate&nbsp;may range anywhere between 8.20% p.a. and 14.50% p.a, and the loan repayment tenures can go up to 20 years.&nbsp;</p><h2><strong>Which Bank is Best for Loan Against Property in India?</strong></h2><p>The question ‘which bank is best for loan against property’ must be one of the initial questions of applicants looking for a loan against property from a suitable lender. Presently, banks offering loans against a property interest rate&nbsp;of below 9 % p.a include Bank of Baroda (BoB), Union Bank of India, Bank of Maharashtra, HDFC Bank and State Bank of India.&nbsp;</p><p>Below with the help of a loan against property interest rate&nbsp;table, we have illustrated ‘which bank is best for loan against property.&nbsp;</p><figure class="table"><table><tbody><tr><td colspan="5"><strong>Loan Against Property interest Rate&nbsp;&amp; Charges</strong></td></tr><tr><td>Lender</td><td>Rate of interest (%) P.A</td><td>Processing charges (% of the loan amount)</td><td>Loan amount (Rs)</td><td>Maximum loan repayment tenure</td></tr><tr><td>Bank of Baroda</td><td>8.20 - 13.85</td><td>1 % (Maximum 1.50 lakh)</td><td>Up to 10 crore</td><td>15 years</td></tr><tr><td>Union Bank of India</td><td>8.40 - 10.65</td><td>1 % (Rs 5,000 - Rs 1 lakh)&nbsp;</td><td>5 lakh - 10 crore</td><td>15 years</td></tr><tr><td>Bank of Maharashtra</td><td>8.55 - 9.55</td><td>1 %</td><td>Up to 5 crore</td><td>15 years</td></tr><tr><td>HDFC Ltd.&nbsp;</td><td>8.75 - 11.55</td><td>Up to 1.5 % (Minimum : Rs 4,500)</td><td>Differs for existing &amp; new customers*</td><td>15 years</td></tr><tr><td>State Bank of India</td><td>8.80 - 9.65</td><td>1 % (Maximum Rs 50,000)</td><td>Up to 7.5 crore</td><td>15 years</td></tr><tr><td>Karur Vysya Bank</td><td>9.00 - 12.00</td><td>0.50 %</td><td>10 lakh - 3 crore</td><td>100 months</td></tr><tr><td>PNB Housing</td><td>9.50 - 11.00</td><td>2 %</td><td>Up to 60 % of the market value of property&nbsp;</td><td>20 years</td></tr><tr><td>Canara Bank</td><td>9.95 - 12.00</td><td>0.50 &nbsp;%(Minimum Rs 5,000)</td><td>Up to 10 crore</td><td>10 years</td></tr><tr><td>Federal Bank</td><td>10.10 onwards</td><td>1 % (Minimum Rs 3,000)&nbsp;</td><td>Up to 5 crore</td><td>15 years</td></tr><tr><td>Tata Capital</td><td>10.10 onwards</td><td>Up to 2 %</td><td>10 lakh - 3 crore</td><td>15 years</td></tr><tr><td>Bajaj Finserv</td><td>10.10 - 14.50</td><td>Up to 6 %</td><td>Up to 3.5 crore</td><td>20 years</td></tr><tr><td>Indian Bank</td><td>10.50 - 10.65</td><td>1 %</td><td>Up to 5 crore</td><td>15 years</td></tr><tr><td colspan="5">* *Existing customers: Up to 60% of property's market value (The principal outstanding on all existing loans and the LAP being availed should not cumulatively exceed 60% of the Market Value of mortgaged property). For New customers: Generally up to 50% of property's market value.&nbsp;</td></tr><tr><td colspan="5">Data as of 30th&nbsp;July 2021</td></tr></tbody></table></figure><h2><strong>Eligibility Criteria</strong></h2><p>&nbsp;Whenever a customer submits an application for LAP, financial lenders consider the applicant’s eligibility. A few of the factors that are considered for checking the eligibility of the LAP applicant are the applicant’s age, income, nature of employment, property’s value etc. Based on such factors, financial lenders either reject or approve the applicant’s LAP application.&nbsp;</p><h4><strong>Documents Required</strong></h4><p>Below, we have provided some of the main documents that the lenders ask for before processing the applicant’s LAP application:</p><ul><li><strong>Identity proof:</strong> Aadhaar card, passport, PAN etc.</li><li>Form 16</li><li>Address proof - Driving license, aadhaar card, voter ID etc.</li><li>Bank statement</li><li>IT returns certificate</li><li>Income proof document</li><li>Salary slip</li><li><strong>Property document </strong>- registration certificate, sales deed, building plan, property tax receipt, building plan approved by Municipal Corporation etc.</li></ul><h2><strong>Loan against Property EMI Calculator</strong></h2><p>For planning one’s finances in advance, applicants must take the help of the LAP EMI calculator for knowing how much they should set aside per month for repaying the EMI. LAP EMI factors in parameters like loan amount availed, applicable&nbsp;loan against property interest rate&nbsp;and the loan repayment tenure.</p><p>&nbsp;For instance, suppose Mr X availed a LAP of 45 lakh for a loan repayment tenure of 10 years with a rate of interest of 9% p.a. Considering the principal amount and&nbsp;loan against property interest rate divided by the loan repayment tenure, Mr X will require repaying a LAP EMI of Rs 57,004 with total interest payable being Rs 23,40,509 and total payment summing to Rs 68,40,509. &nbsp;</p><h3><strong>FAQs</strong></h3><h4><strong>✅Which bank is good for loan against property?&nbsp;</strong></h4><p><strong>&nbsp;</strong>Loan against property interest rate&nbsp;of below 10 % p.a is offered by Bank of Baroda, Union Bank of India (UBI), Bank of Maharashtra, HDFC Ltd, State Bank of India, Karur Vysya Bank, PNB Housing and Canara Bank.&nbsp;</p><h4><strong>✅How much loan can I get against the property?&nbsp;</strong></h4><p>&nbsp;The highest loan amount that you can get against your property can go up to Rs 10 crore. Lenders offering maximum Rs 10 crore loan amount on LAP are Bank of Baroda, Union Bank of India and Canara Bank.</p><h4><strong>✅Is a loan against property a good idea?&nbsp;</strong></h4><p>Yes, a loan against property is a good idea for those in need of big-ticket funds to meet their financial emergencies or monetary shortfalls. Owing to its secured nature, LAP lenders usually may avoid the requirement of factoring in the credit score of the loan applicant when evaluating his/her application. Thus, it may be the best choice for those with security in the form of the property but lacking a good credit score of 750 and above. Moreover, like a personal loan or loan against credit cards, the loan proceeds of LAP can be used for any specific purpose like funding a child’s higher education or marriage, renovating or improving a home, medical expenses etc. However, note that as this credit option’s processing time may take nearly 2 to 3 weeks, those in instant need of funds may not find it to be an appropriate loan option. Such individuals may opt for other credit options like instant personal loans or loans against credit cards to meet their instant fund requirements or mismatches.</p><h4><strong>✅What is the procedure for a loan against property?&nbsp;</strong></h4><p>One of the initial procedures involved before zeroing on any LAP lender is to compare among various LAP lenders on the basis of<strong>&nbsp;</strong>loan against property interest rate, processing fee, offered loan repayment tenure etc. The comparison procedure can be carried out by approaching online lending marketplaces. Note that the final application should be with the lender charging the lowest rate and charges for an optimal loan tenure and LAP amount.</p><h4><strong>✅How long does it take to avail a loan against property?&nbsp;</strong></h4><p>Processing of loan against property usually takes a period of 2 to 3 weeks. Thus, those in instant need of funds in case of financial emergencies may not find a loan against property a suitable option. Such individuals can opt for a loan against credit card or personal loans as such credit options come with shorter processing time.</p>

Best Loan Against Property Interest Rates in india

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<p>Purchasing a home is supposed to be a big step in a common man’s life. It combines emotions like frustration, anxiety and a massive sense of accomplishment. Moreover, with rising property rates, it may be tough to purchase a home via your own savings entirely. Most individuals take the route of a home loan to purchase a home.&nbsp;</p><p>Given the inclusion of massive loan amounts clubbed with long repayment tenure, the home loan comes across to be a liability for many. However, the availability of various benefits on a home loan&nbsp;is one of the things that work in favour of the home loan borrowers. Below we will highlight the major home loan benefits.</p><h2><strong>What is Home Loan?</strong></h2><p>&nbsp;A home loan refers to a credit option taken up by borrowers to finance their dream home. With home loans, an individual can borrow the big-ticket amount from a financial institution at a particular interest rate, which is supposed to be repaid through EMIs for longer repayment tenures going up to 30 years. Note that in home loans, one is allowed to borrow funds of up to 75% - 90% of property’s value based on the loan amount. The remaining amount needs to be financed by the home loan borrower in the form of a down payment amount.&nbsp;</p><p>As home loans are secured in nature, the home you buy via a loan is taken up as security by a financial institution. In occasions of repetitive EMI default, the lenders may recover the loan amount via a sale of a home or property.&nbsp;</p><h2><strong>Top Benefits of Home Loan in India</strong></h2><h4><strong>&nbsp;Tax benefits</strong></h4><p>&nbsp;One of the crucial&nbsp;home loan benefits&nbsp;of taking up a home loan is an income tax deduction that one can claim on their interest or principal repayments. You can claim up to Rs 2 lakh on interest repayments under Section 24 B and up to Rs 1.5 lakh on principal repayment as per section 80 C.</p><h4><strong>Availability at lower rates</strong></h4><p>Home loans as secured credit options are available at lower rates with interest rates beginning from just 6.65% p.a onwards. Banks &amp; HFCs are offering lower rates of below 6.75% p.a. are Punjab &amp; Sind Bank, State Bank of India, Kotak Mahindra Bank and LIC Housing Finance.&nbsp;</p><h4><strong>Availability of longer loan tenure</strong></h4><p>&nbsp;Unlike various other credit options, home loans being a big-ticket credit option, are available at higher loan tenures that go up to thirty years. Due to the availability of longer tenure, one can choose their loan repayment tenure based on their repayment capacity.&nbsp;</p><h4><strong>Do not charge any prepayment fee in the case of the floating rate option.</strong></h4><p>As RBI has strictly disallowed all lenders from charging their borrowers foreclosure/prepayment charges on loan floating rates, those home loans taken up at floating interest rates do not come with any prepayment or foreclosure charges. While many lenders offering fixed-rate home loans may charge prepayment or foreclosure charges, few lenders may not charge any prepayment fees in case the prepayment of loan is made through your own funds.&nbsp;</p><h4><strong>Can opt for a top-up home loan option to meet emergencies or other financial mismatches&nbsp;</strong></h4><p>Only existing home loan borrowers are eligible to take up top-up home loans. Remember that these loans are the same as personal loans wherein borrowers are allowed to utilize their loan proceeds for meeting numerous big-ticket expenses such as car purchase, home improvement or renovation, children’s higher education, personal travel, medical expenses and others. Thus, there is zero restriction on funds’ usage on a top-up home loan, except if the loan proceeds are used for any speculation purpose. The presence of no restriction on funds usage through top home loans makes such credit options an alternative to loan against credit card and personal loans.&nbsp;</p><p>Also, remember that these loan options come at lower rates, which may be a little more than the underlying home loan rates with longer repayment tenures, which actually is dependent on the underlying home loan’s remaining tenure. Availability of lower rates and longer repayment tenures makes top-up loans one of the cheapest options that are available to existing home loan borrowers than their alternative credit options, namely loan against the credit card or personal loan.&nbsp;</p><h4><strong>What are the Most Popular Tax Benefits on Home Loans Available in India?</strong></h4><p>Home loan is one of the biggest tax-saving credit options owing to the availability of various tax deductions available as per Section 80 C, 24 b, and 80 EEA of the IT Act. Altogether, an eligible borrower of home loan can claim an overall tax deduction of nearly up to Rs 5 lakh wherein Rs 1.5 lakh deduction is allowed on principal repayments as per Section 80 C, Rs 2 lakh is allowed on loan interest component as per Section 24 b and Rs 1.5 lakh deduction is allowed on loan interest component as per Section 80 EEA if one meets the stated eligibility criteria.&nbsp;</p><h4><strong>When Should You Buy a Home Using Your Own Money?</strong></h4><p>Owing to the rising housing and property prices, owning a home by paying the entire amount is near to impossible for many. As an outcome, individuals opt for the home loan option to not just avail their dream home earlier but also make most of the available home loan benefits.</p><p>Big-ticket loan amounts clubbed with long repayment tenures available on home loans result in long term repayment commitment for the home loan borrowers. Also, lenders need their home loan borrowers to fund from their own pockets a sizable proportion of overall home buying or construction cost. Moreover, lenders even check home loan applicant’s repayment capacity when evaluating their application for a home loan. All such factors need prospective applicants of home loans to review his/her financial preparedness before submitting the home loan application.&nbsp;</p><p>Here, we will discuss the top four tips that a home loan applicant must consider to check his/her financial preparedness:&nbsp;</p><h4><strong>Build substantial corpus for home loan down payment</strong></h4><p>As the RBI has allowed the lenders to fund 75% to 90% of the cost of the property through a home loan, applicants of home loans require to contribute the remaining cost of the property from their own pocket as margin contribution or down payment. The ratio of home loan amount and home loan borrowers contribution from their own pocket is referred to as the LTV ratio. Though most home loan applicants prefer choosing higher LTV ratios, opting for a higher down payment for them would be more beneficial. They are choosing a lower LTV ratio results in a lower home loan amount, which helps at lowering the overall interest outgo incurred for property purchase or construction. As a lower LTV ratio lowers the lender’s credit risk, choosing the LTV ratio enhances the home loan approval chances at a lower rate of interest. However, one should not make a higher down payment by compromising on their contingency fund, or those investments particularly meant for achieving important financial goals. Doing this may impel one to take up high-cost credit options to mitigate financial goals or meet instant monetary crunch in case of financial exigencies.&nbsp;</p><h4><strong>&nbsp;Aim to build a higher credit score</strong></h4><p>&nbsp;A credit score is an important parameter factored in by home loan lenders when assessing the applicants for home loans. Applicants with higher scores of 750 or more have an increased probability of availing of home loan approval. Many lenders of home loans even provide preferential rates to the ones with higher scores. Thus, the ones planning to take up home loans must consider reviewing their credit reports regularly. Doing so would provide adequate time to the ones with lower scores to undertake required measures for ameliorating their scores before submitting the loan application for home.&nbsp;</p><p>The ones with lower scores can slowly build their scores by taking up credit cards and making their repayments of card bills on time. As the transactions through credit cards are equivalent to availing loans, such credit card transactions get reported to the credit bureaus, who use the data for setting one’s credit score. The ones who cannot take up regular credit cards owing to unserviceable location, risky job profile, low credit score etc., can take up secured credit cards for building their score.&nbsp;</p><h4><strong>Monthly repayment obligations for a loan within 60% of the monthly income</strong></h4><p>&nbsp;Just like other credit options, lenders of home loans factor in the home loan applicant’s repayment capacity when assessing their application for a home loan. Lenders generally consider lending the ones with a monthly repayment obligation for a loan, involving the new home loan’s EMI of within 60% of their income. Thus, the ones surpassing this limit must consider foreclosing or prepaying their prevailing loans to lower their EMI obligation. Also, these applicants can choose a lower LTV ratio or select longer repayment tenure to lower their overall EMI obligations.&nbsp;</p><p>Applicants of home loans can approach online EMI calculators for knowing their optimum EMI basis for their repayment capacity. Also, they must factor in their fund contributions towards important financial goals when estimating their disposal income. Submitting an application for a home loan once you know your repayment capacity lowers your chances of any EMI default or compromising your monthly investments towards your financial goals.&nbsp;</p><h4><strong>Include in your expected home loan EMI to your emergency fund</strong></h4><p>Uncertainties like job loss, illness, accident, disability etc., can massively affect your repayment capacity for loans. Failure to service home loan EMIs on time incurs heavy penalties and even adversely hampers your credit score. On the contrary, redeeming your investment for repayment of your EMIs for a home loan can morbidly damage your financial health. One of the ideal ways to ensure home loan repayment in such uncertain events is to add in the projected EMI for a home loan of at least six months to your emergency fund.&nbsp;</p><p>&nbsp;A major goal of creating an emergency fund is to keep yourself completely prepared to mitigate unavoidable expenditures such as rent, living expenses, child’s education costs, insurance premiums, loan EMIs and others in the situation of unforeseen financial emergencies or income loss.&nbsp;</p><h3><strong>FAQs</strong></h3><h4><strong>✅What are the benefits of home loan?&nbsp;</strong></h4><p>&nbsp;Home loan benefits&nbsp;include their availability at lower interest rates starting from as low as 6.65% p.a., longer repayment tenures going up to 30 years and involvement of no prepayment fees in case of floating home loans. Other benefits include the availability of tax benefits in home loans and the availability of top-up home loan options to only existing home loan borrowers at lower interest rates than their alternative options like credit card loans or personal loans to meet fund mismatches or to face financial emergencies.&nbsp;</p><h4><strong>✅Why do people go for home loans?&nbsp;</strong></h4><p>As homes involve big-ticket amounts, accumulating massive funds to finance one’s home dream may be near to impossible for many. Home loan comes across as a rescue for them as lenders allow one to buy their dream home by financing the home’s cost. Also, the interest rate on home loans is lower, with their tenures going as high as 30 years, which allows their applicants to opt for the home loan tenure basis their repayment capacity. The option of making a prepayment on a home loan is always available to their borrowers at zero cost in case of floating home loan rates. Opting for this option helps their borrowers to lower their overall interest cost.&nbsp;</p><h4><strong>✅Is home loan EMI tax-free?&nbsp;</strong></h4><p>&nbsp;The principal component of EMI paid on a home loan is allowed for a tax deduction as per Section 80 C. The maximum amount, which one can claim under this Section, is up to 1.50 lakh. In the case of the interest component paid on a home loan, a tax deduction of up to ₹ 2 lakh can be claimed as per Section 24 b.&nbsp;</p><h4><strong>✅How can I opt for a home loan?&nbsp;</strong></h4><p>Home loan applicants can avail of a better deal on home loans by widening their search for a home loan and opting for the lender offering the lowest interest rate for the optimal loan tenure as well as the loan amount.&nbsp;</p><h4><strong>✅Can husband and wife claim home loan interest?</strong></h4><p>In the case of joint home loan as the home or property may be jointly owned by the husband and wife, both are entitled to claim home loan benefits&nbsp;in reference to tax as per Section 24 b on interest repayment and on principal component repayment of home loan as per Section 80 C.</p>

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Know the various benefits of taking a Home Loan at mymoneymantra.com. Buy a new house or renovate the old one with the Home Loan amount and get the benefits.

Benefits of Home Loan in India - MyMoneyMantra

<p>Know the various benefits of taking a Home Loan at mymoneymantra.com. Buy a new house or renovate the old one with the Home Loan amount and get the tax benefits.</p>

<p>Taking care of our financial whereabouts is an essential aspect that everybody should be responsible about. Fixed deposit accounts can be the best solution for anyone looking for a method to invest in a risk-free manner irrespective of age. If you are looking for the answer to what a fixed deposit is and whether or not you should invest in it, here is all you need to know regarding the entire procedure.</p><h2><strong>What is Fixed Deposit?</strong></h2><p>Fixed deposit accounts can be made by investors interested in investing their money and being risk-free about the entire interest procedure until the end of the journey. If you are wondering what is<strong> </strong>fixed deposit account<strong> </strong>is and why you should invest in it, the first and foremost step would be to understand the types, benefits, and other details regarding the entire procedure.</p><p>Over the past years, fixed deposit accounts have become the best investment method in India due to the increasing interest rate that the banks and non-banking financial companies offer across the country.</p><p>The FD meaning is important to understand while analyzing interest rates and their relations to tenure periods. Certain tenure periods are predetermined by the banks or the organization you decide to invest in. Upon completing the period, you will receive the amount you deposited along with the interest rate the bank offers. The interest rate varies from one bank to the other. The rate generally ranges from 3% to 8%, depending on the bank you invest in.&nbsp;</p><p>Senior citizens tend to receive more interest rates from banks and organizations across the entire country. If you are wondering why you should invest in it, it is important to understand the benefits of the process.</p><h2><strong>Benefits of Fixed Deposit Account</strong></h2><p>Once you understand the fixed deposit meaning and its nature, understanding the benefits is extremely important.&nbsp;</p><p>Some of the major benefits that you can get by investing in fixed deposit accounts are mentioned below:</p><ul><li>The entire procedure is completely risk-free. There is no possibility of your money being lost. The promised amount will be paid to your bank account after the completion of the tenure period.</li><li>This can be considered to be a golden opportunity for senior citizens. More than 95% of banks and non-banking financial companies tend to offer a higher interest rate to all senior citizens.</li><li>In the event of demise, one has the option to choose someone else to withdraw the amount from the bank even when it is not matured.</li><li>It is a completely trustworthy and safe investment method.</li><li>The interest rate cannot decrease over time, for it remains unaffected despite all market fluctuations from time to time.</li><li>Some banks like HDFC bank offer as low as 100 rupees investment when investing for the first time. If you are looking for an investment method that would allow you to put a low amount initially, this is it.</li><li>FD processes are the easiest in the market when it comes to investments. There is not much that you have to do during the entire process. You can directly apply for investing, and the entire procedure will be carried forward smoothly without any action from your side.</li></ul><h2><strong>Features of Fixed Deposit in India</strong></h2><p>If you have come to realize what is FD, and its benefits that you can enjoy, take a look at some of the features of the procedure for an even better idea.</p><ol><li>Fixed deposit accounts can be considered the safest option for those looking for a risk-free method of investing in today’s world.</li><li>Flexible tenures up to 10 years are offered by the banks and NBFCs across the country. Therefore, no matter how many years you want your program to be for, it will be available in one bank. Go for the one that suits your demands.</li><li>There is no maximum depositing limit. You can invest as much as you want.</li><li>The amount you decide to invest can be easily renewed whenever you want. Therefore, the interest rate also goes up accordingly as per your investment amount.</li></ol><h2><strong>Types of Fixed Deposits in India</strong></h2><p>There are various FD types available in India. Here are some of the major ones that offer safe FD plans:</p><p>1. Banks can be considered the most effective agencies across the country that offer various interest programs to the citizens. The most popular banks for FD are India or the State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and other banks like Bajaj finance, PNB bank, RBL bank, Jana small finance bank, to name a few.&nbsp;</p><p>The options are countless if you decide to invest in a bank. The interest rate varies from one bank to the other. The average rate that most banks offer ranges from 5% to 7.25%. Senior citizens always get a higher interest rate than general citizens.</p><p>2. If you are looking for other agencies and organizations to invest in, there are several NBFCs (Non-banking financial companies) such as Utkarsh small finance bank, SBM bank, RBL bank, Jana bank, IndusInd Bank, Bajaj Finserv bank, to name a few, who offer good interest rates to the citizens.</p><p>3. There is another option for you if you don't want to invest in either of the above. The post office fixed deposit Services are offered by Indian postal services. There is a guaranteed return that the post offices across the country offer. The average rate of interest remains around 5% to 7% in India. For senior citizens, a higher interest rate is offered by the post offices as well.&nbsp;</p><h2><strong>Best Fixed Deposit Interest Rates in India</strong></h2><p>If you are someone who is wondering what is FD in bank and which bank or NBFC can be the best option for you to invest in 2021 in India, which pays the highest fixed deposit rates, the first and foremost step for you would be to analyze and compare several banks and NBFCs interest rates and go for the best rate that you can find.&nbsp;</p><p>The interest keeps growing over time. First, you should consider the possible rate of interest offered for the amount you are investing in any bank or NBFC and go for the best possible option.</p><p>As far as the banks are concerned, State Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra bank, to name a few, or some of the top banks that provide the citizens with a high rate of interest in 2021. The average rate of interest ranges from 5% to 8% when it comes to banks.&nbsp;</p><p>As far as the NBC apps are concerned, banks like Muthoot finance bank, RBL Bank, Yes Bank are some organizations that offer around 7% to 8% interest rates to the citizens. Compare the rates for your convenience, and go for the best plan that you can find.</p><h2><strong>Taxability on Fixed Deposit Account</strong></h2><p>The amount you receive as the interest rate on the money you deposit is taxable. The tax deducted from the money you receive can range from 0% to 30%, depending on the bank or organization you decide to invest in. The amount of tax that is deducted also depends on how much money you invest.&nbsp;</p><p>If your pan card details are available with the bank officials, tax deduction tends to remain at 10%. If your PAN card details are not provided, the tax deduction rate can go up to 20% to 25%, depending on the bank. You can skip the text deduction procedure year if you are a senior citizen. If you tend to come in the higher tax bracket (20% - 30%), you will be asked to pay extra taxes.</p><h2><strong>How does Fixed Deposit work?</strong></h2><p>The entire procedure depends upon the type of fixed deposit plan you go for. If you are a general citizen who decides to go for a normal fixed deposit, you will be asked to deposit your money for a fixed tenure, ranging from seven days up to 10 years. Interest rates will be higher than a normal savings account in this case.&nbsp;</p><p>If you go for a tax-saving fixed deposit account, the tax exemption on the principal deposit amount has to be 1.5 lakh in a year. The lock-in period remains five years irrespective of your profession, background, and other external factors. You cannot withdraw the amount before the maturation of the amount. If you are above 60 years, you will fall under the senior citizen category. In this case, you will have a flexible tenure period, and higher interest rates will be offered to you.</p><p>If you choose to go for cumulative fixed deposit plans, the interest will be compounded every quarter or year to you. You can also decide to go for a non-cumulative fixed deposit account, in which case, your interest amount will be paid out monthly, quarterly, half-yearly, or annually, as per your convenience.</p><h2><strong>Eligibility Criteria</strong></h2><p>Suppose you intend to invest in an FD account. In that case, it is of utmost importance for you to understand the eligibility criteria properly so that the investment procedure can take place successfully. These are some of the major points that you should keep in mind if you are planning to invest shortly.</p><ul><li>You have to be an Indian resident.</li><li>You are also eligible if you are an NRI or belong to the minority quota.</li><li>Partnership firms can also go for FD plans across the country.</li><li>Regardless of their size, location, and other factors, companies can invest in FD accounts as per their convenience.</li><li>Whether you are an individual or have a partner to jointly invest in an account, you can go for an FD account in India.</li></ul><h2><strong>Why invest in Fixed Deposit Account?</strong></h2><p>In India, fixed deposits are some of the safest and traditional investment procedures available since the beginning. You should consider several factors while deciding if you want to invest in a fixed deposit account or not.</p><p>1. The interest rate remains the same no matter how much the market rates fluctuate between your tenure.</p><p>2. This is a safe process that you can track at any time by communicating with the bank officials. You can track the progress of your money and plan accordingly.</p><p>3. The return of your deposited account amount along with the interest rate is confirmed. No chance of any fraud activity seems to be there.</p><p>4. If you are aiming to save money for your business or any other major events in your life, depositing in a fixed deposit account can be the best decision of your life.</p><p>5. There are various options available in the country. You can go for your preferred investment method that offers the best interest rate and suits your demands.</p><h2>How is Interest on Fds calculated?</h2><p>The interest rate that you can expect from a certain bank is given before your investment. You can check the amount of money that you will receive by the end of the entire procedure. The bank officials are the ones to carry forward the plan.</p><p>The interest rates on FDs are calculated after considering the 10 years you are willing to invest for. The interest rate remains around 3525% when you're investing for 3 to 5 years. It can go up when you are willing to invest up to 10 years.</p><h2>How to apply for Fixed Deposit in India?</h2><p>Compare and analyze the Best interest rates of your contemporary time and go for the best deal that you come across. Visit your nearest bank with all the necessary documents like your address proof, financial documents, ID cards, partnership proof, and other necessary details and apply for an FD account. The bank officials will guide you further for further queries and assistance.</p><h3><strong>FAQs</strong></h3><h4><strong>✅Is it safe to invest in an FD in India?</strong></h4><p>Ans: The process is completely safe as far as your financial security is concerned. Banks offer full transparency throughout the process, and you can track your development whenever you want.</p><h4><strong>✅Are banks safer when it comes to investing?</strong></h4><p>Ans: Although the other options are equally compatible, banks in India tend to offer the most reliability and safety when it comes to the citizens' financial security.</p><h4><strong>✅In how many years will my interest rate double up?</strong></h4><p>Ans: It depends on the interest rate that the bank is offering.</p><h4><strong>✅What is the minimum period for a fixed deposit?</strong></h4><p>Ans: The tenure period can range from seven days to 8 and 10 years, depending on the bank you decide to invest in.</p>

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Fixed Deposits (FD) are a Great way to Grow Your Savings ✔ Get All the Infomation Related to FD at One Place ✔ Meaning of Fixed Deposit ✔ Features of Fixed Deposit ✔ Types of Fixed Deposit.

What is Fixed Deposit Account? Things You Should Be Aware Of


<p>Fixed Deposits (FD) are a Great way to Grow Your Savings ✔ Get All the Infomation Related to FD at One Place ✔ Meaning of Fixed Deposit ✔ Features of Fixed Deposit ✔ Types of Fixed Deposit.</p>

<p>If you are wondering whether investing in fixed deposit accounts is a profitable idea in 2021 or not, here is all you need to know about FD rates in India. Find out which bank is best for fixed deposit, and other related questions that you must have in this regard.</p><p>Investing in fixed deposit accounts in India is one of the safest and most secure methods available across the country. However, deciding which bank you want to invest in can be tricky at times. Here are some details regarding the same that can help you with your investment process.</p><h2><strong>Which Bank is Best for Fixed Deposit?</strong></h2><p>Several banks offer various interest rates as per the tenure period that you are willing to invest for. The first and foremost step for you would be to compare and contrast all the interest rates at your contemporary time and go for the best option that suits all your demands.&nbsp;</p><p>Some of the leading banks to offer the best interest rates in 2021 in India are the State Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank, Punjab National Bank, to name a few. The State Bank of India offers around a 5.40% interest rate to all the general citizens. And they offer around 6.5% interest rate to the senior citizens in the country.</p><p>The ICICI Bank offers an interest rate that ranges from 2.50% to 6.30%, depending on whether you are a general citizen or a senior one. The HDFC bank offers FD at an interest rate of 3% to 6.25% depending on whether you are a general citizen or a senior citizen. Similarly, Canara bank offers an interest rate that ranges from 4% to 6%.&nbsp;</p><p>Axis Bank, Bank of Baroda, IDFC Bank, Punjab National Bank, and other major banks in India offer an average interest rate of 3% to 5.5%. The interest rates of all the banks depend on the tenure period that you decide to invest for. All these banks are some of the Best interest offering banks in India in today’s world.&nbsp;</p><p>Therefore, if you are wondering which bank is best for fixed deposit in India in today’s world, decide which option seems to be the best fit for your demands and go for the one for your future investments.</p><h2><strong>Why Should You Invest in Fixed Deposit?</strong></h2><p>Fixed deposit accounts are some of the safest proceed years in India when it comes to investing safely. They are also some of the most traditional methods that have been used by people since the beginning. There are several factors that you should keep in mind if you are looking forward to investing shortly.</p><ul><li>After you invest in an FD account, the interest rate does not fluctuate no matter how much the market rate fluctuates. No external matter affects the interest rate that is offered by the bank or other agencies when you deposit the money.</li><li>Fixed deposit accounts are safe, and they keep your money secure and free from involvement with all mal-activities.</li><li>If you are a senior citizen, a fixed deposit can be your best option available out there. Most of the banks tend to offer a higher rate of interest to all senior citizens. No amount of assurance is needed from your side when it comes to deciding the tenure period with the bank as well.</li><li>If you are willing to save money for your business for the future, or other future endeavours, fixed deposit accounts can be the best option for you to consider. The fact that various agencies, banks, post offices, and other non-banking financial companies offer fixed deposit services makes it one of the most available and approachable money depositing methods in the country.</li><li>You will receive the insured amount by the end of the procedure, and the amount of money you deposited and the interest rate promised.</li></ul><h2><strong>Fixed Deposit Tenure Options</strong></h2><p>Several interest rates are offered by banks, NBCF, and post offices across the country. The interest rate depends on the tenure period that you select at the beginning of your investment.</p><p>The tenure period can be as low as seven days to 10 years, depending on your convenience. Several banks offer good interest rates for the tenure period of one year. ICICI Bank, SBM bank, ESAF Small Finance Bank, and Shriram City Union Finance offer a good Interest rate ranging from 3% to 6.25% to the general citizens.</p><p>If you decide to go for a three-year tenure period, several banks offer good interest rates at these 10 year periods. Bajaj Finserv, DCB bank, RBL bank, IndusInd bank, Jana Bank, Suryoday small finance bank, and some other banks seem to offer a fixed interest rate of 6.25% to the regular citizens.</p><p>You also can go for a five years or 10 year tenure period when you decide to invest in a bank. Yes Bank, DCB Bank, Jana Bank, Indusland bank, and other banks offer around 6.5% interest rate for 10 years or five years.&nbsp;</p><p>On the other hand, if you decide to invest for 10 years, the State bank of India, HDFC Bank, Canara Bank, Axis Bank, Bank of Baroda, ICICI Bank, along with some other banks, offer an interest rate that ranges from 5% to 8% depending on whether you are a general or a senior citizen. Therefore, decide which bank is best for fixed deposit 2020<strong> </strong>and 2021 as per your needs, and go for that one for your future investments.</p><h2><strong>What are Tax Saver FDs?</strong></h2><p>In simple words, text silver fixed deposits can be considered one of India's most profitable and safe investment options. It is a feasible option if you are looking for a safe option to store your money safely and get a good interest rate at the end of the procedure, along with the amount you deposited.</p><p>Tax saving fixed deposits can be better than other equity-based tax-saving avenues. It is a much safer and secure option for investing your money in India in 2021.&nbsp;</p><p>Some of the major factors that you should keep in mind while going through the tax saving FD receipt or are:</p><ul><li>The minimum lock-in period for the tax Saver FDs is five years. You cannot under any circumstance withdraw the money that you deposited at the beginning of the procedure. Only after the completion of five years or more can you withdraw your money with interest.</li><li>No premature withdrawal is allowed when you opt for a tax-saving FD plan. Only in the event of demise, a senior citizen can select another individual to withdraw the money from their account.</li><li>Tax saving Fixed deposits can be better than taking loans from microlenders or other agencies if you are looking for a safe investment method in India in 2021.</li><li>The minimum deposit amount starts from Rs.1000. Anyone can invest as low as Rs.1000 to start investing in their fixed deposit account.</li><li>The maximum amount that you can deposit has to be at least 1.50 lakh. Therefore, if you fail to deposit this much, the procedure will not be successful.</li></ul><p>These are some of the major features of tax-saving FD in India that you should keep in mind if you plan to invest in tax saving FD.</p><h2><strong>Benefits of Fixed Deposit in India</strong></h2><p>You can expect several benefits when you decide to invest in a fixed deposit in India in 2021. Some of their major benefits are mentioned below.</p><ul><li>For senior citizens, depositing in a fixed deposit account can be the best option, considering how they are offered a higher interest rate by most of the banks in India. Senior citizens are also allowed to choose a flexible tenure period and change it during the procedure, unlike the general citizens. The latter have to select a fixed tenure period at the beginning of the procedure.</li><li>Fixed deposit accounts are some of the most reliable and safe methods for investment in India. Since the beginning and our traditional methods, they have been in the market that one can trust without the fear of losing their money to some third party agency.</li><li>No matter what the market rate is, the interest rate promised to you before making your investment remains unchanged during your entire procedure.</li><li>The banks and the other agencies offer you a guaranteed plan to return your money by the end of the entire period, along with the interest rate they offered.</li></ul><p>Irrespective of other external factors, your deposited money gets refunded along with the interest rate at the end of the period without fail.</p><h2><strong>Highest Fixed Deposit Rates in 2021</strong></h2><p>If you are wondering which bank is based for fixed deposit in India in 2021, here are some of the leading banks that offer the best interest rates as per the industry level.</p><p>The State Bank of India offers around 3% to 5.40% interest rates to all their general citizens. They offer around a 6.50% interest rate to senior citizens.&nbsp;</p><p>Similarly, the ICICI bank offers around 3% to 5% interest rate to all the general citizens. And they offer around 6% interest rate to all the senior citizens. On the other hand, HDFC Bank, Punjab National Bank, Canara Bank, Axis Bank, and Bank of Baroda offer around 3% to 5.75% interest rates to all the general citizens and around 6.50% interest rate to all the senior citizens in India.</p><p>If you are someone who does not want to invest in a bank and are looking for other non-banking financial companies and post offices, some of the best options for you can be DSBM Bank, Muthoot Capital, Bajaj Finserv, Jana Bank, RBL Bank, DCB Bank, Yes Bank, to name a few.&nbsp;</p><p>For instance, SBM Bank offers an interest rate ranging from 6.30% to 7.50% to all the citizens depending on the selected tenure period.&nbsp;</p><p>Similarly, other banks like Yes Bank, DCB Bank, Indusland bank, RBL bank tend to offer an interest rate ranging from 5% to 7%, depending on the tenure period you select. Compare and analyse the rates and go for the best rate according to your selected tenure period.</p><p>If you want to avoid both bank and non-banking financial companies, post offices can be the best option for you. Post offices tend to have a similar interest rate that they offer in India. The interest rate they offer ranges between 5% to 7.5% depending on the 10 years. The interest rate tends to be higher for senior citizens like the other banks and NBCFs.</p><h2><strong>Eligibility Criteria</strong></h2><p>It is of utmost importance to go through the eligibility points to analyse whether or not you are eligible to deposit in a fixed deposit account in India.</p><p>1. You have to be an Indian resident to deposit in a fixed deposit account in India in 2021.</p><p>2. Minority quota residents are also eligible for investing in fixed deposit accounts in India.</p><p>3. NRIs are also allowed to make investments in fixed deposit accounts in India in 2021.</p><p>4. If you run a company and are looking for investment options, fixed deposits can be the best option for you.</p><p>5. Whether you are an individual or have a partner to invest in together, you can make investments in fixed deposit accounts in India.</p><h2><strong>FD vs RD? Which is Better?</strong></h2><p>The major point that distinguishes fixed deposits and recurring deposits is the method in which citizens invest. As long as the fixed deposit accounts are concerned, investors are supposed to deposit a fixed amount for a fixed period. Interest rates are decided after considering the tenure period that the investor has agreed to invest for.</p><p>As far as the recurring deposit accounts are concerned, Investors or not supposed to deposit the money for a fixed period. They are expected to deposit money in small intervals for a long period. The main purpose of recurring deposit accounts is to develop a habit of saving regularly for a prolonged period.</p><p>Both recurring deposits and fixed deposits are taxable. As far as recurring deposits are concerned, it is still not compulsory to pay tedious. However, the investor has to mention the amount of interest while filing income tax returns. In a fixed deposit system, if the amount is more than Rs.10,000, the investor has to pay. If the investor provides PAN card details, the tax amount cut from the interest rate remains 10%. In case the PAN details are missing, the investor has to pay 20% TDS from the interest rate.</p><p>For salaried individuals and those who tend to have a low annual income, the recurring deposit option seems to be the better one. On the other hand, self-employed individuals, businessmen, and higher income rates can go for the fixed deposit option.</p><h3><strong>FAQs</strong></h3><h4><strong>✅How much tax do I have to pay if I invest in fixed deposit accounts in India?</strong></h4><p>Ans: If your PAN card details are mentioned and updated, you will be asked to pay around 10%. On the other hand, if your PAN details are not mentioned, he will be asked to pay around 20% tax from your interest.</p><h4><strong>✅Is it safe to invest in fixed deposit accounts in 2021?</strong></h4><p>Ans: Fixed deposit accounts are the safest and most reliable option when it comes to investment in India in 2021. It is a traditional method that several people have followed since the beginning. It is a risk-free method of investing.</p><h4><strong>✅What is the lowest amount that I can deposit if I deposit in FDs?</strong></h4><p>Ans: The minimum amount deposited depends on the bank or other agency you are deciding to deposit in. Generally, the minimum amount remains around Rs.1000.</p><h4><strong>✅In how many years will the interest rate double up?</strong></h4><p>Ans: It depends on the bank you are investing in. The interest plan mentions all details regarding the rates and the progress.</p>

Which Bank is Best for Fixed Deposit in India

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Most of the banks offer online fixed deposit creation facility. There is marginal difference between the interest rates of various banks fixed deposits.

Which Bank is Best for Fixed Deposit in India? - MyMoneyMantra

<p>Most of the banks offer online fixed deposit creation facility. There is marginal difference between the interest rates of various banks fixed deposits.</p>

<p>Post Office Fixed Deposit is a government-backed investment scheme that allows the customers to invest in fixed deposit accounts and earn interest on them by the end of the procedure. Post office fixed deposit interest rate is one of the Best rates for fixed deposits to be offered in India.</p><p>Post office fixed deposit schemes are similar to banks and non-banking financial company schemes from many angles. The main distinguishing point is that all the post offices provide government-supported schemes to all the citizens.</p><p>People from rural areas are more likely to opt for post office FD interest schemes than urban areas. The main reason can be the minimum amount of Rs.200 that the investor can pay at the beginning of the scheme.</p><p>If you wonder what kind of opportunities come along with the post office FD schemes and the fixed deposit rates in post offices offered in India, here is all you need to know.&nbsp;</p><h2><strong>Post Office Fixed Deposit Interest Rate 2021</strong></h2><p>Like the banks and other agencies, fixed deposit interest rates in the post offices in India depend on the tenure the investor agrees to invest for. The interest rate keeps growing as long as the tenure grows.&nbsp;</p><p>For the shortest periods, such as seven days or six months or one-year periods, fixed deposit rates in post office tend to be on the lower side. Here is a list of the interest rates that the post office generally offers.</p><figure class="table"><table><thead><tr><th><strong>The interest rate for the general citizens</strong></th><th><strong>The interest rate for senior citizens</strong></th><th><strong>Tenure</strong></th></tr></thead><tbody><tr><td>5.5%</td><td>5.5%</td><td>10 days to 12 months</td></tr><tr><td>5.5%</td><td>5.5%</td><td>Up to 2 years</td></tr><tr><td>5.5%</td><td>5.5%</td><td>Up to 3 years</td></tr><tr><td>6.5%</td><td>6.7%</td><td>3 years to 5 years and more</td></tr></tbody></table></figure><h2><strong>Benefits of Post Office Fixed Deposit</strong></h2><p>If you are looking forward to investing in post office fixed deposit schemes, the benefits that you may expect should be considered before making the decision. Here are the significant benefits that are associated with the post office fixed deposit schemes:</p><ul><li>The fact that all post office fixed deposit schemes of government-backed schemes ensures the security and safety of the entire plan.</li><li>Fixed deposit rates in post offices tend to be on the upper side of the fixed deposit schemes in India compared to other banks and non-banking agencies.</li><li>Returns are assured or guaranteed by the post offices. It is entirely safe to invest in post office deposit schemes for this reason.</li><li>The investor tends to earn more whenever the inflation rate dips below the term deposit interest rate.</li><li>No matter when and how the market fluctuations take place assured money guarantee and your promised interest rate can be expected from these schemes.</li></ul><h2><strong>Features of Post Office Fixed Deposit</strong></h2><p>Some of the significant features you should keep in mind before investing in post office fixed deposit schemes are mentioned below.</p><ul><li>The tenures are flexible for the investors to choose before investing in post office fixed deposit schemes. Seven days are the minimum limit that one can opt for. The 10 year period can go up to 5 years.</li><li>Interest rates in post office fixed deposit schemes depend on the tenure that the depositor selects before investing.</li><li>Investment can be made both by cash and cheque.</li><li>Another significant benefit of the post office fixed deposit scheme is that premature withdrawal is allowed for the investors after six months are over from the date of the first investment.</li><li>A nomination facility is also available for the post office fixed deposit schemes. If an investor chooses someone else to withdraw the money from their account, it is hassle-free as far as post office fixed deposit schemes are concerned.</li><li>Absolutely anyone can manage the schemes once they are over 10 years of age. However, they will have to convert their accounts in their name once they cross 18 years.</li></ul><h2><strong>Taxation on Post Office Fixed Deposit Interest Rate</strong></h2><p>The significant advantage noticed in post office fixed deposit programs is that no TDS is deducted from the interest rate that the post office offers. This is the major difference that makes these schemes different from the banks fixed deposit schemes.</p><p>This is the primary reason why more people tend to invest in post office fixed deposit schemes these days. Post office fixed deposit interest rate remains unchanged by any tax deduction of any means during the scheme. The low-income group can benefit the most from these schemes considering they do not have to pay a certain amount of tax from their interest rates every year.</p><h2><strong>Who Should Invest in Post Office FD?</strong></h2><p>Post office fixed deposit schemes are more likely to suit the demands and requirements of people belonging to the low-income group. The fact that no tax deduction takes place from the interest rate they opt for makes it a feasible option for them to invest in.</p><p>Children who cross 10 years are often encouraged by their parents to invest in these schemes. The habit of investing makes them prepared for their future investments in a good way.</p><p>People from rural areas are more likely to invest in these schemes majorly for two reasons- no tax deduction on interest rates and low investment rates.</p><p>Nonetheless, people from all classes, backgrounds, professions, and statuses are encouraged to apply and invest in the post office fixed deposit<strong> </strong>scheme considering how it offers the best interest rates in the market and that no tax deduction takes place during the scheme.</p><h2><strong>Eligibility Criteria</strong></h2><p>You need to consider the eligibility criteria applied for these schemes if you consider investing in a post office FD scheme shortly.</p><ul><li>You have to be a resident of India to make investments in the government-backed post office FD schemes.</li><li>Single adults are allowed to make investments in the post office fixed deposit accounts individually. They can also make investments jointly.</li><li>Minors at least 10 years old are allowed to manage post-office FD accounts. However, the account remains under the name of their legal guardian until they turn 18.</li><li>Legal guardians are allowed to manage accounts of their children who are 10 years or more. Parents of autistic children and the like are also entitled to manage and invest in India's post office FD schemes.</li><li>If you run a company, you can invest in a post office FD scheme in India.</li><li>Trusts, NRIs and other organizations are also allowed to invest in these schemes across the country.</li></ul><h2><strong>Documents Required</strong></h2><p>Take a look at the important documents you will need before investing in a post office FD scheme in India.</p><ul><li>To provide your address proof, you will be asked to submit valid electricity bills, telephone bills, government-supported IT or any certificate issued by the post office, passport, other bank statements, including cheques.</li><li>Identity proof is a must for applying and investing in any fixed deposit scheme in India. To provide identity proof, he will be asked to provide the officials with your PAN card details, voter ID card, driving license, Aadhaar card, and passport.</li><li>Your recent passport-sized photos are mandatory venues to open an FD account in any bank or post office in India.</li><li>The nominee’s details must be provided by your end to the post office before you start the scheme.</li><li>Verified KYC documentation and an active DOP (Department of Post) or debit card details must be provided to the post office.</li></ul><p>These are the major documents that have to be provided by you when you apply for a post office fixed deposit account in India.</p><h2><strong>Post Office Fixed Deposit Calculator</strong></h2><p>No matter where you are based in India, it is always advised to calculate the interest rate in total before investing in any scheme. If you aim to invest in a post office fixed deposit scheme in India, use the post office fixed deposit calculator to calculate the total interest rate offered to you before investing. This will give you an entire picture of what amount of money you can expect by the end of the scheme.</p><p>For instance, to calculate a post office fixed deposit interest rate, you can go for an FD calculator to calculate the total amount of interest you will receive after the scheme gets over.</p><p>To calculate your total interest rate, you have to put the primary amount that you deposited, the current post office FD interest rates that are being offered by the post office, along with the tenure you are selecting. Calculating the interest rate helps you avoid any confusion during the entire process.</p><h2><strong>Post Office Fixed Deposit Premature Withdrawal</strong></h2><p>Premature withdrawal refers to when someone decides to withdraw their money before the maturity of the scheme. If you intend to withdraw your funds before the scheme's maturity, it is vital to note that only after six months from the first investment will you be allowed to do so if you invested in post offices.</p><p>As far as the post<strong> </strong>office fixed deposit interest rate<strong> </strong>is concerned, if you decide to withdraw your funds before the maturity of the scheme, a penalty is more likely to be charged if you withdraw the money from six months to 12 months from the date of account opening. To avoid such penalties, make sure you withdraw after 12 months of opening your account</p><h3><strong>FAQs</strong></h3><h4><strong>✅What do I need to open a fixed deposit account online?</strong></h4><p>Ans: In order to open a fixed deposit account online, you need to have an active valid savings account, verified KYC documents, PAN card details, valid email ID and mobile number.</p><h4><strong>✅What is the easiest way to open an FD account in a post office?</strong></h4><p>Ans: Visit your nearest post office along with all the necessary documents, including your identity proof details, salary information, and other details.</p><h4><strong>✅How much tax do I need to pay if I invest in post office FD schemes?</strong></h4><p>Ans: No tax deduction takes place when you invest in post office Fd schemes.</p><h4><strong>✅Can I take a loan against the post office FD?</strong></h4><p>Ans: This facility is still not available in post offices in India.</p><h4><strong>✅What is the highest post office interest rate that is offered in India?</strong></h4><p>Ans: The highest FD rate that post offices in India offer remain around 6.70% for a tenure of 5 years.</p>

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Post Office FD Interest Rates 2021 - Get everything knows about Latest Post Office Fixed Deposit Rates, Schemes & Tax Saving Post Office 5-year Fixed Deposit Rates.

Post Office Fixed Deposit Interest Rate - A Complete Guide

<p>Post Office FD Interest Rates 2021 - Get everything knows about Latest Post Office Fixed Deposit Rates, Schemes &amp; Tax Saving Post Office 5-year Fixed Deposit Rates.</p>

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