First of all, directly opening acc in SBM via visiting its branch is much more difficult as very few locations as well as very high initial funding amt(5 Lakhs I think) & nowadays banks usually don't open FD without opening savings acc with them. Much easier way is to open SBM FD via 3rd party app like indmoney. Its 367 days FD rate is 7.5%. However Equitas Bank is offering 7.1% while Ujjivan Bank is offering 7.2% FD rate for same period & both of them have much more physical presence in India.
Do you have SBM branch in your city & 5 lakhs to keep there all the time? You can keep same amt in equitas/ujjivan savings acc & get 3.5% on first 1 lakh & 5.5%(equitas)/6%(ujjivan) on incremental amt over & above 1 lakh & up to 5 lakh. Both offer 7% interest rate on incremental balance above 5 lakh.
Also it is not exactly 5% for SBM.
rockfella
Ambassador of Buzz
Indian inflation is 6/7%. 5% is not even beating inflation
rockfella
Ambassador of Buzz
because they will use your money to invest further and make a lot more than you. 7.5% is barely beating inflation, add taxes and your money rots.
Nerevarine
Incarnate
Citibank is closing shop in india but they are offering an interest rate of 7.25 % for FD (for 1 year). Pretty good for a reputed bank in India.
omega44-xt
Gear up ...
Axis is buying them last I heard
Yeah. I have a Citi account. Axis said that they will slowly migrate all existing accounts to Axis accounts.
Nerevarine
Incarnate
Yes but creating FD should not be an issue even if it migrates to axis.
nikku_hot123
In the zone
Many Public sector banks are also offering Interest rates of 7.00% plus FD rates. Like Canara bank offering 7.00% for 666 days for non senior citizens.
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Nerevarine
Incarnate
Yes but creating FD should not be an issue even if it migrates to axis
Yes I know, but Citibank FD rate is applicable from 365-400 days, which is quite short term. My own use case is, I need the money next year so its a good idea to park the cash until next year.
You can take a look at equitas & ujjivan small finance banks too then. Both have good financial fundamentals & Equitas even partnered with google pay for providing FD on their platform.
omega44-xt
Gear up ...
MF without brokerage/commission is called direct plan for that MF, else regular plan which has slightly lower returns (upto 1% lower).
omega44-xt
Gear up ...
Maybe it is regular then, that why hidden. A simple google search says its regular only. Just use Groww IMO.
Don't rely on jack of all trades type apps(phonepe, paytm, google pay etc) for serious investments/insurance policies.