These changes vary from choosing your own debit/credit card network to lower rewards points on certain credit cards transactions to lower minimum due payments on credit cards that will only add to interest burden on your purchase and to paying 50 for Aadhaar updates, among others. The month will also see many banks closing their special deposit schemes, so it is time to lock your money for higher returns.
Higher yielding FD
September is the last month to lock in for attractive interest rates for special fixed deposit (FD) schemes for most banks. High credit demand and lower deposit mobilisation have been worrying the lender as they lead to asset-liability mismatches. It can be noted that since last December, several banks introduced special FDs with attractive interest rates. But most of these schemes are ending this month. For instance, SBI's special FD scheme offers 7.10% for 400 days till September 30, and so is IDBI Bank's special scheme, offering 7.35% for 700 days. In June and July, large lenders like State Bank of India, HDFC Bank, Bank of Baroda and Union Bank of India launched special FD schemes offering 7.10 to 7.35%.
Choose your card network
This story is from the September 02, 2024 edition of The Morning Standard.
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This story is from the September 02, 2024 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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