0
I have a fixed deposit of with Central Bank of India which expired in the year 1987 Can I claim interest till 2010 If yes at what rate?
Sulabhmurdia
yes, providing it continued to roll over. You would get whatever rate would be at the time of renewal.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can a bank in India change the rate of interest during the currency of a term deposit with them?
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
What is the term deposit rate of interest for effective date?
It depends on the number of days you are willing to deposit your money. The average rate in India for a 1 year deposit is around 8% per annum.
How much interest does money get a year in a bank?
It depends on the type of deposit you have placed your money in. For ex: in India the money you will get in a year for a Rs. 10,000 deposit is as follows: a. Current account - They offer 0% interest. So, Money Earned = 0 b. Savings Account - They offer 3.5% interest. So, Money Earned = Rs. 350/- c. Fixed Deposit - They offer around 8% interest. So Money Earned = Rs. 800/- Though all banks in India offer 0% interest on current and 3.5% interest on savings account, the rate of interest offered on fixed deposits vary from bank to bank. It will be between 7% and 10% and the money you earn will vary accordingly.
What is the average bank interest rate offered to customers?
It depends on the type of account you hold with the bank. In India, below are the average interest rates offered to customers.Savings accounts - 3.5% per yearFixed Deposits - 3% to 8% per year - Depending upon the deposit amount and deposit tenureCurrent Accounts - 0%
How can you withdraw money from mod balance?
Multi Option Deposit Scheme has been a popular choice for account holders in State Bank of India. It enables people to earn a higher rate of interest on his or her deposit. When needed, one can withdraw from their deposit account in units of Rs.1000/- by means of a cheque
Can a bank in India change the rate of interest during the currency of a term deposit with them?
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
What is the term deposit rate of interest for effective date?
It depends on the number of days you are willing to deposit your money. The average rate in India for a 1 year deposit is around 8% per annum.
Where can someone find more information about a time deposit?
In the banking world, the term Time Deposit refers to a savings account or certificate of deposit that pays a fixed interest rate for a given period of time. In the United States, a time deposit is commonly referred to as a certificate of deposit, as a term deposit in Canada, Australia and New Zealand, a bond in England and a fixed deposit in India. One can find terms and interest rates at their local bank, or on internet comparison sites such as Bank Rate or Rate Brain.
How much interest does money get a year in a bank?
It depends on the type of deposit you have placed your money in. For ex: in India the money you will get in a year for a Rs. 10,000 deposit is as follows: a. Current account - They offer 0% interest. So, Money Earned = 0 b. Savings Account - They offer 3.5% interest. So, Money Earned = Rs. 350/- c. Fixed Deposit - They offer around 8% interest. So Money Earned = Rs. 800/- Though all banks in India offer 0% interest on current and 3.5% interest on savings account, the rate of interest offered on fixed deposits vary from bank to bank. It will be between 7% and 10% and the money you earn will vary accordingly.
What are the interest rates for term deposit in Scheduled Bank?
It depends on the tenure and the bank with which you want to open the term deposit or fixed deposit as they are commonly called in India. · For deposits that are less than one year the rate of interest is around 6-7% · For deposits that are one year or more the rate of Interest is around 8% · For special deposits that are 5 year tenure, the rate of interest is around 9% Add an extra 0.5% extra for senior citizens
What is the average bank interest rate offered to customers?
It depends on the type of account you hold with the bank. In India, below are the average interest rates offered to customers.Savings accounts - 3.5% per yearFixed Deposits - 3% to 8% per year - Depending upon the deposit amount and deposit tenureCurrent Accounts - 0%
How can you withdraw money from mod balance?
Multi Option Deposit Scheme has been a popular choice for account holders in State Bank of India. It enables people to earn a higher rate of interest on his or her deposit. When needed, one can withdraw from their deposit account in units of Rs.1000/- by means of a cheque
What is the function of countries central banks?
They govern the operation of all the banks in the country. They decide the interest rates, deposit rates and also the guidelines based on which banks must operate. The purpose of the central bank is to ensure that the country's economy is stable and the citizen's interests are protected against any unwanted activities by the banks. Ex: Reserve Bank in India, Federal Reserve in USA etc.
What is the work of a central bank?
They govern the operation of all the banks in the country. They decide the interest rates, deposit rates and also the guidelines based on which banks must operate. The purpose of the central bank is to ensure that the country's economy is stable and the citizen's interests are protected against any unwanted activities by the banks. Ex: Reserve Bank in India, Federal Reserve in USA etc.
Is central bank still existing?
Yes. Central Banks still exist. They govern the operation of all the banks in the country. They decide the interest rates, deposit rates and also the guidelines based on which banks must operate. The purpose of the central bank is to ensure that the country's economy is stable and the citizen's interests are protected against any unwanted activities by the banks. Ex: Reserve Bank in India, Federal Reserve in USA etc.
How do you deposit on bet365 from India and Pakistan?
The legal limitation does not allow you to make deposit on bet365 directly from India and Pakistan. But you can still make deposit using online payment processors like Neteller..
What are the costs of a certificate of deposit?
Usually - None. Banks typically do not charge customers for opening certificate of deposit accounts. However, there may be some costs involved (In terms of penalties charged on the interest) if you prematurely close your deposit account before the scheduled end date. Also, in most countries the income earned out of the time deposits is taxable. i.e., the interest that the bank pays you for the deposit will be considered an income and taxed accordingly. For ex: In India, let us say your annual income is Rs. 10 lakhs and you earned another Rs. 50,000/- as interest from your time deposit account, your taxable income for this year will be Rs. 10,50,000/-.
