If you forget to invest in Fixed Deposit (FD), now you are going to get a big setback. The Reserve Bank has changed the rules of FD, in which less interest will be available on holding the amount after maturity. Whereas at present, if the amount is not withdrawn after maturity, the FD gets updated for the next period. Similarly, companies are also preparing to increase the charges on credit cards, which will lighten your pocket. Here we are giving you 2 information which can affect your investment.
Savings account interest on FD
RBI has made a big change in the rules of FD. Under this, if you do not withdraw the amount after maturity, then you will get the interest on the savings account, which will be a loss deal. At present, banks are giving more than five per cent interest on long-term FDs. Whereas the interest rates on savings account are around three to four per cent. This new rule will be applicable to deposits in all commercial banks, small finance banks, co-operative banks, local regional banks.
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credit card fee will increase
Using a credit card may soon become more expensive. Visa and Mastercard are preparing to increase the fees merchants pay for using credit cards. This will affect the consumers. According to sources close to the matter, the hike in fee – which was deferred during the last two years due to the pandemic – is set to start next month.
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It said that interchange fees have increased the most. Merchants pay these charges, which are determined by the card network, when buyers use their cards. The fee goes to the bank that issued the card.