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The Hindu
6 hours ago
- Business
- The Hindu
Prepare action plans in a week to increase enrolment for PMJJBY and PMSBY, MP tells banks
With poor enrolment in the two social security schemes of the Union government, Dakshina Kannada Member of Parliament Captain Brijesh Chowta on Friday asked banks to prepare an action plan each within a week to increase the enrolment. The schemes in question are Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Speaking at the District Consultative Committee (DCC) and District-Level Review Committee (DLRC) meeting for banking development in the district, Capt. Chowta said that the action plans should be submitted to Lead Bank and the committees headed by the Chief Executive Officer (CEO) of the zilla panchayat. Capt. Chowta said that banks should take an initiative beyond their business interests to enrol people in the government's social security schemes. 'The enrolment should be conducted on a mission mode,' he said, expressing dissatisfaction over some banks making only 20% and 40% progress. Banks should take special interest to ensure that social security schemes of the government reached all people, he said and added: 'Go beyond call of your duty.' 'It just requires taking consent of bank customers for enrolling in the schemes while visiting the branches. Later, banks need to take only a signature of customers for enrolment,' the Member of Parliament said. He asked the bankers: 'Are you facing any problems [in enrolling customers to the schemes] ?' The question, however, did not elicit any response from bankers. K. Anandh, CEO and chairman of the committees, asked bankers to be proactive in implementing government schemes, especially those meant for vulnerable sections of society. 'When not shown interest in achieving progress while implementing government schemes, it meant that you are drifting away from your social responsibility,' the CEO told bankers. Dr. Anandh asked bankers not to harass individual members of self-help groups (SHGs) for sanctioning loans of up to ₹2 lakh under the National Rural Livelihood Mission (NRLM) by pressuring them to produce business plans and quotations. The RBI has exempted individuals from producing those documents for sanctioning loans of up to ₹2 lakh. An NRLM official informed the meeting that complaints have been received from Canara Bank, insisting that the documents be submitted in Sullia and Konaje. The meeting was held to review the performance of banks in the district for the fourth quarter of 2024-25. According to the statistics provided by Lead Bank in the meeting, banks enrolled 39,917 accounts under PMJJBY and 117,237 accounts under PMSBY in the year from April 1, 2024, to March 31, 2025. The banks opened 24,516 accounts under the Atal Pension Yojana (APY) and 44,648 savings bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY), which are other social security schemes, in the last financial year.
Wall Street Journal
11 hours ago
- Business
- Wall Street Journal
Today's CD Rates for June 20, 2025: Highest APYs Range From 4.00% to 4.75%
Certificates of deposit (CDs) often offer the best rates for savings. However, to get the highest annual percentage yield (APY), you need to agree to keep your money with the financial institution for a set time period. Right now, the best CD rates are on short-term CDs. The Federal Deposit Insurance Corporation (FDIC) reports that the average rate on a 12-month CD is 1.75%. However, the average for the top high-yield CDs is 4.68%, according to There are also six-month CDs with competitive rates, depending on the institution, as well as promotional CDs with higher rates. Top CD rates today The best CD yield from a national bank is Northern Bank Direct, with a 4.50% APY on a nine-month CD with a $500 minimum deposit requirement. The best local bank CD rate is Linkbank with a 4.50% APY on a 10-month CD with a $500 minimum to earn the APY. If you're looking for the highest yield, no matter where you live, review the top CD rates today.
Yahoo
a day ago
- Business
- Yahoo
How to choose the best high-yield savings account for you
Choosing the best high-yield savings account requires comparing interest rates, fees, and account features. Look for accounts offering APYs up to 4.40 percent with FDIC insurance, no monthly maintenance fees and convenient digital features like mobile check deposit and automatic transfers. The key is finding an account that combines competitive earnings with easy access to your money when you need it. High-yield savings accounts offer significantly higher interest rates than traditional accounts, helping you grow your money faster. Look for accounts with competitive APYs, FDIC insurance and low fees to maximize your earnings. Understand withdrawal limits and accessibility to make sure the account fits your savings habits. Compare multiple accounts to find the best combination of rate, features and convenience for your needs. The primary advantage of high-yield savings accounts is earning significantly higher interest on your deposits. While the average savings account pays 0.6, the best high-yield accounts offer rates above 4.00% APY. This difference can translate to hundreds more in interest annually. For a $10,000 balance, earning 4.50% APY generates $450 in interest per year versus just $50 with a 0.50% account. That extra $400 could cover a few months of groceries or contribute meaningfully to your financial goals. 'Don't just look at the headline rate when comparing accounts. Check if there are balance requirements to earn the advertised APY, promotional rates that drop after a few months or terms like minimum monthly deposits. The best high-yield accounts offer their top rates with minimal strings attached.' Online banks typically offer the highest rates because they have lower overhead costs than traditional brick-and-mortar institutions. These savings get passed along to customers in the form of higher yields. Keep in mind that some banks offer tiered or promotional rates depending on your balance or require you to meet certain conditions, like maintaining a minimum balance or making a minimum number of transactions per month. Learn more: See Bankrate's top picks for high-yield savings accounts Beyond the interest rate, account features can significantly impact your banking experience. Consider how easily you can manage your money and access the tools you need for everyday banking. Here are a few things to consider: Essential digital features: Modern high-yield savings accounts should offer a robust online and mobile banking platform. Look for features like mobile check deposit, which lets you deposit checks by taking photos with your phone, and automatic transfer options to move money between accounts seamlessly. Customer service: Consider how you prefer to get help when you need it. Some banks offer 24/7 phone support, while others provide live chat features or comprehensive online help centers. If you value in-person service, check whether the bank has branch locations in your area or partners with ATM networks. Account management: Look for banks that offer useful features like savings goal tracking, spending categorization or the ability to create multiple savings 'buckets' for different goals within one account. Here's a list of accounts that come with built-in budgeting tools. Payment and transfer options: Check what options you have for moving money. Can you easily transfer funds to external accounts? Does the bank support services like Zelle for sending money to friends and family? How quickly do transfers process? Related: Best mobile banking apps and features Federal deposit insurance is non-negotiable when choosing any bank account. Choose a high-yield savings account from a bank insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union insured by the National Credit Union Administration (NCUA). These federal agencies protect your deposits up to $250,000 per depositor, per institution, in the event of a bank failure. This insurance gives you peace of mind that your money is safe, regardless of what happens to the financial institution. You can verify a bank's FDIC insurance status by checking the FDIC's online database or looking for the FDIC logo on the bank's website. For credit unions, check the NCUA's database to confirm insurance coverage. Account fees can quickly erode your interest earnings, so pay close attention to the fee structure of any account you're considering. Many high-yield savings accounts have no monthly maintenance fees and minimal other charges, but it's important to verify this before opening an account. Common account fees to watch for: Monthly maintenance fees: Often waived with minimum balance requirements Minimum balance fees: Charged when your account falls below a certain threshold Excess withdrawal fees: Applied when you exceed transaction limits ATM fees: Charges for using out-of-network ATMs Paper statement fees: Many banks charge for mailed statements Account closure fees: Some banks charge if you close your account too soon See the full list of bank fees (and tips to avoid them) here. The best high-yield savings accounts typically have no monthly maintenance fees and low or no minimum balance requirements. Others may waive fees if you maintain a certain balance or link a checking account. Also note minimum opening deposit requirements. Some accounts have no minimum to get started, while others ask for $50, $100 or more. If an account requires more than you're comfortable depositing initially, continue looking for better options. You can explore Bankrate's list of savings accounts with no minimum deposits and our list of banks that reimburse ATM fees to compare options. Federal Regulation D traditionally limited savings account holders to six 'convenient' withdrawals or transfers per month, including online transfers, checks, and debit card transactions. While this limit was suspended in 2020 due to the COVID-19 pandemic, some banks still restrict the number of withdrawals on savings accounts. Understanding these restrictions is important, especially if you plan to access your savings frequently. Some banks may charge excess withdrawal fees or convert your account to a checking account if you exceed their transaction limits. Check the specific terms for any account you're considering. Banks typically allow unlimited in-person withdrawals and ATM transactions, but may limit electronic transfers and other 'convenient' transactions. Choosing the right high-yield savings account involves balancing competitive rates with the features and convenience you need. Start by comparing APYs among FDIC-insured institutions, then evaluate fees, digital features and accessibility. Once you've chosen your account, maximize its benefits by setting up automatic transfers to build savings consistently, naming your account based on your goal to stay motivated, and reviewing your account periodically to ensure you're still earning a competitive rate. Money tip: Set up automatic transfers from your checking account to build savings without thinking about it. Even small, regular contributions can add up significantly over time thanks to compound interest. Consider opening multiple high-yield savings accounts for different goals — one for emergencies, another for vacation savings and perhaps a third for a home down payment. This approach helps you track progress toward specific objectives and resist the temptation to dip into funds earmarked for other purposes. Review your account's performance every six months to ensure you're still earning a competitive rate. If your bank has lowered rates significantly below market averages, don't hesitate to shop around for better options. Related reading: Compare current high-yield savings account rates High-yield savings vs. money market accounts vs. CDs How much should you save each month?
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Today's CD Rates for June 18, 2025: Highest APYs Range From 4.00% to 4.75%
Certificates of deposit (CDs) often offer the best rates for savings. However, to get the highest annual percentage yield (APY), you need to agree to keep your money with the financial institution for a set time period. Right now, the best CD rates are on short-term CDs. The Federal Deposit Insurance Corporation (FDIC) reports that the average rate on a 12-month CD is 1.75%. However, the average for the top high-yield CDs is 4.68%, according to There are also six-month CDs with competitive rates, depending on the institution, as well as promotional CDs with higher rates. Top CD rates today The best CD yield from a national bank is Northern Bank Direct, with a 4.50% APY on a nine-month CD with a $500 minimum deposit requirement. The best local bank CD rate is Linkbank with a 4.50% APY on a 10-month CD with a $500 minimum to earn the APY. If you're looking for the highest yield, no matter where you live, review the top CD rates today.
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Today's CD Rates for June 16, 2025: Highest APYs Range From 4.00% to 4.75%
Certificates of deposit (CDs) often offer the best rates for savings. However, to get the highest annual percentage yield (APY), you need to agree to keep your money with the financial institution for a set time period. Right now, the best CD rates are on short-term CDs. The Federal Deposit Insurance Corporation (FDIC) reports that the average rate on a 12-month CD is 1.75%. However, the average for the top high-yield CDs is 4.68%, according to There are also six-month CDs with competitive rates, depending on the institution, as well as promotional CDs with higher rates. Top CD rates today The best CD yield from a national bank is Northern Bank Direct, with a 4.50% APY on a nine-month CD with a $500 minimum deposit requirement. The best local bank CD rate is Linkbank with a 4.50% APY on a ten-month CD with a $500 minimum to earn the APY. If you're looking for the highest yield, no matter where you live, review the top CD rates today.
