Fixed Deposit Interest Rates: Latest FD Rates Of Top Banks – Fixed Deposit Interest Rates: Know which bank is getting interest on FD
Interest earned on fixed deposits is taxable, which reduces the benefits of returns on FDs.
New Delhi. The common Indian citizen considers Fixed Deposit (FD) as the safest option for investment. Especially senior citizens who care the most about their money being safe and getting the maximum possible interest on it. In such a situation, they give first priority to getting FD of their money. However, for some time now, the interest on fixed deposits has been decreasing continuously. If we look at the market, the Reserve Bank of India (RBI) has not made any change in the repo rate in the last one year. At present, the rate of four per cent is going on. Despite this, most banks have cut interest rates on FDs in recent times.
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At present, different interest is being given on FD in different banks. Their rates are as follows-
Bank – Interest rate (%)
Axis Bank – 4.40 to 5.75 percent
DBS Bank – 5.70 to 6.50 percent
Federal Bank – 4.40 to 5.60 percent
IndusInd Bank – 5.50 to 6.50 percent
HDFC Bank – 3.00 to 6.25 percent
IDBI Bank – 3.00 to 5.75 percent
IDFC Bank – 5.25 to 6.00 percent
Karur Vysya Bank – 4.25 to 6.00 percent
PNB Bank – 3.85 to 6.02 percent
RBL Bank – 5.40 to 6.50 percent
Like. Indian Bank – 4.50 to 5.65 percent
SBI Bank – 3.90 to 5.60 percent
TNSC Bank – 5.75 to 6.00 percent
Yes Bank – 5.25 to 6.50 percent
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Tax is also levied on FD interest
Interest earned on fixed deposits is taxable, which reduces the benefits of returns on FDs. This tax is deposited in the form of TDS. How much will be the total TDS, it depends on how much interest you are getting in total. Generally, 20 to 30 percent tax has to be paid in this. If you are falling in the taxable slab then definitely you will have to deposit the tax.
You can save tax on interest like this
First of all, if your income is not taxable and the interest earned from FD is also very less, then you will not have to pay tax on it, but if the interest is getting more then you should consult a financial expert. If you want, instead of getting one big FD, you can also save interest by getting different FDs in the name of the members of the household.
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