Recent budget announcements have made FDs more attractive. The government has increased the TDS limit for bank FDs. It has been increased from Rs 40,000 to Rs 50,000 for general individuals and from Rs 50,000 to Rs 1 lakh for senior citizens. Let us know about the major benefits of investing in FDs…

Huge uncertainty in the market

Stable options in volatile markets These days, there is a lot of uncertainty in the market due to global political tensions and fluctuations in interest rates. Short-term volatility is keeping investors worried amid the possibility of long-term gains.

The market is not happy even with the income tax exemption and the reduction in repo rate. In such times, FD has emerged as a strong support. With assured returns unaffected by fluctuations, it provides peace of mind to risk-averse investors. FD is a better option for people looking for regular income.

Tax benefits with safety: FDs offer a perfect combination of savings and tax efficiency. Tax savers can avail a deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act through FDs, which have a lock-in period of five years.

Compared to other tax-saving instruments like ELSS (Equity Linked Se wing Schemes) and ULIPs (Unit Linked Insurance Plans), FDs are more attractive due to their simplicity and assured returns.

Overdraft facility: In emergency financial situations, FD provides an excellent solution to obtain the required funds while maintaining investments. Through the overdraft facility, banks provide a credit line by accepting the FD as a guarantee.

Customers can avail loans up to a certain percentage of the total amount of the FD. Interest is payable only on the amount utilised. Since the FD is guaranteed, banks usually offer loans at competitive interest rates.

Convenience: Along with security and returns, it is also a better option due to its simplicity and easy availability. Whether through a bank branch or online on a digital platform, opening an FD account is very simple. No special financial expertise is required to understand its terms and conditions. Features like auto-renewal, nomination and online tracking are also available with it, which make it a symbol of convenience as well as security.

Uttam Tebriwal, Deputy CEO, AU Small Finance Bank, says that while evaluating your investment options for tax planning this year, consider the long-term benefits of FDs. Whether your goal is to save for future expenses, avail tax benefits or just grow your savings steadily, FDs will continue to be a reliable companion in achieving your financial goals.

Smart investing not just means earning high returns but also ensuring peace of mind, and through FDs you can have both.

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According to a news published in ET, Small Finance Banks are giving up to 9.60 percent interest to their customers on FD. Let us know about 10 such Small Finance Banks which are offering the highest interest on FD to their customers.

Here you are getting up to 9.60% interest

Suryoday Small Finance Bank is offering 9.10 percent interest to its general customers and up to 9.60 percent interest to its senior citizen customers on 5-year FDs. While Unity Small Finance Bank is offering 9 percent interest to its general customers and 9.50 percent interest to senior citizen customers on 1,001 day FDs.

Apart from this, Fincare Small Finance Bank is offering 8.51 percent interest to its general customers and 9.11 percent interest to its senior citizen customers on 1,000 day FDs. While Equitas Small Finance Bank is offering 8.50 percent interest to its general customers and up to 9 percent interest to senior citizen customers on 888 day FDs.

9% interest is being given on 500 days FD

On the other hand, ESAF Small Finance Bank is giving 8.50 percent interest to its general customers and 9 percent interest to senior citizen customers on FDs of 2 years to less than 3 years. Apart from this, Jana Small Finance Bank is giving 8.50 percent interest to its general customers and up to 9 percent interest to senior citizen customers on FDs of 500 days. Whereas Utkarsh Small Finance Bank is giving 8.25 percent interest to its general customers and 8.85 percent interest to senior citizen customers on FDs of 1,000 days to 1,500 days.

Here you are getting up to 8.85% interest

Ujjivan Small Finance Bank is giving 8.25 percent interest to its general customers and 8.75 percent interest to senior citizen customers on FDs of 560 days. While Shivalik Small Finance Bank is giving 8.15 percent interest to its general customers and 8.65 percent interest to senior citizen customers on FDs of 24 months to 36 months. Apart from this, AU Small Finance Bank is giving 7.75 percent interest to its general customers and 8.25 percent interest to its senior citizen customers on FDs of 24 months 1 day to 36 months.

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This is the reason why even today Fixed Deposit (FD) is one of the favorite investment schemes of Indians. Most of the people in the country consider Fixed Deposit as the safest investment option. Due to which the craze of FD continues.

Guaranteed returns on investments in FD

People who want to invest without any risk often choose FD schemes. You get guaranteed returns on FD. This means that when you invest in FD, you get a fixed return on your investment with guarantee. Along with this, investors also get many benefits.

However, many investors are not aware of the benefits of FD. We are going to tell you about one special benefit.

TDS will be deducted on income from FD

TDS has to be paid on the interest received from fixed deposits i.e. FDs (FD Interest Rates). The interest received on FD i.e. the income from FD is added to your total income. In such a situation, when the income through interest on fixed deposits exceeds the prescribed limit, then TDS (TDS on Fixed Deposit Schemes) is deducted from it.

According to the rule, if the income earned through interest on FD (FD Interest Rates 2024) is more than Rs 40,000 in a financial year, then you will have to pay 10 percent TDS.

These are the benefits of getting FD in the name of wife

However, there are many ways to save TDS. There is one way in which you do not have to do anything. If you want, you can avoid paying tax with the help of your wife . Just get an FD done in your wife’s name and you will be able to save tax worth lakhs of rupees. But very few people know that if they get an FD done in their wife’s name instead of their own, then they can save a lot of tax (Tax Exemption on FD in 2024).

If you are married and are planning to invest in fixed deposits then this news is for you. Here we will tell you why you should get FD done in the name of your wife.

How can you save tax with the help of your wife

Actually, if a woman is a housewife, then she is not liable for any kind of tax. That is, housewives have to pay zero tax. If your income comes under the scope of income tax, but your wife is a housewife, then in such a situation you can avoid paying TDS by getting an FD done in the name of your wife.

Apart from this, if your wife’s income is less and she falls in the lower tax bracket, then you can also avoid paying TDS (TDS on FD Interest) by getting an FD done in her name. For this, your wife will have to fill Form 15G and she can avoid paying TDS.

At the same time, there is another way by which you can avoid TDS deduction on FD. If you make a joint FD with your wife, then you can also avoid paying TDS as well as higher taxes, but while making a joint FD, you will have to make your wife the first holder.

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Buying life insurance policies, investing in Provident Fund (PF), investing in Public Provident Fund (PPF), buying National Savings Certificate (NSC), getting fixed deposit (FD) done in the bank, etc. are quite popular methods for saving in our country, but apart from these, there are some such schemes, investing in which can lead to significant savings and income (in the form of interest).

Come, today let us tell you about one such government savings scheme Kisan Vikas Patra (KVP), by investing in which you can double the amount in a few years.

When and how much interest is received on KVP…?

The government is currently paying 7.5 percent interest on the amount invested under the KVP scheme, which is compounded on an annual basis. The same interest is being paid on investments made in this scheme after January 1, 2024. Under the scheme, your invested amount doubles in 115 months due to the current interest rate, that is, if you invest today, you will get double the amount after nine years and seven months.

How much can one invest in Kisan Vikas Patra…?

The minimum investment or deposit amount in Kisan Vikas Patra is ₹1000, but there is no maximum limit of investment, and any amount can be invested in multiples of ₹100. More than one account can also be opened in Kisan Vikas Patra.

Who can buy Kisan Vikas Patra…?

Any adult can invest in KVP. A joint account can also be opened in Kisan Vikas Patra, in which a maximum of three adults can participate. Apart from this, the guardian of a minor boy or girl can also invest in Kisan Vikas Patra, and KVP can be purchased in the name of any minor if the age is more than 10 years.

Yes, one important thing to remember about KVP is that unlike PPF and Sukanya Samriddhi Yojana, the interest and maturity amount received under KVP is taxable, that is, you will have to pay income tax on the amount earned on your investment.

Kisan Vikas Patra, or KVP, is one of the small savings schemes run by the government itself. The interest rate for all these schemes is reviewed every quarter. Apart from KVP, these schemes run by India Post include schemes like Public Provident Fund (PPF), Monthly Income Scheme (MIS), Sukanya Samriddhi Yojana (SSA) and National Savings Certificate (NSC).

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In this scheme, investors are being given attractive interest. On the other hand, the bank has changed the interest rates of all its FDs. This change has also been implemented. After this change, the bank will give an interest rate of 3 to 7.25 percent on FDs up to Rs 3 crore. However, the interest rate given to senior citizens will be slightly higher.

What is the new scheme?

The highest interest is being offered on the Star Dhan Vriddhi Scheme of Bank of India. This scheme is for 333 days. In this, general investors will be given an interest rate of 7.25 percent. On the other hand, the interest rate given to senior citizens and super senior citizens will be slightly higher. On investment in this scheme, senior citizens will get 7.75 percent interest and super senior citizens will get 7.90 percent interest.

The new interest rates are as follows

The bank has also changed the interest rate on all its other FDs (7 days to 10 years). This change has been made on FDs up to Rs 3 crore. Under this, general investors will now get interest between 3 to 7.25 percent per annum. These interest rates are as follows:

• 7 days to 1 year: 3 to 6.80 percent
• 1 year to 2 years: 6.80 percent
• 2 to 3 years: 6.75 percent
• 3 to 5 years: 6.50 percent
• 5 to 10 years: 6 percent

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Higher interest to senior citizens

The bank is giving more interest to senior citizens than to general investors. It is as follows:

• 7 days to 1 year: 3 to 6.5 percent
• 1 year to 2 years: 7.30 percent
• 2 to 3 years: 7.25 percent
• 3 to 5 years: 7.25 percent
• 5 to 10 years: 6.75 percent

Super senior citizens will get this much interest

The bank is offering the highest interest on some FDs to super senior citizens. It is as follows:

• 7 days to 1 year: 3 to 6.65 percent
• 1 year to 2 years: 7.45 percent
• 2 to 3 years: 7.45 to 7.40 percent
• 3 to 5 years: 7.40 percent
• 5 to 10 years: 6.9 percent

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Suryoday Small Finance Bank is planning to increase the maximum period of FD to 20 years. According to the news of Hindu Business Line, those who make FD will also be given the option of systematic withdrawal plan in between.

FD scheme will work like an annuity plan

If this happens, the bank’s FD plan will work like the annuity plan offered by insurance companies. But it will be for a limited period. The MD and CEO of Suryoday SFB (Suryoday Small Finance Bank) said that they are soon going to launch FDs with a tenure of more than 10 years. This will be a good option for people who want to save money for a long time, which will give them the benefit of compounding interest.

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In this situation, you will get Rs 1 lakh every month.

However, the bank is still working on this plan and the interest rate risk is being calculated. He gave an example that if someone saves Rs 50,000 every month for 10-11 years, then later he can withdraw about Rs 1 lakh every month. Experts said that the interest rate on FD can be decided according to the government’s 10-year bond.

Right now only SBI offers such a scheme. In this scheme, you deposit money at once and then every month you get some money and interest. Suryodaya SFB’s scheme will be slightly different from SBI’s scheme. In this, you will have to deposit money every month for the first few years. Later you will get money every month. This scheme will be opposite to SBI’s scheme.

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Fixed Deposit (FD) is still considered the most popular option among Indian customers to safely invest their savings. By investing in FD, customers get guaranteed income after a certain period. If you are also planning to invest in FD in the near future, then this news is for you.

Actually, the country’s largest public sector lender State Bank of India (SBI) is giving its customers an opportunity to invest in its most popular scheme Amrit Kalash till 30 September. Under this scheme, customers are getting better interest than normal HD. Let us know about Amrit Kalash FD scheme in detail.

Up to 7.60% interest is available in this scheme

SBI Amrit Kalash is a 400 days FD scheme in which general customers get 7.10 percent interest on investing. Whereas senior citizen customers get additional 50 basis points i.e. up to 7.60 percent interest. Under this scheme, customers can deposit a maximum amount of up to Rs 2 crore. Let us tell you that SBI launched this scheme on April 12, 2023 last year.

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The deadline of the scheme has been extended several times

Let us tell you that this FD scheme is so popular that SBI has had to extend its deadline several times. After the launch of this scheme, SBI first extended its deadline on June 23, 2023 to December 31, 2023. Later the bank again extended it to March 31, 2024. Once again the bank has extended the deadline of this special FD scheme to September 30, 2024.

This way you can open your account

To open an account under SBI’s special FD scheme, customers can go to any of their nearest branches. To open an account under SBI Amrit Kalash FD scheme, you will need Aadhaar card, PAN card, passport size photo, mobile number and email ID as documents. After this, the bank will give you a form for this scheme, after filling which your account will be opened.

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The interest rate has been increased by 25 basis points. The increased interest rate has come into effect from September 1. The interest rates on FDs with deposits between Rs 2 crore and Rs 10 crore which will mature in a period of 271 days to one year have been increased.

According to the information given by Punjab National Bank, now customers will get 6.75 percent interest on callable domestic term deposits, while non-callable domestic term deposits will get 6.80 percent interest annually. Similarly, customers will be given interest at the rate of 6.80 percent per annum on callable NRO term deposits.

Interest rates of PNB Uttam also increased.

Punjab National Bank has also increased the interest rates of its non-callable fixed deposit PNB Uttam. The bank will now pay 6.80 per cent interest annually on PNB Uttam FDs with deposits above Rs 15 lakh and maturing in 271 days to less than a year. The bank has also clarified that premature withdrawal will not be allowed in non-callable domestic fixed deposits of the bank.

Before the increase in interest rates, the interest rates on callable domestic term deposits and non-callable domestic term deposits were 6.50 percent and 6.55 percent per annum respectively. Similarly, earlier customers were getting 6.55 percent annual interest on callable NRO term deposits. Earlier the interest rate for PNB Uttam Scheme was 6.55 percent per annum. Punjab National Bank says that new and existing customers can take advantage of the increased interest rates.

Interest is available up to 7.25 percent.

Punjab National Bank is offering 3.50 percent to 7.25 percent annual interest on fixed deposits of less than Rs 2 crore. The bank offers FD for a period ranging from 7 days to 10 years. The bank is offering 6.75 percent interest on FDs maturing in one year with amount less than Rs 2 crore. Similarly, 7.25 percent interest is being given on FDs of more than one year and maturity in 444 days. Customers are being given 6.50 percent interest on FDs maturing above five and 10 years.

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Many small banks are now offering up to 9.25% interest for senior citizens . However, it also includes many big banks which are giving interest ranging from 8 to 8.50%. Let us tell you, Utkarsh Small Finance Bank is giving up to 9.25% interest on 700 days fixed deposit to its senior citizens.

In such a situation, it is being speculated that if RBI increases the repo rate once again in April. So banks can give more interest on FD. In such a situation, debt and fixed income can prove to be better at this time for excellent returns, especially when there is a lot of volatility in the equity market.

Kotak and SBI increased the interest rates so much

Let us tell you, Kotak Bank is currently giving 7.20% interest on FD of 390 days and 6.2% on FD of 364 days. Whereas, State Bank of India is paying 7.10% interest on 400 days FD. According to experts, while selecting FD, you should look at the period for which you want to invest money. That is, till you do not need the money, you can invest the money till then.

Axis increased 0.40% interest

On Friday, Axis Bank has increased the interest on FD by 0.40%. Bank’s customers will now get 7.15% interest on FDs of 13 months to 24 months, earlier it was 6.75%. Will pay 7.26% interest on FDs of two years to two and a half years. 7% interest is being given on FDs of 30 months to 10 years.

How to choose the right FD tenure for you

While opening FD, do consult your advisor for the period or tenure. According to experts, if you are investing keeping the returns in mind at the time of opening FD, then you should choose a plan that gives good returns. On the other hand, if you want to invest money for a short time, then you can select a plan with a short term period.

Many people open FDs for long term such as 5 or 10 years, while many open FDs of short term such as 1, 2 or 3 years. Everyone does this according to their convenience. Before opening an FD, you must also think about the type of investment you want to make, short term or long term.

keep these things in mind

While opening FD, you must keep some things in mind. With this, you can also avoid losses and keep more information about FD. According to experts, the things that you should take care of, safety, returns, facility of loan on need, tax benefit, charge to be paid for breaking before maturity, all these things are included. Keeping these things in mind, you should invest money in FD.

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Banks are also giving the benefit of extra interest on FD to senior citizens. Apart from this, in this budget also, the maximum deposit limit for Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. In such a situation, let us know that how much interest rate are being offered by five big government banks of India on fixed deposits.

State Bank of India (SBI)

India’s largest bank State Bank of India (SBI) is offering 7.5 per cent annual interest rate on FDs to senior citizens. This interest rate is for a period of 5-10 years. On the other hand, for the rest of the people, this interest rate is 6.50 percent. At the same time, SBI has also started an FD scheme named Amrit Kalash with a tenure of 400 days. In which senior citizens will get an interest rate of 7.60 percent. This scheme is till 31 March 2023 only.

Punjab National Bank (PNB)

Punjab National Bank (PNB) is offering 5 years FD interest rate of 7% to senior citizens. At the same time, this bank is offering 7.3% interest to senior citizens for a period of 5 to 10 years. For the common people, the bank is offering 6.50% FD interest rate for 3 to 10 years. Recently, PNB has increased interest rates on several fixed deposit tenures by up to 30 basis points (bps). The new interest rates have come into effect from February 20.

Central Bank of India (CBI)

Central Bank of India has announced an interest rate of 6.92 per cent per annum to senior citizens on FDs of 5 years and above and up to 10 years. The same interest rate is applicable for FDs of 3 to 5 years.

Canara Bank

Leading public sector bank Canara Bank is offering an annual interest rate of 7 percent to senior citizens on FDs with a tenure of up to 5 years. This interest rate is applicable to FDs with a maturity of more than 3 years and less than five years. For deposits above Rs 15 lakh and less than Rs 2 crore, the bank is offering an interest rate of 7.45 per cent per annum.

Bank of India (BOI)

Bank of India is offering 6.75 per cent interest on fixed deposits of less than 5 to 8 years to senior citizens. The same rate is applicable for periods above 8 years and 10 years. The bank is offering 7.25% interest rate to senior citizens for FD scheme from 2 years to less than 5 years.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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Maximum interest on 500 days special FD

While the bank is giving 3.15% to 6.50% interest to its senior citizen customers on the same time period. On the other hand, the bank is paying a maximum interest of 7.40% on special FDs of 500 days (SIB 94 Plus) to its general customers. While the bank is giving a maximum interest of 7.50% on FD of 1 year 1 day to its senior citizen customers. According to the information received from the official website of the bank, the increased new interest rates will be applicable from January 29.

Increased new FD rates of the bank After the increase in the interest rate, the bank will give its customers 2.65% on FDs of 7 days to 30 days, 3.25% on FDs of 31 days to 90 days, 4.50% on FDs of 91 days to 99 days and Will pay 5.50% interest on 100 days FD.At the same time, the bank will pay 4.25% on FDs of 101 days to 180 days, 4.60% on FDs of 181 days to less than 1 year, 6.60% on 1 year FDs and 7% on FDs of 1 year and 1 day.

On the other hand, the bank is getting 7.40% interest on FDs ranging from 1 year 2 days to 499 days, 6.50% on FDs of 500 days, 7.40% on FDs of 501 days to less than 30 months, 6.50% on FDs of 501 days to less than 30 months. 7% on FD, 6.50% on FD from 30 months to less than 5 years, 6% on FD from 5 years to less than 66 months, 6.50% on FD of 66 months and FD from 66 months to 10 years But will give interest of 6%.

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After this increase, apart from big government and private banks, most of the non-banking finance companies (NBFCs) have also increased their FD rates.

If you also want to invest your money in FD, then Bajaj Finance Ltd has brought a great opportunity for you. Bajaj Finance has increased its FD rates for a time period of 44 months. General customers of Bajaj Finance will now get 7.85% interest on 44-month FDs and 8.1% for senior citizen customers. The increased new interest rates are applicable from January 20.

There may be an increase in FD rates in the future, while still many experts believe that this increase in FD rates is going to continue further. The major reason for this is to increase the report by RBI at frequent intervals to control the rising inflation. Bajaj Finance offers FDs to its customers for 15 months, 18 months, 22 months, 30 months, 39 months and 44 months.

Getting 7.7% interest here

Bajaj Finance, on the other hand, will give 7.4% interest to its senior citizen customers on cumulative FDs of 12 to 14 months. While Bajaj Finance will give 7.55% interest to its customers on 15-month special FD and 7.7% on 22-month special FD. Apart from this, you can also invest in FDs from 12 months to 60 months with Bajaj Finance.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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The good thing is that to control the rising inflation, the Reserve Bank of India (RBI) is also continuously increasing the interest rates. Due to this, banks are not only making loans costlier, but also increasing the interest rates on deposits. Now if we look at the list of public sector banks giving the highest interest for a period of 5 years, then there are many banks which are offering annual returns of up to 7.00%.

Bank of Baroda FD Rates

Bank of Baroda (Bank of Baroda FD Rate): For senior citizens, the government bank is offering an interest of 6.90% per annum for a period of 5 years. While giving interest of 7.25% for 3 years. Also, 7.25% interest is available for a period of 1 year.

Bank of India FD Rates

Bank of India (Bank of India FD Rate): The government bank is offering 6.75% interest per annum on FD of 5 years duration to its senior citizens. While offering 7.25% interest on 3 years and 6.50% interest on 1 year.

Bank of Maharashtra FD Rates

Bank of Maharashtra (Bank of Maharashtra FD Rate): This bank is giving 6.25% interest to senior citizens on FDs for a period of 5 years. Apart from this, it is offering 6.50% interest for a period of 3 years and 6.65% for 1 year.

Canara Bank FD Rates

Canara Bank FD Rate: The bank is offering 7.00% p.a. interest on FDs for a period of 5 and 3 years to its senior customers. Apart from this, 7.25% interest is being offered for a period of one year.

Indian Bank FD Rates

Indian Bank (Indian Bank FD Rate): This government bank is offering 7.00% interest on FD for a period of 5 years. While paying 6.75% interest annually on FD for 3 years. Apart from this, 6.60% interest is available for a period of 1 year.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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Explain that after increasing the repo rate by the RBI, banks and NBFCs are increasing the rates of FDs. The new FD rates of Shriram Finance have come into effect from January 1, 2023. There is a good chance to earn 9.36% interest on fixed deposits in this NBFC. Shriram Finance increased interest rates on deposits maturing in 12 months by 30 bps from 7 per cent to 7.30 per cent, while on deposits maturing in 18 months it increased interest rates by 20 bps from 7.30 per cent to 7.50 per cent.

Extra interest to senior citizens and women depositors

The company has increased the interest rate by 25 bps for a period of 24 months, while offering 8 percent interest on FDs of 30 months. Senior citizens will be given 0.50 percent extra interest as compared to common citizens. At the same time, women depositors will get 0.10 percent extra interest.

RBI has increased the repo rate 5 times this year

Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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If you also make fixed deposits, then know that RBI has made a big change in FD rules. The new rules of FD by RBI have also become effective. On one hand, after increasing the repo rate of RBI, many government and non-government banks have also increased the interest rates on FDs. Therefore, if you are also going to get FD done, or have got it done, then definitely read this news before that. Otherwise you may have to bear the loss.

Change in maturity rule of FD

RBI has changed the rules of Fixed Deposit (FD), now if you do not claim the amount after completion of maturity, then you will get less interest on it.
– The interest you get will be equal to the interest you get on the savings account.
Currently, banks usually pay more than 5% interest on FDs with a long tenure of 5 to 10 years.
At the same time, the interest rates on savings account are around 3% to 4%.

RBI ordered

According to RBI, . The new rule will apply to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. If the Fixed Deposit matures and the amount remains unpaid or unclaimed, the interest rate applicable to the savings account or the interest rate prescribed for matured FDs, whichever is less, will be given

Know what the rules say?

For example, understand that if you have got an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations.

1. If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get FD interest only.

2. If the interest received on FD is more than the interest received on the savings account, then you will get the interest received on the savings account after maturity.

What were the rules earlier?

Now if we talk about the earlier rule, earlier when your FD was matured and if you did not withdraw its money or did not claim it, then the bank used to extend your FD for the same period for which you had earlier FD It was But now it is not so. Now if you do not withdraw money on maturity, you will not get FD interest on it, so it is better that you withdraw money immediately after maturity. This new rule has become effective.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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If you also make fixed deposits, then know that RBI has made a big change in FD rules. The new rules of FD by RBI have also become effective. On one hand, after increasing the repo rate of RBI, many government and non-government banks have also increased the interest rates on FDs. Therefore, if you are also going to get FD done, or have got it done, then definitely read this news before that. Otherwise you may have to bear the loss.

Change in maturity rule of FD

RBI has changed the rules of Fixed Deposit (FD), now if you do not claim the amount after completion of maturity, then you will get less interest on it.
– The interest you get will be equal to the interest you get on the savings account.
Currently, banks usually pay more than 5% interest on FDs with a long tenure of 5 to 10 years.
At the same time, the interest rates on savings account are around 3% to 4%.

RBI ordered

According to RBI, . The new rule will apply to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks. If the Fixed Deposit matures and the amount remains unpaid or unclaimed, the interest rate applicable to the savings account or the interest rate prescribed for matured FDs, whichever is less, will be given

Know what the rules say?

For example, understand that if you have got an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations.

1. If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get FD interest only.

2. If the interest received on FD is more than the interest received on the savings account, then you will get the interest received on the savings account after maturity.

What were the rules earlier?

Now if we talk about the earlier rule, earlier when your FD was matured and if you did not withdraw its money or did not claim it, then the bank used to extend your FD for the same period for which you had earlier FD It was But now it is not so. Now if you do not withdraw money on maturity, you will not get FD interest on it, so it is better that you withdraw money immediately after maturity. This new rule has become effective.

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FD Rules Changed: If you also do fixed deposits, then know that RBI has changed the big rules of FD. RBI changed the rules related to FD some time back and these new rules have also become effective. After the decision of RBI to increase the repo rate, many government and non-government banks have also started increasing the interest rates on FD. Therefore, before making FD, definitely read this news. Otherwise you may have to suffer loss.

Changed rules on maturity of FD

Actually, RBI has made a big change in the rules of Fixed Deposit (FD) that now after the completion of maturity, if you do not claim the amount, then you will get less interest on it. This interest will be equal to the interest received on the savings account. Currently, banks usually offer more than 5% interest on FDs with a longer tenure of 5 to 10 years. Whereas the interest rates on savings account are around 3 percent to 4 percent.

RBI issued this order

According to the information given by RBI, if the fixed deposit matures and the amount is not paid or claimed, then the interest rate on it as per the savings account or the rate of interest fixed on the matured FD, Whichever is less will be given. These new rules will be applicable on deposits in all commercial banks, small finance banks, cooperative banks, local regional banks.

Know what the rules say

Understand this in such a way that, suppose you have got an FD with 5 years maturity, which has matured today, but you are not withdrawing this money, then there will be two situations on this. If the interest being received on FD is less than the interest being received on the savings account of that bank, then you will continue to get the interest with FD. If the interest earned on FD is more than the interest earned on the savings account, then you will get the interest on the savings account after maturity.

What was the Old Testament?

Earlier, when your FD matured and if you did not withdraw or claim it, then the bank used to extend your FD for the same period for which you had made the FD earlier. But now it will not happen. But now if the money is not withdrawn on maturity, then FD interest will not be available on it. So it would be better if you withdraw money immediately after maturity.

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Depositing money in Fixed Deposit (FD) still remains the first choice of most people to get guaranteed returns after a fixed period. Banks also keep changing their FD rates from time to time. But after the continuous increase in the repo rate by the RBI after May, there was a competition among the banks to increase the FD rates. In this sequence, Unity Small Finance Bank has increased its FD rates for the second time in November. After this change in interest rates, the bank is offering up to 9% interest to its senior citizen customers for a fixed time period. The increased new interest rates are applicable from 21 November.

9% interest on FD of this time period

Unity Small Finance Bank is giving 4.5% to 8.50% interest to its general customers on FDs of less than Rs 2 crore. At the same time, after the latest increase in interest rates, the bank is giving 8.50% interest to its general customers and the highest 9% interest to its senior citizen customers on FDs of 181 days to 501 days.

On the other hand, the bank has also increased the interest rates on callable and non-callable bulk deposits above Rs 2 crore. After this increase, this small finance bank is paying 8% interest on callable deposits and 8.10% on non-callable deposits.

RBI has increased the repo rate for the fourth time in a row To stop rising inflation, the Reserve Bank of India (RBI) has increased the repo rate for the fourth time in a row after May. After this increase, the repo rate has increased to 5.90%.On September 30, the RBI had decided to increase the repo rate by 0.50% for the fourth time in the monetary policy meeting.

After this increase in the repo rate, it increased from 5.40% to 5.90%.Ever since the RBI has increased the repo rate, apart from the big banks of the country, many financial banks have also increased their FD rates continuously.

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For tenures of 7-14 days and 15-45 days, the bank offers 4.50 per cent and 4.75 per cent interest rates on fixed deposits for both general and senior citizens categories. The normal FD rate in case of 46-70 days is 5.25 per cent, while for senior citizens the rate is 5.75 per cent. A detailed list of revised Fixed Deposit rates of Unity Small Finance Bank is given below. These changes are effective from November 18, 2022.

In the announcement, Unity Small Finance Bank has also stated that the interest rates are subject to change without any prior notice. Further, it is also mentioned that for premature withdrawal of Fixed Deposit, the interest rate payable will be FD rate minus 1.00% for the period for which the deposit has actually run.

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Rules changed on maturity of FD

Actually, RBI has made a big change in the rules of Fixed Deposit (FD) that now if you do not claim the amount after completion of maturity, then you will get less interest on it. This interest will be equal to the interest received on the savings account. At present, banks usually give more than 5 per cent interest on FDs with long tenures of 5 to 10 years. While the interest rates on savings account are around 3% to 4%.

RBI issued this order

As per the information given by RBI, if the fixed deposit matures and the amount is not called for, then it will be given the rate of interest as per the savings account or the interest rate prescribed on matured FDs, whichever is less. These new rules will apply to deposits in all commercial banks, small finance banks, cooperative banks, local regional banks.

Know what the rules say

Think of it like this, suppose you have made an FD with a maturity of 5 years, which has matured today, but you are not withdrawing this money, then there will be two situations on this. If the interest received on FD is less than the interest received on the savings account of that bank, then you will continue to get interest along with the FD. If the interest received on FD is more than the interest received on savings account, then after maturity you will get interest on savings account.

What was the Old Testament?

Earlier, when your FD matured and if you did not withdraw or claim it, the bank would extend your FD for the same period for which you had earlier FD. But now this will not happen. But now if you do not withdraw money on maturity, then FD interest will not be available on it. Therefore, it would be better if you withdraw the money immediately after maturity.

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Fluctuations on Senior Citizens FD Interest Rate

Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.

Senior citizens FD Interest Rate

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).

The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.

Non Cumulative Fixed Deposit

Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.

At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.

Cumulative fixed deposit

Cumulative fixed deposit is another product of Tamil Nadu Power Finance and Infrastructure Development Corporation Limited which can be availed by senior citizens. In this, the interest rate will be compounded quarterly, which will be paid to the investors on maturity.

The tenure of this fixed deposit is also 1, 2, 3, 4 and 5 years. The interest rate has been fixed between 7.25 percent to 8.5 percent according to the time period. People of 58 years and above can avail 8.5 per cent interest rate on fixed deposits of 60 months.

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Since the increase in the repo rate of the Reserve Bank of India, the process of banks to increase the interest rates of fixed deposits (FD Rate Hike) continues. Now Kotak Mahindra Bank has once again announced an increase in FD interest rates. This is the third hike in interest rates by Kotak Mahindra Bank in this month. The bank had also increased the interest rates of fixed deposits on November 1 and November 9.

The bank has now announced a hike in interest rates on select fixed deposits of less than Rs 2 crore. The new interest rates have become effective from today. After the increase, on FDs maturing from 390 days to less than 23 months, the bank will now give 6.40 per cent to common customers instead of 6.30 per cent. At the same time, senior citizens will get 6.90 percent interest.

Now you will get more interest

Bank has increased the interest rate on FDs from 23 months to less than 2 years from 6.30 to 6.50 percent. Similarly, Kotak Mahindra Bank has decided to pay more interest on FDs maturing in 2 years to less than 3 years. Now 6.40 percent interest will be available, whereas earlier the rate of interest was 6.30 percent. FDs maturing in 3 years and above but less than 4 years will give 6.30% interest and FDs maturing in 4 years and above but less than 5 years will give 6.25% interest.

Interest rates were increased on November 9

Kotak Mahindra Bank had also announced on November 9 to increase the interest rates on fixed deposits of certain tenures. Then the bank had announced to give 6.25 percent instead of 6.10 percent and 6.40 percent interest to senior citizens on FDs maturing in a period of 365 days to 389 days. Senior citizens get 0.50 bps more interest on FDs of all tenures. On November 9, the bank had announced to give 6.30 percent interest instead of 6.25 on fixed deposits maturing in 3 years and above, but less than 4 years.

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Loan facility

If you have got FD done somewhere, then you get the facility of loan in lieu of it. Apart from this, overdraft facility is also available on the basis of loan in many banks. The reason for this is that the amount of FD is in the form of a guarantee with the bank. The bank gives you the loan according to your amount. If you are unable to repay the loan on time, then that loan is covered by your FD amount.

Insurance cover

You are also given the facility of insurance cover on FD by the Deposit Insurance and Credit Guarantee Corporation. Suppose the bank goes bankrupt due to any reason, then you can get an amount of up to five lakhs under the insurance cover along with the return. That is, there is no tension of losing money.

Life insurance

There are also some banks, which also offer the benefit of life insurance on FD. This amount is equal to the amount of FD. This offer is given by the bank to the customers so that they can attract more and more people for FD. However, there is an age limit as well.

Tax benefits

If you make an FD for 5 years or more, then you get a chance to claim tax exemption under section 80C of the Income Tax Act 1961. If you make an FD of less than 5 years, then you will have to pay tax. Apart from this, if the interest received from the bank in any of the five years exceeds 40 thousand rupees, then you will still have to pay tax.

Guaranteed return

Now let’s talk about the benefits that everyone talks about. That is the guaranteed return on FD. Whether you get an FD for one year, for 5 years or for 10 years, you know how much money you will get at the time of maturity. This is the reason why FD is considered a safe investment and in today’s time, even after having all the investment options, people get FD without worry.

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