Tax on Savings Account: If you have a bank account, this news will prove to be very useful for you. Middle-class people save money to secure their future and keep it in a bank account, which is used for their own benefit and that of their families. Today, we’ll discuss the interest earned on this money. When money remains in a bank account for a long time, it starts earning interest, but now the question arises whether that interest is taxable. Let’s find out how much tax is levied on the interest earned on money kept in a savings account.

Is tax payable on savings account interest?

If the bank pays interest on the money in your savings account, it will be considered part of your income and you will have to pay tax on it. However, the Income Tax Department has also provided some exemptions on this.

How much exemption is available?

If you have received interest of more than ₹10,000 in your bank account, you must pay tax under Section 80TTA of the Income Tax Act. However, if the interest is up to or less than ₹10,000, you are not required to pay tax. This exemption applies to savings accounts held at banks, post offices, or cooperative banks.

How is tax levied above ₹10,000?

If you have received interest of more than ₹10,000 in your bank account, you must pay tax on the excess amount. For example, if your total income falls in the 20% tax slab and you received ₹15,000 in interest, you will be taxed at 20% on ₹5,000.

Are FDs also eligible for exemption?

The Income Tax Department has granted exemption only on savings accounts. If you have invested in a fixed deposit (FD) or recurring deposit (RD), the interest earned on those deposits is not eligible for exemption.

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Many big government banks of the country have abolished the charge for not maintaining the minimum balance in the savings account. Let us know which banks are providing this facility now and how to get its benefit.

Union Bank of India

Union Bank of India has announced that from the September 2025 quarter, there will be no charge for not maintaining the minimum balance on normal savings accounts. The bank has given this information in a press release. That is, even if your balance goes below the prescribed limit, money will not be deducted.

Bank Of Baroda

Bank of Baroda has also waived the charge for non-maintenance of minimum balance on all its standard savings accounts from July 1, 2025. However, keep in mind that this exemption will not apply to premium savings account schemes.

Indian Bank

Indian Bank has also completely abolished the minimum balance charge on all savings accounts. This facility has come into effect from 7 July 2025.

Canara Bank

Canara Bank had given this facility in May 2025 itself. Now there will be no penalty for not maintaining minimum balance on its regular savings account, salary account and NRI account.

State Bank of India (SBI)

SBI has already been at the forefront in this matter. From 2020 itself, SBI had abolished the condition of minimum balance on all savings accounts. That is, SBI account holders have been relieved of this tension for the last several years.

bank of india

Bank of India has also recently completely removed the penalty for not maintaining minimum balance on savings accounts. The bank says that this will provide more convenience to the customers and increase financial flexibility.

What is AMB?

AMB i.e. Average Monthly Balance is the minimum average balance that you have to maintain in your bank account every month. If the balance goes below this, till now banks used to charge a penalty. But now many banks are removing this condition, which will give great relief to the customers.

If you have a savings account in these banks, then now you do not have to worry about the balance every month. This change is especially beneficial for those who live in small towns or villages or whose income is limited.

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India’s 5 big public sector banks have now abolished the rule of maintaining Average Monthly Balance (AMB)

Are you often unable to maintain the minimum balance in your savings account? Are you worried about the bank’s penalty every month? Then there is good news for you. India’s 5 big public sector banks have now abolished the rule of maintaining Average Monthly Balance (AMB). That is, now account holders will not have to worry about maintaining the minimum balance in the bank’s savings account. Nor will there be any fear of any kind of penalty.

The country’s big public sector banks are now moving towards providing better facilities to the customers. Punjab National Bank, Canara Bank, Indian Bank, SBI had already abolished the rule of maintaining minimum balance on savings account. Now banks like Bank of Baroda have also been included in this count. If you have an account in any of these banks, then you can now breathe a sigh of relief. Because now no charge will be deducted even if the amount in the savings account decreases.

What is AMB?

AMB or Average Monthly Balance is the minimum average amount that the bank expects the account holders to maintain in their account every month. If the customer is unable to maintain this amount, the bank charges a penalty. This charge depends on the type of account and the quantity of the shortfall.

Now know which banks have made what changes?

Bank of Baroda

When will the changes come into effect: From July 1, 2025

Applicable to which accounts: Applicable to all standard savings accounts.

This discount will not be available on premium saving accounts.

interest rate

Upto Rs.1 Lakh: 2.50%

Above Rs.1,000 crore: 4.25%

Indian Bank

When will the changes come into effect: From 7 July 2025

Benefit: Minimum balance charges are completely waived on all savings accounts.

Now customers will not have to pay penalty on any kind of balance.

Canara Bank

When did the change come into effect: May 2025

Covered Accounts:

Regular Savings Account

Salary Account

NRI Savings Account

interest rate

Less than Rs 50 lakh: 2.55%

Above Rs.2000 crore: 4.00%

Punjab National Bank (PNB)

PNB has abolished the requirement of minimum balance in all savings accounts.

Earlier there was a penalty based on shortfall

interest rate

Less than Rs.10 lakh: 2.50%

Above Rs.100 crore: 2.70%

State Bank of India (SBI)

SBI had abolished the minimum balance condition in 2020 itself

This exemption is applicable on all savings accounts

Now there is no penalty for not maintaining minimum balance in savings account

What does this change mean for customers?

Now customers do not need to check balance and maintain AMB every month.

Especially students, senior citizens and people of low income group will get relief.

Customers will get the freedom to keep only the required amount in their savings account and invest the remaining amount

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PNB has waived the penalty for not maintaining the minimum average balance (MAB) in the accounts of all its savings account customers. The bank has implemented this rule from July 1, 2025.

Low income families will get relief.

In a statement issued by PNB, it was said that this step has been taken to promote financial inclusion and empower customers. The bank has taken this decision especially keeping in mind women, farmers and low income families. After this step of the bank, customers will no longer have to worry about maintaining minimum balance. PNB MD and CEO Ashok Chandra said that this decision shows our commitment towards inclusive banking.

Customers with current accounts are not worried.

He said that we want that the financial pressure on customers should be reduced and they should be able to use banking services easily. This facility has been provided by the bank only to customers with savings accounts. Customers with current accounts are not worried about this in any way. This step makes it clear that PNB is a customer-centric and socially responsible bank. This decision is a big step towards making banking easy and fair for all.

Interest on education loan also reduced

Earlier, Punjab National Bank (PNB) has reduced the interest rate on education loan given under Vidyalakshmi Yojana by 0.2 percent. PNB said that this initiative strengthens the bank’s commitment along with increasing the reach of education. Let us tell you that Vidyalakshmi Yojana has been designed to provide financial help to students for education. After this change, education loan will start from 7.5 percent depending on the institutions.

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Due to this, bank customers will now get less interest than before, especially those account holders who have a large amount in their bank account. Customers will have to plan their investment or savings by taking information about the interest rates of their bank.

SBI reduced interest rates on savings accounts

The country’s largest bank, State Bank of India (SBI), has made the interest rate on all savings accounts uniformly 2.5% per annum from June 15, 2025. Earlier, SBI used to pay 2.7% interest on small accounts (less than Rs 10 crore) and 3% on large accounts (Rs 10 crore or more). Now the same rate will be applicable on every account.

HDFC Bank also reduced the rate

HDFC Bank has reduced the interest rate on all savings accounts to 2.75% per annum from June 10, 2025. Earlier, 2.75% interest was available on amounts less than ₹ 50 lakh and 3.25% interest was available on ₹ 50 lakh or more. Now all accounts will get the same interest.

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ICICI Bank also took the same step

ICICI Bank has also changed the interest rates of its savings account from 12 June 2025. Earlier, 3.25% interest was available on more than ₹ 50 lakh and 2.75% interest was available on less than ₹ 50 lakh. Now interest will be given at the same rate of 2.75% per annum on every amount.

New interest rates of other banks

Bank Of Baroda

Bank of Baroda is now offering interest on savings account from 2.7% to 4.25% depending on the amount deposited. These rates are applicable from 12 June 2025.

Federal Bank

Federal Bank is now offering interest rates on savings accounts ranging from 2.5% to 6.25%, depending on the amount deposited by the customer. These new rates have come into effect from June 17, 2025.

IndusInd Bank

IndusInd Bank is now offering 3% to 5% interest on accounts, which will be decided according to the balance slab. This change is effective from June 16, 2025.

RBL Bank

RBL Bank has also revised the interest rates from June 16, 2025. Now the account will get interest ranging from 3% to 6.75%, which will be decided on the basis of the amount deposited in the customer’s account.

What will be the impact?

The decisions of these banks will especially affect those customers who keep a large amount in their savings account. Now they will get less interest than before. This change has happened due to the reduction in repo rate, which is aimed at controlling inflation and increasing liquidity in the economy.

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What is this new feature?

Now there is no hassle of paper to open an account for these saving schemes in the post office. You just have to give your Aadhar card and fingerprint. Your account will be opened in a few minutes. This process is completely digital, that is, everything is done through computer.

How to open an account?

• Go to the post office and tell the employee at the counter that you want to open an account.
• They will take your Aadhar card and put your fingerprint in the machine.
• Your information will automatically appear in the system.
• Please tell me how much money you want to deposit.
• Then the fingerprint will be taken once again and the account will be opened.
• Special thing- You will not have to fill any form or slip. The information you have given will be considered final.

The paper method will continue

If you still want to open an account by filling a form, then that facility is also available. That is, this new facility is not a compulsion, but an option.

Aadhaar number will be safe

Your Aadhaar number will also be kept confidential. If the Aadhaar number appears in any document, the post office will automatically blacken the first 8 numbers so that your information remains safe.

What will be digital next?

Presently the facility of opening the account has been started but soon the facility of closing the account, transferring the account or changing the nominee can also be done through Aadhaar biometric.

Easy for customers, beneficial for post office

With this new digital process, customers will be able to get their work done in less time, without filling any form or standing in queues. The work of post office employees will also become easier. Now if you want to invest money in a post office scheme, then go directly to the post office with your Aadhaar – everything will be done quickly and without any hassle.

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8.75% interest for senior citizens

Ujjivan Small Finance Bank is offering 8.25% interest on FDs for a period of 18 months to general customers. Senior citizens get 8.75% interest for the same period. Earlier, the highest interest rate of 8.25% was offered on a period of 12 months.

Interest Rates on FD

Ujjivan Small Finance Bank offers FD interest rates of 3.75% for 7 to 29 days tenure, 4.25% for 30 to 89 days tenure and 4.75% for 90 to 180 days tenure. The bank is offering an interest rate of 7% for deposits of 6 months to less than 12 months and 8.10% for deposits of 12 months to less than 18 months. The highest interest rate of 8.25% is offered on 18-month tenure.

The interest rate on FDs with tenure of 18 months 1 day to 990 days is 7.75%. FDs with tenure of 991 days to 60 months get an interest rate of 7.20%. For long term deposits with tenure of 60 months 1 day to 120 months, the bank is offering an interest rate of 6.50%.

Interest Rates on Savings Account

You also get interest on the balance in your savings account. If your account balance is up to Rs 1 lakh, you will get 3.25% interest per annum. If your balance is more than Rs 1 lakh but less than Rs 5 lakh, the interest rate increases to 5% per annum. You will get 7.25% interest per annum on a balance of more than Rs 5 lakh and up to Rs 25 lakh. If your balance is more than Rs 25 lakh, you can get 7.50% interest per annum.

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Leading private sector bank Kotak Mahindra Bank has announced a cut of 50 basis points (bps) in interest rates on savings accounts with daily balance up to Rs 5 lakh. It has been reduced from 3.50 percent to 3 percent. According to the official website of Kotak Mahindra Bank, the new rates have come into effect from February 17, 2025.

In the RBI’s Monetary Policy Committee (MPC) meeting held between February 5 and February 7, 2025, the members unanimously decided to reduce its repo rate by 25 basis points (bps) from 6.50 percent to 6.25 percent. This is the first reduction in the repo rate in almost five years. RBI had continuously increased the repo rate by about 250 basis points (bps) after the Covid-19 pandemic.

From April 1, 2016, interest on savings accounts will be paid on a quarterly basis. Thus, interest on savings bank account calculated on daily product basis will be paid at quarterly intervals on June 30, September 30, December 31 and March 31 of every year.

How much interest will I get now?

According to the revised interest rates, from February 17, 2025, interest will be given at the rate of 3 percent per annum on a daily balance of up to Rs 50 lakh in a savings account. Whereas 3.50 percent annual interest will be given on an amount above Rs 50 lakh. That is, the interest rate of savings account has been reduced from 4 percent to 3.50 percent for a balance of more than Rs 50 lakh. These interest rates are applicable for both resident and non-resident accounts.

Kotak Mahindra Bank issued a statement on its official website saying, “Effective from February 17, 2025, savings accounts will get 3% interest per annum on daily balance up to Rs 50 lakh and 3.50 percent interest on more than Rs 50 lakh respectively. These interest rates are applicable to both resident and non-resident accounts (NRI/NRO).” This decision of the bank is a big blow for common account holders.

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Post Office Savings Account…

It is just like a bank savings account. The only difference is that in this you have to go to the post office to open the account. Under this, even a minor can open his account. It gives interest at the rate of 4%.

Post Office Monthly Income Scheme…

This scheme is for a period of up to 5 years, on which 7.4% interest is given on the amount deposited every month. Under this scheme, you can open your account with a minimum of Rs 1000 in a single holding account, while the maximum limit is Rs 9 lakh and the maximum limit in a joint account is Rs 15 lakh. Accounts opened under this scheme can be transferred from one post office to another across the country. In this, the account can be closed prematurely after one year, but if the original investment is withdrawn between 1 and 3 years, then 2% of the investment has to be paid as penalty and if withdrawn after 3 years, then 1% penalty has to be paid.

Post Office Recurring Deposit or RD.

The annual interest rate on this is 6.7%. This scheme is for 5 years. In this you can deposit up to Rs 100 every month and there is no maximum investment limit. If you miss depositing money in your account in any month, you will have to pay a penalty of Rs 1 for every Rs 100. In this, you can withdraw up to 50 percent of your investment after one year.

Post Office Time Deposit…

In this you can open your account with Rs 1000 and there is no maximum limit. In this, you get 6.9% interest on one year investment, 7.0% on two years, 7.1% on three years and 7.5% on investment up to five years. In this too, the account can be transferred from one post office to another.

Kisan Vikas Patra…

In this, compound interest is available at the rate of 7.5% per annum. In this, the investment amount doubles after every 115 months. In this, the minimum investment amount is Rs 1,000 and there is no maximum limit. Under this scheme, you can invest for 10 years.

Public Provident Fund or PPF…

It offers interest at the rate of 7.1% per annum on investment for 15 years. In this, you can open your account with Rs 500. Opening a joint account is not allowed in this. There is no minimum or maximum age limit to avail the benefits of this scheme.

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The Reserve Bank of India (RBI) has issued instructions to banks and NBFCs (non-banking financial companies) regarding nominee (legal heir). According to this, nomination is now necessary for every Fixed Deposit (FD), savings account and locker. RBI has ordered all banks to get nomination from every old and new customer. The purpose of the nomination facility is to reduce the difficulties of family members on the death of the depositor / depositors and to settle claims quickly. The central bank circular states that nominees are not available in a large number of deposit accounts. Know why nomination is necessary…

What is the reason?

According to the Economic Times report, RBI has found that many accounts do not have nomination. In such a situation, if the account holder dies, his family members have to face a lot of problems. With nomination, if any family member passes away, the nominee will easily get the money from his savings account, FD or locker without any delay or legal hassle.

What are the instructions?

According to the RBI circular of Friday, the instructions for nomination for scheduled commercial banks (SCBs – except RRBs), primary (urban) co-operative banks (UCBs) and deposit taking NBFCs have been included in the master circular. In these rules, banks have also been told to explain the benefits of nomination to the people and provide information about it everywhere.

How will monitoring be done?

According to the new RBI directive, the Customer Service Committee (CSC) or the Board of Directors will regularly review the nomination status. From March 31, the progress report will be given every quarter through the DAKSH portal. Changes will also be made in the account opening form so that the customer can choose a nominee or refuse nomination. RBI has said that campaigns should be run from time to time.

Who is a nominee?

A nominee in an account or investment is a person whom the account holder wants to receive his money after his death. When you open an account or add a nominee’s name later, it ensures that the account holder’s assets are passed on to that person. This person can be a family member or a friend or an acquaintance. The account holder can change the nominee’s name in his account whenever he wants.

Why is it necessary?

By having a nomination, the family can avoid legal hassles. If there is no nominee, then the family members or legal heirs have to go through a long and tedious process to get the property. If there is a nominee, then he just has to show his address, bank details and identity card and the money will be transferred in his name.

Essential to avoid hassle

Due to the absence of a nominee, the family of the deceased may face legal hurdles in getting money from the bank/insurance company. Sometimes a distant relative or an unknown person also declares himself as the heir. In such a situation, the matter becomes more complicated. If there is a dispute among the family members, then the matter goes to the court. It may take 6 months or several years to decide. To avoid this problem, get the name of a nominee registered in your account today itself.

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We keep our savings in savings accounts. But, there is a limit to this as well. If we have more money in our account than this limit, then we can come under the radar of the Income Tax Department. Many people are still unaware of this. In this article, we will tell you what are the rules of the Income Tax Department regarding savings accounts.

Information will have to be given on transactions more than this

According to financial experts, the total amount deposited in a savings account in a financial year should not exceed Rs 10 lakh. If it exceeds this limit, then information about it will have to be given to the Income Tax Department. At the same time, according to Section 269ST of the Income Tax Act, the account holder can transact Rs 2 lakh in a day. If he transacts more than that, he will have to explain the reason to the bank.

Banks also provide this information

According to the rules, if a person deposits Rs 50,000 or more in a day, he has to inform the bank about it. Apart from this, the account holder also has to provide his PAN details. If the account holder does not have a PAN, he has to submit Form 60 or 61. At the same time, transactions of more than Rs 10 lakh are considered high-value transactions. The bank gives information about such transactions to the Income Tax Department.

What to do if you receive a notice?

Many times, for some reason, we make such a big transaction and do not inform the Income Tax Department about it. In such a situation, we get a notice from the department. Now the question arises that what should we do in this situation? If you get such a notice, then you should respond to it. Along with the reply to the notice, you should also give information about the documents related to it. These documents include statements, investment records, or assets etc. According to experts, if you have any problem in responding to the notice or regarding the documents, then you can consult a financial advisor.

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RBI has ordered all banks to get nomination from every old and new customer. The purpose of the nomination facility is to reduce the difficulties of family members on the death of the depositor / depositors and to settle claims quickly. The central bank circular states that nominees are not available in a large number of deposit accounts. Know why nomination is necessary…

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According to financial experts, the total amount of cash deposited or withdrawn from a savings account in a financial year (April 1 to March 31) should not exceed ₹ 10 lakh. If this limit is exceeded, the bank will have to report this transaction to the Income Tax Department. Apart from this, under Section 269ST of the Income Tax Act, it is prohibited to receive cash of ₹ 2 lakh or more from any person in a day.

Informing the bank is mandatory

If cash deposits of ₹50,000 or more are made in a savings account in a single day, then PAN card details must be provided. If you do not have PAN, you will have to submit Form 60 or 61. According to Abhishek Soni, CEO and co-founder of Tax2Win, “Cash deposits of more than ₹10 lakh are classified as high-value transactions. The bank or financial institution has to report this transaction to the Income Tax Department under section “Payments made under section 114B”.

What to do with an income tax notice?

If you receive a notice from the income tax department for a high-value cash transaction, you should have sufficient documentation to support the source of the funds. This may include bank statements, investment records, or inheritance documents. Experts suggest that if you have any doubts about reporting a transaction, it is better to consult an experienced tax advisor.

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Talking about the facilities of this savings account, it includes benefits like dedicated women financial experts, customized basket of stocks and help in their health, lifestyle and family.

Why did Axis Bank launch savings account for women

According to the latest data from the National Statistical Office (NSO), women’s share in India’s total bank deposits is only 20.8 percent. At the same time, women’s share in all bank account holders is 36.4 percent. Women’s deposits in metropolitan areas are only 16.5 percent, while in rural areas it is 30 percent. This shows that there is a need to remove financial inequality and increase women’s participation. Axis Bank claims that its ARISE Women’s Savings Account will play an important role in this direction.

Amitabh Chaudhry, MD & CEO, Axis Bank said, “The current financial landscape cannot be a one-size-fits-all solution anymore. It is time to focus on the specific challenges and opportunities faced by women. The Arise Savings Account will go a long way in helping women reach their power and potential. We believe that empowering women financially creates a ripple effect that strengthens families, communities and the nation as a whole.”

Family Banking Programme- Benefits extended to three family members. Includes option to link children’s accounts even without initial deposit.Locker benefits: No rent for small and medium lockers for the first year. From the second year onwards, 50% discount will be given on normal rates.

Arise Debit Card- High transaction limit of Rs 5 lakh at POS and Rs 1 lakh at ATM. Lounge access and reward points included.

Complimentary Neo Credit Card – Includes instant 10% discount on BookMyShow (upto Rs 100/month), up to 40% off on Zomato orders and 1 Edge Reward point on every Rs 200 spent.

Financial Benefits of ARISE Women’s Savings Account

• Financial guidance by women experts.
• Exemption from AMC in the first year for Demat account.
• Option to invest in a customized basket of stocks.
• Recommend Stocks at 50% Discount on SmartEdge

Healthcare benefits

• Up to 70% off specialty diagnostic tests for women, including pap smears, mammograms and cancer screenings.
• Unlimited consultations with top hospital specialists including general physicians, nutritionists, psychologists and pediatricians.
• Up to 10% discount on pharmacy prescriptions, access to wellness sessions including unlimited on-call consultations with dermatologists.

Lifestyle offers and discounts

• Exclusive childcare benefits with FirstCry Club membership.
• Free Swiggy One Membership.
• Get up to 10% off on beauty & fashion products at Nykaa.

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What is auto sweep service?

Auto sweep service is a facility under which when there is more money in your savings account than a certain amount, that amount is automatically transferred to fixed deposit. This means that you keep depositing money in your savings account and when that amount exceeds a certain limit, that amount will automatically be converted into fixed deposit on which you will get more interest.

Benefits of Auto Sweep Facility

• The interest on fixed deposits is much higher than the interest on savings accounts. This way you can earn higher returns on your money.
• You do not need to go to the bank every time to make a fixed deposit. This work is done automatically.
• You can break your fixed deposit and withdraw the money at any time.
• If you want to invest but do not know where to invest then auto sweep facility can be a good option for you.

How does the Auto Sweep feature work?

You can activate the auto sweep facility by visiting your bank or through online banking. You just have to decide how much amount is there in your savings account after which that amount will be transferred to the fixed deposit. Once you set this limit, everything else happens automatically.

Which banks provide auto sweep facility?

Auto sweep facility is a great way to make your money work. If you want to earn more interest on your savings account then you must try the auto sweep facility. Almost all banks offer auto sweep facility. You can get more information about this facility by visiting your bank’s website or mobile app.

How to enable Auto Sweep Facility?

Let us tell you that different banks provide this service according to their convenience. Here we are telling the process of activating this facility for the customers of State Bank of India (SBI). You can activate the auto sweep facility in SBI in two ways. You can do it easily through internet banking or YONO app.

Through Internet Banking:

• Firstly, log in to your SBI internet banking account.
• Go to the menu and select “Fixed Deposit” option.
• Then click on “More” option.
• Here you will find the option of “Auto Sweep Facility”, click on it.
• Now you have to select the account in which you want to enable this feature.
• Next, you have to set the amount above which the additional amount will automatically be transferred to the fixed deposit.
• Also, you have to choose the tenure of the fixed deposit.
• After filling all the information, click on the “Submit” button.
• You will need to enter an OTP or transaction PIN/password.
• This facility will be activated in your account within a few days.

Through the YONO app:

• Open YONO app in your mobile.
• Go to the menu and select “e-fixed deposit” option.
• Then choose the option “Multi Option Deposit”.
• Now you have to select the account in which you want to enable this feature.
• The rest of the process is the same as internet banking. You have to specify the amount and period and then submit.
• This service will be activated after entering OTP or transaction PIN/password.

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According to the website of Kotak Mahindra Bank, the new interest rates are applicable from October 17, 2024. This cut in interest rates has been made in the new bracket introduced by the bank.

Start of new bracket

Kotak Mahindra Bank has introduced a new bracket. Under this bracket, the interest rate on savings accounts with an amount less than Rs 5 lakh has been reduced by 50 basis points. The interest rate has been reduced from 3.5% to 3%. Let us tell you that earlier there were only two slabs for the bank’s savings accounts. In the first slab, the interest rate was 3.5% on an amount less than Rs 50 lakh and 4% on an amount more than Rs 50 lakh.

However, now the bank has created three slabs. One of these slabs is less than Rs 5 lakh. Its interest rate is 3% per annum. At the same time, the interest rate on the amount from Rs 5 lakh to Rs 50 lakh is 3.5%. After this, the interest rate on the amount more than Rs 50 lakh is 4%.

There is no change in the interest rate of FD

Kotak Mahindra Bank has not revised the interest rate on fixed deposits. The bank is offering interest rates between 2.75% to 7.40% for general citizens and 3.25% to 7.90% for senior citizens. These rates are effective from June 14, 2024.

Meanwhile, Kotak Mahindra Bank has announced its plan to acquire the personal loan book of Standard Chartered Bank India. This includes a total outstanding loan amount of about Rs 4,100 crore (about $490 million). These loans fall under the category of standard loans as per the guidelines set by the Reserve Bank of India. The proposed transaction is expected to be completed by September 30, 2024.

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Do you want to know what are the advantages of keeping multiple accounts in the same bank? Is it right to keep two or more accounts in the same bank? What are its advantages and disadvantages? Let’s know… 

You can open multiple accounts in the same bank

You can have multiple savings accounts in the same bank. Most banks do not have any limit on how many accounts you can open. You can open different accounts according to your different needs. Let us tell you what are its benefits. 

Also Read: SEBI changes mutual fund rules to curb front-running, insider trading

Benefits of having two or more bank accounts (Benefits of Multiple Savings Accounts)

• Use your money wisely: You can divide your money for different purposes. For example, keep money for everyday expenses in one account and save money in another for something special, like a vacation or buying a house.
• Higher interest: Many times the bank gives different interest on different accounts. In such a case, you can get higher interest.
• Money will be safe: If there is any problem in one account, the money in your other account will be safe.

Drawbacks of Holding Multiple Accounts

• You will have to pay more charges: If you do not maintain the minimum balance, the bank can charge maintenance fees. If you are unable to maintain the minimum balance in every account, you may have to pay more fees.
• Difficult to manage: Having multiple accounts can make them difficult to manage. Managing the balance, transactions and statements of each account becomes a bit complicated. You will have to look at two different statements and ensure that there are no errors or omissions in both accounts.

Pay attention to these things before opening two accounts

There are some advantages of having two accounts in the same bank, but there can be some disadvantages too. Therefore, before opening a bank account, think about what you need and what you don’t. If you think that you can handle both the accounts well and they will be beneficial for you, then you can open two accounts.

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Most people have a savings account in some bank or the other. Savings account means savings account and many people use it to deposit cash and sometimes to withdraw large amounts at once. But do you know that there are some rules related to it and if you do not follow them, you may have to pay a penalty. Today we will tell you about those rules.

Also Read: Bank License Cancelled: The Reserve Bank of India (RBI) has cancelled the license of this bank, check details

Rules for depositing money in savings account:

As per the income tax rules, there is a limit on cash deposits in savings account. You can deposit up to 1 lakh rupees in cash in a day. According to a Forbes report, if you deposit 10 lakh rupees or more in a financial year, you will have to inform the IT department. But if you have a current account, the limit is 50 lakh rupees. According to the report, it is a rule for financial institutions to report transactions above these limits to the Income Tax Department.

[ The Income Tax Department has set this limit to keep an eye on the cash transactions of savings accounts, current accounts and financial institutions so that money laundering, tax evasion and other illegal financial activities can be prevented. ]

Know what is section 194A

If you withdraw more than Rs 1 crore from your savings account in a financial year, then 2% TDS will be deducted on it. Those who have not filed ITR for the last three years will have to pay 2% TDS, that too only on withdrawal of more than Rs 20 lakh and if such people have withdrawn Rs 1 crore in a financial year, then 5% TDS will be levied on them.

Section 269ST

Under Section 269ST of the Income Tax Act, if a person deposits Rs 2 lakh or more in cash in a particular financial year, then a penalty will be imposed on it. However, this penalty is not imposed on withdrawing money from the bank. Let us tell you that TDS deduction is applicable on withdrawals above a specific limit.

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If you earn money in other ways besides salary, then this news is useful for you. This is because generally income tax is levied on every income. This not only includes salary, but apart from salary, it also includes many other things like interest from savings, income from home, side business, capital gains etc. But there are some income sources on which not even a single rupee is taxed. Today we are going to tell you about 10 such incomes, where not even a single rupee is taxed.

There is no tax on this income

Earning from EPF

Income tax exemption is available under Section 80C of the Income Tax Act on the amount deposited by you in the PF account. Tax exemption is also available on the amount deposited by the employer in your EPF account. The condition in this is that this amount should not be more than 12% of your basic salary. If the amount is more than this then you will have to pay income tax on the remaining amount.

Returns up to Rs 1 lakh from share or equity mutual funds

If you have invested in Shares or Equity Mutual Fund, then the return of up to Rs 1 lakh on selling them after one year is tax free. This return is calculated under LTCG. In last year’s budget, LTCG tax has been imposed on returns of more than Rs 1 lakh received from investment in shares or equity mutual funds.

Wedding gifts

If a gift is received from friends or relatives at a wedding, then there is no need to pay tax on it. The condition in this is that you should have received the gift around your wedding. If your wedding is on March 16 and the gift is given after six months, then there will be no income tax exemption on it. Along with this, the value of the gift should not exceed Rs 50,000.

interest on savings account

If you get interest of up to Rs 10,000 in a year from your bank’s savings account, then you get exemption from income tax on it under Section 80TTA of the Income Tax Act. If the interest on savings account is more than Rs 10,000 annually, then you will have to pay income tax on the additional amount.

Profit received from partnership firm

If you are a partner in a firm, then the amount you receive as Share of Profit is free from income tax liability. In fact, your partnership firm already pays tax on it. Income tax exemption is only on the profits of the firm, not on the salary you receive.

Amount received on life insurance claim or maturity

If you have purchased a life insurance policy, then the amount received by you at the time of claiming it or on its maturity is completely free from Income Tax. The condition in this is that the annual premium of your life insurance policy should not exceed 10% of its sum assured.

If the premium in a life insurance policy is more than this, you will have to pay income tax on the additional amount. If you have taken a life insurance policy for someone in your family who is disabled or suffering from a serious illness, then the premium amount can be up to 15% of the sum assured.

Amount received in VRS

Many people take voluntary retirement (VRS) from job. If you have also taken VRS, then the amount received up to Rs 5 lakh is free from Income Tax. This facility is only for employees working in government or PSU (public sector companies), not for people working in the private sector.

inherited property

If you have also inherited property, jewelery or cash from your parents, then you do not have to pay income tax on it. Even if someone had made a will in your name and you have received property or cash from him, you do not have to pay income tax on it. You will have to pay tax on future income or interest income from such property as per your tax slab.

Agricultural income

If you have agricultural land and you are earning from farming or related activities, then you do not have to pay any income tax on that income. Agricultural income also includes its produce, amount received as rent etc. If you do farming by building an agricultural farm, then the income from it is also free from Income Tax.

On feeding and feeding in business

If you are a businessman then you have to meet many types of people during your business. This includes customers, vendors and other employees. The cost of feeding them is also included in the process of business. You should keep a bill for such expenses and present them as business expenses. If you adopt this process then you can save income tax on this amount.

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In today’s time, every person has a bank. Actually, there are two types of bank accounts, one is current account and the other is saving account. Many people do not maintain minimum balance in their savings account. It is very important to maintain minimum balance in the bank account.

If a person does not maintain the minimum balance in his savings account, he may have to pay a fine. The minimum balance limit of all banks is different. In such a situation, the question often arises that if the account holder has a zero balance account, do they also have to maintain minimum balance?

Zero balance account –
You can open a zero balance account in many banks. In this, the customer is not required to maintain minimum balance. According to the official website of Bank of Baroda, if a person has opened a zero balance account then he is not required to maintain minimum balance. In such a situation, bank holders can do free transactions. Apart from this, there is no transaction in zero balance.

Whereas customers who do not have a zero balance account have to maintain minimum balance in their account. Come, let us know what is the minimum balance criteria of which bank in the country.

State Bank of India-
SBI Bank has recently abolished the monthly minimum balance in savings account. Before this, bank customers had to keep Rs 3,000, Rs 2,000 or Rs 1,000 in their account.

HDFC bank-
HDFC Bank customer has to maintain minimum balance in the savings account. The minimum balance criteria in the city is Rs 10,000. Whereas in semi-urban branch this limit is Rs 2500.

ICICI Bank-
There is a need to maintain minimum balance in the savings account in ICICI Bank also. The customer has to keep at least Rs 10,000 in his account. Whereas account holders of semi-urban branches have to maintain a minimum balance of Rs 5,000.

Canara Bank-
A Canra Bank customer also has to keep at least Rs 2,000 in his account every month. Bank account holders in semi-urban areas have to maintain a balance of Rs 1,000 and account holders in rural areas have to maintain a balance of Rs 500.

Punjab National Bank-

Punjab National Bank (PNB) customers have to maintain a balance of Rs 10,000, semi-urban customers have to maintain a balance of Rs 2,000 and rural area customers have to maintain a balance of Rs 1,000.

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Post Office Savings Account: Whether you want to take advantage of any scheme or do any money related transaction, it is very important to have a savings account for all this. Therefore, today most of the people have a savings account.

Some people even have more than 1 account. Although most of the people prefer to open this account in the bank, but like the bank, you can also open a savings account in the post office. It has many benefits about which people are not aware. Let us tell-

Get better interest from banks

Whatever amount is deposited in the savings account, interest is given by the banks from time to time, but this interest usually remains around 2.70% to 3%. But you get much better interest on post office savings account than banks. See here the details of interest available on regular savings accounts of major banks and post offices-

• Interest on Post Office Savings Account: 4.0%
• Interest on SBI Savings Account: 2.70%
• Interest on PNB Savings Account: 2.70%
• Interest on BOI Savings Account: 2.90%
• Interest on BOB Savings Account: 2.75%
• Interest on HDFC Savings Account: 3.00% to 3.50%
• Interest on ICICI Savings Account: 3.00% to 3.50%

Minimum deposit Rs 500

Whether you open a savings account in a bank or a post office, it is very important to maintain minimum balance in your account at all places. Otherwise you have to pay penalty. Generally, the minimum balance limit on regular savings account in banks is at least Rs 1000, but post office savings account can be opened for a minimum of Rs 500.

These are also the facilities like a bank

Like a bank, you also get many types of facilities on post office savings account. On opening an account, you get the facilities of chequebook, ATM card, e-banking/mobile banking, Aadhaar linking etc. Apart from this, you can also avail the benefits of Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana run by the government on this account.

Who can open an account

Any adult person can open an account in the post office. Apart from this, two people can also open their account jointly. If an account is to be opened for a minor, his parents or legal guardian can open the account on his behalf.

Whereas a minor above 10 years of age can open an account in his own name. After attaining adulthood, the minor has to submit the new account opening form and KYC documents in his name to the concerned post office to get the account transferred in his name.

Charges have to be paid for these

If the amount in the post office savings account is less than Rs 500 and at the end of the financial year it remains below this limit, then a maintenance fee of Rs 50 is deducted.

• To get a duplicate passbook issued, you have to pay Rs 50.
• For issuing account statement or deposit receipt, Rs 20 each have to be paid.
• It costs Rs 100 each for account transfer and account pledge.
• It costs Rs 50 to change or cancel the name of the nominee.
• In a year you can use 10 check book leaves without any charge, and after that there is a charge of Rs 2 per leaf.

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If you want to save tax for this financial year, there is still time. If you want to save tax before the end of the financial year, then you have only two months and a few days left. In such a situation, the easiest way is section 80C. But, apart from this, if you want to get tax exemption then there can be other good options. Today we will tell you about such options, where tax saving of up to Rs 4 lakh can be done.

There is a tax exemption of Rs 7 lakh in the new tax regime. But, in the old tax regime, the easiest way to get tax exemption is available only in Section 80C (Tax Saving Section 80C). But, here the discount is available only up to Rs 1.5 lakh. However, there are some options other than Section 80C.

1. Rebate on interest on savings account

Under Section 80TTA of Income Tax, interest received on deposits in savings account comes under the ambit of tax exemption. Tax exemption can be claimed on annual interest up to Rs 10,000. At the same time, senior citizens get tax exemption on interest up to Rs 50,000 annually under Section 80TTB on various savings accounts.

2. National Pension Scheme (NPS)

Tax exemption of up to Rs 50 thousand is available on investing in NPS. This exemption is available in section 80CCD (1B). This means that if your annual income is taxable then you can get a rebate of up to Rs 50 thousand by investing here.

3. Health Insurance (80D)

There is tax exemption on health insurance premium in section 80D of Income Tax. Who is included in the policy, what is their age, you can claim tax exemption from ₹ 25,000 to ₹ 1 lakh. You can claim Rs 25000 each for yourself and your parents.

4. Home Loan (80EE)

There are two types of tax exemptions available on home loan repayment. There is tax exemption up to ₹ 1.5 lakh under 80C on the principal amount. At the same time, under Section 24, there is tax exemption on interest up to a maximum of ₹ 2 lakh. Apart from this, the government gives additional exemption on home loan interest under Income Tax Section 80EE to those buying their first house. There should not be any other house in your name. Under this section you can claim additional tax up to Rs 50,000. The condition is that the price of the property should be less than Rs 50 lakh and the loan should be Rs 35 lakh or less.

5. Exemption on donation to charitable institute

If you do charity, you can save tax on this also. Exemption on charitable amount can be claimed under Section 80CCC of Income Tax. Donation made to a recognized charitable institution comes under the ambit of tax exemption. However, exemption is not available on the entire donation. You can avail tax exemption on amounts more than Rs 200.

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It is around 2.5% to 4%. Different banks offer different interest on savings accounts. But do you know that you can also avail the benefit of interest on fixed deposits on your savings account?

Banks provide a facility to customers on savings or current accounts, which is called Auto Sweep Facility. If you have a good amount of money in your savings account then you can avail this facility. In this you will get double benefits. Firstly, you will continue to use the account as a savings account and can transfer money from it whenever you want, and secondly, you will also get FD interest on the account. But to take advantage of it, you have to enable this service. Know what is auto sweep facility.

Know whether auto-sweep facility

By adding auto-sweep facility to a savings account, an automated feature is added to your account. In this, a limit is fixed in the savings account. If the amount exceeds that limit, it is automatically converted into fixed deposit i.e. FD and you get FD interest on that amount. If the balance in the account is less than that limit, the FD money is automatically returned to the savings account. In this way, you continue to get the benefits of both savings account and FD on your same account.

Benefits of auto-sweep facility

Generally, the interest received on savings account is much less as compared to FD, but you can also get 5 to 7% interest on FD. In such a situation, by adding auto sweep facility, you can get good returns through FD on savings account.

When you get an FD, interest has to be deposited in it for a certain period. If you break the FD midway, you have to pay a penalty. But because this FD is added to the savings account, you are not under any such bondage. You can withdraw money from your account anytime.

How will this service start?

Banks provide different mediums to provide this service to their customers. Here we are telling the methods to start this facility for SBI customers. SBI customers can activate it through internet banking and YONO app. Know its process-

– Sign in to Internet Banking and go to Fixed Deposit option from the menu.

– Clicking on “More” option from the drop down menu will open the Auto Sweep Facility page. Click on its link here. 

– After this, select the account in which you want this feature and fix your amount. Here you will also have to choose the time frame of the deposit.

– After this click on OK and submit it. You will have to enter OTP or transaction PIN/password here. Your bank will enable this service in the next few working days.

How to enable this feature on YONO app

– Go to the mobile app and open the option of “e-fixed deposit” from the menu.

– Here select the option of Multi Option Deposit from the menu and select the account in which the feature is to be enabled. 

– Submit. After this you will be asked to enter OTP or transaction PIN/password. Once the process is completed by the bank, this feature will be enabled in your account.

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Speaking on the occasion, Rajneesh Karnataka, Managing Director and CEO, Bank of India, said that the Bank is ready to expand its savings customer base with these newly upgraded savings accounts. It has been equipped with many great features. In such a situation, it becomes important for you to know what benefits you will get after these latest changes.

Now these benefits will be available in the savings accounts of Bank of India

After upgraded savings accounts of Bank of India, customers will be given accidental death insurance cover of up to Rs 1 crore 50 lakh. Apart from this, customers will also be able to get air accident insurance up to Rs 1 crore on savings accounts only. Platinum Savings Account holders will get the benefit of free locker facility.

Apart from this, International Debit cum ATM card will also be given. You will get the benefit of facilities like concessional interest rate on retail loan, discount on processing fees and limit of up to Rs 5 lakh on POS.

Bank of India also changed the interest rate of FD

Apart from this, Bank of India has also changed the interest rate of Fixed Deposit (FD). Now Bank of India is offering interest rates between 3% to 7.25% to common citizens on FDs maturing in seven days to ten years. According to the website of Bank of India, these rates are effective from October 1, 2023.

According to the information received from the Bank of India website, senior citizens will be offered 25 Bps extra interest in addition to 50 Bps for a tenure of 3 years or more on their FD of less than Rs 2 crore.

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If you have opened a savings account in the post office, then some rules are changing for you. The government has announced some changes for post office savings accounts, this includes increasing the number of joint account holders and changing the withdrawal rules. Regarding this, notification of Post Office Savings Account (Amendment) Scheme, 2023 was issued in July. Let us know what has changed for you now.

1. Joint Account

Till now you could open post office savings account in two joint account holdings, but now it has been increased to three. Regarding this, it was said in the notification that in sub-paragraph (1), clause (b) of paragraph 3 of the Post Office Savings Account Scheme, 2019, instead of “two adults jointly”, “maximum three adults jointly” will now be taken. Will take.

2. Withdrawal

The withdrawal form has been changed from Form 2 to Form 3. To withdraw even Rs 50, you will have to show your passbook. That is, to withdraw amount above Rs 50, you will have to fill the form, sign it and give it along with the passbook. Apart from this, minimum balance requirement may be imposed on withdrawals through check and electronic methods. That is, if you are withdrawing money through these methods, then this facility will be available only when there is money in your account above the minimum balance limit.

3. Interest

Now as per the New Post Office Savings Account (Amendment) Scheme, 2023, “In the principal scheme, in paragraph 5, in sub-paragraph (5), for the words “at the end of the month”, the words “at the end of the month” shall be used.

The lowest balance in an account between the 10th day and the end of the month will receive interest at the rate of 4% per annum. This interest will be calculated and paid to the account holder at the end of that year. If an account holder dies, his/her account will be Interest will be paid only at the end of the month preceding the month in which the account is closed.

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However, apart from convenience, there are some monetary benefits that you will get if you have only one savings bank account. Like you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 major disadvantages can be caused by keeping more accounts

Can be a victim of fraud

Having more than one bank savings account means the account is likely to be inoperative, with the highest probability of fraud. This happens when a salaried individual changes job from one organization to another leaving behind the salary account. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Rating

Having more than one savings account can make it difficult for you to maintain the proper minimum balance in your bank account. In such a case, even a single mistake leading to a penalty will directly impact your CIBIL rating.

Service charge will increase

Having a bank account comes with various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have a single bank savings account, you will have to make a one-time payment, while the fee payment doubles in case of multiple banks.

Risk to your investment

It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.

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The rate of interest given on the amount deposited in the savings account varies from bank to bank. Some banks are giving interest between 7 to 8 percent depending on the balance amount of the savings account. Today we are telling you about some such banks which are offering the highest interest rate on savings account.

DCB Bank (up to 8 percent)

DCB Bank offers 7 to 8 percent interest depending on the balance on the savings account. This bank is giving 8.00 percent interest rate on balance from 10 crores to less than 200 crores in the account. These interest rates are applicable from 8 May 2023.

Fincare Small Finance Bank (up to 7.5 per cent)

Fincare Small Finance Bank is offering 7.5 per cent interest on Savings Account. Changes have been made in the interest rates on 1 August. Accounts with a balance of Rs 5 lakh to Rs 25 lakh will get a maximum interest rate of 7.25 per cent. 7.25 percent interest will be available on the balance from Rs 25 lakh to Rs 50 lakh. If the balance is between Rs 50 lakh and Rs 2 crore, then the interest will be up to 7.5 percent.

IDFC FIRST Bank (up to 7%)

IDFC First Bank is offering up to 7% interest on balances above Rs 10 lakh and less than Rs 5 crore. These new rates are applicable from 1 July 2023.

Suryoday Small Finance Bank (up to 7 per cent)

Suryoday Small Finance Bank is offering 7.00 per cent interest on savings accounts with a balance of Rs 5 lakh to Rs 2 crore. At the same time, interest of 6.75 per cent is available on the balance from Rs 1 lakh to Rs 5 lakh.

ESAF Small Finance Bank (up to 7.5 per cent)

ESAF Small Finance Bank is offering up to 7.5 per cent interest on balances between Rs 10 crore and less than Rs 2 crore in savings accounts. The bank is paying 7.25 per cent interest on the balance of less than 50 lakhs to 2 crores in the savings account and 7 per cent interest on the balance of less than 5 crores to 10 crores.

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Another advantage of this scheme is that one you are getting guaranteed returns every month, a fixed income is coming, secondly your principal amount, which is the principal amount, will be safe in the government scheme. And when your investment matures in five years, then you will get back your entire principal as well.

But how to double money in POMIS?

You can avail double benefit on the interest you are getting on your savings account. You can earn more on this by opening a Recurring Deposit from the interest you get every month under the Monthly Income Scheme. 6.9% interest on one year RD is compounded every quarter, that is, you get interest on interest, that is, you get profit on profit. This means if you have invested Rs 4.5 lakh in the Post Office Monthly Scheme, then you will not only get interest under this scheme on maturity, you will also get the interest of Recurring Deposit investment, ie double benefit.

Post Office Monthly Income Scheme calculator

5 lakhs investment (principal) + [3,083 (interest accrued every month) x 60 months] = 6,84,980

(5,00,000 + 1,84,980 interest)

Recurring Deposit (at 6.9% interest) for 60 months (5 years)

3,083 per month for 60 months i.e. 3,083 x 60 = 1,84,980

1,84,980 + 36,204 (Earnings from interest) = 2,21, 184

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Savings accounts continue to be the choice of a large number of people despite their low returns as compared to other avenues. The reason for this is the many wonderful facilities customers get with the savings account.

But what if you get good interest on savings account itself… Today we are going to tell you about those 6 banks, which are currently giving up to 7% interest on savings account.

Airtel Payments Bank: This is a completely digital and paperless bank. It is paying interest at the rate of 7 per cent on savings account with a balance of Rs 1 lakh to Rs 2 lakh. At the same time, it is paying interest at the rate of 2 per cent on balance up to Rs 1 lakh.

ESAF Small Finance Bank: This bank is offering 4 per cent interest on balances up to Rs 5 lakh, while 6.5 per cent interest is being offered on balances above Rs 15 lakh.

Equitas Small Finance Bank: In this bank, interest is being given at the rate of 3.5 per cent up to Rs 1 lakh, 5.25 per cent from Rs 1 to 5 lakh and 7 per cent on balance above Rs 5 lakh.

Fincare Small Finance Bank: This bank is paying 6.11 per cent interest on balance between Rs 1 lakh and Rs 5 lakh and 7.11 per cent interest on balance above Rs 5 lakh.

Suryoday Small Finance Bank: This bank is paying 6.75 per cent interest on balance between Rs 1 lakh and Rs 5 lakh and 7 per cent interest on balance above Rs 5 lakh.

AU Small Finance Bank: In this bank, interest is being offered at the rate of 7% on balance more than Rs 25 lakh but less than Rs 1 crore.

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Along with this increase, this small finance bank is offering 4% to 9.10% annual interest on FDs to the general public. For senior citizens, the rates are around 50 basis points and even higher. This bank is offering interest rates ranging from 4.5% to 9.60% on FDs to senior citizens. The new rates have also come into effect from 5 May 2023.

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It is necessary to maintain  minimum balance (average monthly balance – AMB) in every bank’s savings account. The bank deducts charges on your savings account for non-maintenance of minimum balance. Here you are being told how much minimum balance you have to maintain in some banks.

State Bank of India (SBI)

The AMB requirement in SBI’s Basic Savings Account was spent in March 2020. Prior to this revision, SBI account holders in a metro area, semi-urban area and rural area had to maintain a monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 respectively. For non-fulfillment, a fine of between Rs 5 and Rs 15 was imposed every month.

HDFC bank

Savings account customers with HDFC Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi urban this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 2,500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

ICICI Bank

Savings account customers with ICICI Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi-urban cities, this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

Punjab National Bank

Savings account holders are required to maintain a balance of Rs 20,000 on a quarterly basis in Punjab National Bank branches in urban areas. 1,000 in semi-urban areas and Rs 500 in rural areas.

Kotak Mahindra Bank

Kotak Mahindra Bank savings account holders need to maintain an average monthly balance of Rs 10,000 in metro areas and Rs 5,000 in non-metro areas. If the minimum balance is not maintained, there will be a charge of 6% per month.

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According to the official website of the bank, these new rates have come into effect from December 12, 2022. The bank is now offering FDs of 7 days to 10 years to its customers. AU Small Finance Bank is offering interest ranging from 3.75% to 7.20% on FDs. A maximum interest of 7.25% is being given to retail investors in the savings account.

AU Small Finance Bank – FD Rates

The bank is offering 3.75% interest on FDs of 7 days to 1 month and 15 days. 4.25% on FDs from 1 month to 3 months, 5% interest is being given on FDs from 3 months 1 day to 6 months. 6 months 1 day to 12 months FD is paying 6.10 percent interest. Paying 7.35% interest on FDs of 12 months to 15 months. 7.20 percent interest is being received on FDs ranging from 15 months to 24 months. The bank is paying 7.75 per cent interest on 24-month FD. Paying 7.20% interest on FDs ranging from 45 months to 120 months. The bank is giving a maximum interest of 8.50 per cent to senior citizens.

AU Small Finance Bank is offering interest ranging from 3.75% to 7.98% on FDs.

AU Small Finance Bank Savings Account Interest Rate

The bank is offering an interest of 3.50% on a savings account of less than Rs 1 lakh. 5.00% interest is being received on savings account from Rs 1 lakh to Rs 10 lakh. 6.00% on savings account from Rs 10 lakh to Rs 25 lakh, 7.00% on savings account from Rs 25 lakh to Rs 1 crore and 7.25% interest on savings account balance from Rs 1 crore to Rs 10 crore Staying The interest on the savings account is determined on a daily basis.

This is the interest on savings account

1 to 99,999 – 3.50%

1 Lakh to 9,99,999 – 5.00%

10 Lakh to 24,99,999 – 6.00%

25 Lakh to 1 Crore – 7.00%

1 Crore to 2 Crore – 7.25%

2 Crore to 5 Crore – 7.25%

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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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If you are going to start your financial journey, then it is very important for you to have a savings account. Not only does your money remain safe in the savings account, but you also get low returns in it. Savings account interest is generally calculated daily based on the balance on the day the account closes and is paid quarterly.

In case of any emergency, you can withdraw money from the savings account. For those who want to open interest bearing deposit account, here we are telling which banks are providing interest rate up to 7.50%.

Ujjivan
Small Finance Bank Ujjivan Small Finance Bank is the only bank to pay the highest interest rate of 7.50% on deposits above ₹25 crore.

DCB Bank
DCB Bank is offering an interest rate of 7.00% on balances between Rs 25 lakh to Rs 2 crore. These interest rates are effective from August 22, 2022.

Equitas Small Finance Bank
Equitas Small Finance Bank’s savings account interest rates became effective from November 9, 2022. The bank is paying an interest rate of 7.00% on savings bank deposits above Rs.5 lakh and up to Rs.5 crore.

AU Small Finance Bank
Interest rates applicable to AU Small Finance Bank savings bank deposits are effective from October 10, 2022. The bank is offering an interest rate of 7% on balances ranging from Rs 25 lakh to less than Rs 1 crore.

Fincare Small Finance Bank
Interest rates applicable on savings bank deposits of Fincare Small Finance Bank are effective from July 1, 2021. The bank is offering an interest rate of 7% on savings account balances below Rs 5 lakh and Rs 1 crore.

Utkarsh Small Finance Bank
Interest rates applicable on savings bank deposits of Utkarsh Small Finance Bank are effective from June 01, 2022. On balance above ₹25 lakh in savings account, the bank is offering an interest rate of 7.00% p.a.

Unity Small Finance Bank
Interest rates applicable from January 22, 2022 are applicable on savings bank accounts in Unity Small Finance Bank. The bank is offering 7% interest on savings account balances of Rs 1 lakh to Rs 10 crore and above.

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People adopt many ways to invest. Post office is also included in these methods. The post office runs many types of schemes, with the help of which people can invest. These include the Post Office Savings Bank Scheme (Post Office Savings Account). In this people can keep their savings safe. At the same time, now people can also check their account details online and can also get information about their account statement online.

e-passbook facility

The Government of India has started the e-passbook facility for the Post Office Savings Bank Scheme. After the introduction of this facility, post office savings account holders will be able to access their post office savings bank account passbook online. With the introduction of the e-passbook facility, the Post Office Savings Bank Scheme is expected to become more digitized as account holders will be able to access the statement of transactions for any period of their choice.

You can see the statement yourself

Earlier people were limited to mini statements only. Now a post office savings account holder will be able to access their account details themselves and now they do not need to go to the post office for the same. Hence, after the launch of this ‘e-passbook facility’, post office savings bank account holders will have access to their entire bank passbook instead of just the mini statement. In such a situation, it can be checked online by following some steps.

Follow this step– Log in to the Post Office app,

– Go to Mobile Banking.
– Fill in your account information.
– Click on ‘Go’ button.
– You will be redirected to the post office account dashboard.
Here you will get the option to check balance and statement.
Click on Statement.
You will get the option of Mini Statement and Account Statement.
Click on the statement option.
– Select the period for which you want to view your post office account passbook details.
Download the statement or save it for future reference.

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With this step being taken by banks before Diwali, loans and EMIs on loans are getting expensive, which has a direct impact on the pockets of the people. However, the country’s largest public sector bank State Bank of India (SBI) has given a big relief to its customers on Tuesday. The bank has increased the savings account interest rates. The new rates increased by the bank have come into effect from October 15, 2022.

New rates applicable from October 15

According to the information received from the official website of SBI, the bank will now give interest at the rate of 30 bps or more on the savings deposited above Rs 10 crore. At the same time, no change has been made on savings deposited less than Rs 10 crore. On this interest will continue to be available at the rate of 2.70 percent as before.

Now 7 days to 10 years will get this much interest

Actually, SBI has taken this step after the increase in the repo rate of RBI. The bank will now give interest from 3 percent to 5.85 percent on FDs of 7 days to 10 years. Earlier, the bank was giving 2.90 percent to 5.65 percent interest on this. At the same time, senior citizens are offering interest from 3.5 percent to 6.65 percent on FD, whereas earlier these people used to get interest of 3.4 to 6.45.

Euro also increased FD interest rates

Apart from this, another bank has increased FD interest rates. Euro has increased the interest rates of FDs from 1 year to 4 years from 0.09 percent to 0.49 percent. At the same time, the interest rates for FDs of 4 years to 5 years have been kept constant.

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New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. At the same time, the public sector State Bank of India (SBI) has increased interest rates on savings accounts and fixed deposits (FD).

The new rates effective from October 15, 2022, 

SBI announced this on Saturday (October 15). The bank has increased the interest rates by up to 20 basis points on FDs and up to 25 basis points on savings accounts. SBI has revised its interest rate from 2.75 per cent per annum to 2.70 per cent per annum on savings account balance of less than Rs 10 crore. The bank has reduced the interest rate from 2.75 per cent per annum to 3.00 per cent per annum on savings account balance of Rs 10 crore and above.

SBI Video KYC Savings Account, Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, Savings Bank Account, Savings Account for Minors, Savings Plus Account, Insta Plus Video KYC Savings Account, SBI Video KYC Savings Account, Insta Plus Video KYC Savings Account for its customers. does.

RBI increased the repo rate by 0.5 percent to 5.9 percent Recently RBI increased the repo rate by 0.5 percent to 5.9 percent. This is its 3 year high. The RBI has taken this step to control retail inflation and to deal with the pressure generated by aggressive rate hikes by central banks of various countries. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August. Overall, since May till now, RBI has increased the repo rate by 1.90 percent.

Many banks have increased FD rates, let us tell you that recently RBL Bank, ICICI Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra

Bank, Canara Bank, Indian Overseas Bank etc. have also increased their fixed deposit rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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According to the official website of Bandhan Bank, if you have a balance of up to Rs 1 lakh in your savings account, then you will get interest at the rate of 3.00 percent. At the same time, 6.00 percent interest rate is available on the balance of 1 to 10 lakh rupees. At the same time, 6.25 percent interest rate is being offered by the bank on deposits of Rs 10 lakh to Rs 2 crore.

The bank will now give 6.00 percent interest rate on the daily balance of 2 crores to 10 crores in the savings account. Saving account holders will now get an interest rate of 6.00 percent on a daily balance of 10 crores to 50 crores in the savings account and savings account holders will now get the maximum interest rate of 6.50% on the daily balance of 50 crores to 100 crores in the savings account.

The above interest rates will be determined per day on the basis of the day-end outstanding balance of the accounts. In addition, according to Bandhan Bank, interest is paid on June 30, September 30, December 31 and March 31 of each calendar quarter.

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Changed rules on maturity of FD

Actually, RBI has made a big change in the rules of Fixed Deposit (FD) that now after the 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 give more than 5% interest on FDs with a long tenor 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 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 on FD is less than the interest on the savings account of that bank, then you will continue to get the interest on 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 this 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.

The post FD Rules Changed: RBI changed the big rules of FD, know otherwise there may be a big loss, check new rules immediately first appeared on Rightsofemployees.com.

Income from interest- If you have received interest from savings account, term deposit and FD of bank or post office, then definitely provide the information about it. The interest earned becomes taxable after a certain limit.

Income from Capital Gains- Income received from sale of shares, property and securities etc. The tax rate on capital gains varies. It can range from 10 per cent to 20 per cent in different cases. There are 2 types of capital gains. Long term and short term.

Gift- Gifts to you in a financial year or any amount received from your family members or property can be taxable. Therefore, do not forget to enter its information in the ITR form. It is worth noting that there is no tax on gifts up to Rs 50,000 in a year.

Prize or Lottery- If you have received any amount in prize or lottery, then the total amount is taxed at the rate of flat 30 percent. Therefore, give this information to the government as well and avoid any kind of trouble.

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Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

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