Tax Saving FD Interest: If you also come under the income tax slab, then this news is useful for you. Under the old tax regime, you can reduce taxable income by showing investments in different sections of income tax. Up to Rs 1.5 lakh can be invested under Section 80C. There are two months left for the completion of the financial year. If you do not invest keeping tax planning in mind at this time, you may have to pay more income tax.

There will be tax saving by investing here also

Most of the employers have asked their employees to submit investment proof. In such a situation, you can also save tax through PPF, NPS, Sukanya Samriddhi Yojana (SSY), ELSS, PF or insurance premium by keeping in mind the investment options. To avoid any kind of risk, investors can also invest in tax saving FD. The interest rate available on this is lower than other FDs. Let us know about banks and their interest rates-

Interest rate up to 7 percent in these banks

Axis Bank, HDFC Bank and ICICI Bank are offering interest rates up to 7 percent on tax saving FDs. These banks offer the best interest rates among private banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.12 lakh in five years. Canara Bank is offering interest up to 6.7% on tax saving FD. This bank is giving the best interest among public sector banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.09 lakh in five years.

There will be tax saving by investing here also

Most of the employers have asked their employees to submit investment proof. In such a situation, you can also save tax through PPF, NPS, Sukanya Samriddhi Yojana (SSY), ELSS, PF or insurance premium by keeping in mind the investment options. To avoid any kind of risk, investors can also invest in tax saving FD. The interest rate available on this is lower than other FDs. Let us know about banks and their interest rates-

Interest rate up to 7 percent in these banks

Axis Bank, HDFC Bank and ICICI Bank are offering interest rates up to 7 percent on tax saving FDs. These banks offer the best interest rates among private banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.12 lakh in five years. Canara Bank is offering interest up to 6.7% on tax saving FD. This bank is giving the best interest among public sector banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.09 lakh in five years.

SBI is giving 6.5 percent interest

The largest public sector banks SBI and Bank of Baroda are offering interest up to 6.5 percent on tax saving FDs. Banks offering interest at this rate also include Punjab National Bank and Union Bank of India. By investing Rs 1.5 lakh here, you will get an amount of Rs 2.07 lakh on maturity in five years. Indian Bank is offering 6.25 percent interest on tax saving FD. Here an investment of Rs 1.5 lakh will increase to Rs 2.05 lakh in five years.

Bank of India is giving interest at the rate of 6 percent on tax saving FD. If you invest Rs 1.5 lakh here, this money will increase to Rs 2.02 lakh in five years. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, gives investment guarantee on FDs up to Rs 5 lakh.

The post FD Interest Rate : From SBI to HDFC, these banks are offering the highest interest on tax saving FDs. first appeared on Rightsofemployees.com.

SBI FD Interest Rate 2023: The country’s largest bank State Bank of India (SBI) has increased the interest rates on fixed deposits (FDs) of different maturities. SBI has increased interest rates by up to 0.25 percent on deposits with maturity of 1, 2, 3 and 5 years of less than Rs 2 crore. The new deposit rates of the bank (SBI FD Interest Rate 2023) have come into effect from 15 February 2023. Along with making loans costlier on behalf of banks, interest rates on deposits are also being increased. Earlier, SBI had increased the interest rates on FD on 13 December 2022. Let us understand how much the profit will increase in 1, 2, 3 and 5 years on FD of Rs 1 lakh after the new rates are implemented.

SBI: ₹1 lakh on 1 year deposit

SBI has increased the interest rates on deposits with maturity of 1 year from 6.75 per cent to 6.80 per cent. That is, the deposit rates have been increased by 0.05 percent. If you have deposited Rs 1 lakh for 1 year, then your profit will increase from Rs 1,06,923 to Rs 1,06,975. In this way, you will get more interest of Rs 52 at the new rates.

SBI: ₹1 lakh for 2 years deposit

SBI has increased the interest rates on deposits with maturity of 5 years from 6.25 per cent to 6.50 per cent. That is, the deposit rates have been increased by 0.25 percent. If you have deposited Rs 1 lakh for 5 years, then your profit will increase from Rs 1,06,398 to Rs 1,06,660. In this way, you will get more interest of Rs 262 at the new rates.

More benefits for senior citizens

SBI FD Interest Rate 2023: SBI offers half a percent (0.50%) more interest to senior citizens. At the same time, senior citizens get half a percent and more interest on deposits with a tenure of 5 years or more under the ‘WeCare Deposit’ scheme. That is, there will be a total benefit of 1 percent. Thus, if senior citizens deposit Rs 1 lakh in this scheme, then the benefit will increase from Rs 1,38,042 to Rs 1,44,995. In this way, at the new rates, the senior citizen will get a benefit of Rs 6,953. The benefit of ‘SBI Wecare’ can be availed till March 31, 2023.

Let us tell you, under Income Tax Section 80C on FD of 5 years, you can claim deduction up to 1.5 lakhs. All customers get the benefit of 5 year tax saver FD. Also know here that the interest received on FD is taxable.

The post SBI increased interest rates on FD! How much profit increased in 1, 2, 3 and 5 years on ₹ 1 lakh deposit first appeared on Rightsofemployees.com.

These are said to have high returns, but they carry high risk. In such a situation, instead of investing in them, now they are preferring to invest in bank FDs. Recently RBI has decided to increase the repo rate. Since then, all government and private sector banks are continuously increasing the interest rate on their savings accounts and fixed deposit accounts.

Many big banks of the country like State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank etc. have decided to increase their FD interest rates. have taken. So let us tell you about the interest rates from Rs 2 crore to the customers by PNB, SBI, HDFC Bank-

PNB FD interest rate 

7 days to 14 days – 3.00 percent
from 15 days to 29 days – 3.00 percent
from 30 days to 45 days – 3.00 percent
from 46 days to 90 days – 3.25 percent
from 91 days to 179 days – 4.00 percent
from 180 days to 270 days Till – 4.50 per cent
271 days to less than
1 year –4.50 per cent 1 year-5.30 per cent
1 to 2 years-5.30 per cent
2 to 3 years-5.50 per cent
3 to 5 years-5.50 per cent
5 to 10 years-5.60 per cent

SBI FD interest rate

7 days to 45 days – 2.90 per cent  
from 46 days to 179 days – 3.90 per cent
from 180 days to 210 days – 4.40 per cent
from 211 days to 1 year – 4.60 per cent
from 1 year to less than 2 years – 5.30 per cent
from 2 years to 3 Less than years – 5.35 per cent
3 years to less than 5 years – 5.45 per cent
5 years to 10 years – 5.50 per cent

HDFC Bank FD interest rate

7 days to 14 days – 2.75 per cent
from 15 days to 29 days – 2.75 per cent
from 30 days to 45 days – 3.25 per cent
from 46 days to 60 days – 3.25 per cent
from 61 days to 90 days – 3.25 per cent
from 91 days to 6 months Till – 3.75 per cent
6 months 1 day to 9 months – 4.65 per cent
9 months 1 day to 9 months – 4.65 per cent
1 year to 5.35 per cent
1 year 1 day to 2 years – 5.35 per cent
2 years 1 day to 3 years – 5.50 per cent
3 years 1 day to 5 years – 5.70 per cent
5 years 1 day to 10 years – 5.75 per cent

The post Fixed Deposit Rates: FD rates have increased, know how much interest is available in SBI, PNB and HDFC Bank first appeared on Rightsofemployees.com.