FD interest of up to 8.35% on senior citizen FDs maturing between one year and less than two years: List of banks offering best rates There are many private sector banks who are offering an FD of such high interest rate, so hurry up and book an fixed deposit with the banks offering such a high FD interest rate
This could be the best time to invest in fixed deposits (FDs) as multiple banks are offering high interest rates on deposits. Senior citizens even get a slightly higher interest rate on FDs than general citizens. If senior citizens are planning to invest in FDs that mature between one year and less than two years, they can check FD interest rates in these banks.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Do note all the interest rates are applicable for individuals aged above 60 years but below 80 years of age. These interest rates are available on FD amounts of up to Rs 3 crore.
Here are the best interest rates on FDs maturing in a year among public and private sector banks.
Bandhan Bank offers 8.35% interest on 1-year senior citizen FDs
Bandhan Bank offers an interest rate of 8.35% on FDs maturing in one year. This is the highest interest rate senior citizens can get on a one-year FD in any public or private sector bank, according to Paisabazzar.com.IndusInd Bank offers 8.25% on this senior citizen FD
IndusInd Bank offers an interest rate of 8.25% on FDs maturing between 12 months and 15 months.8% interest rate on senior citizen FDs
Private sector lender RBL Bank is offering an interest rate of 8% on FDs maturing between 12 months and less than 15 months.Bank name
Interest rate
Bandhan Bank
8.35%
IndusInd Bank
8.25%
RBL Bank
8%
DCB Bank
7.60%
Tamilnad Mercantile Bank
7.50%
DBS Bank
7.50%
Jammu & Kashmir Bank
7.50%
Karnataka Bank
7.50%
Source: Paisabazar.com as of July 3, 2024
7.6% interest rate on senior citizen FDs
DCB Bank is offering an interest rate of 7.6% on FDs maturing in one year.Banks offering 7.5% on senior citizen FDs maturing one and two years
Tamilnad Mercantile Bank is offering an interest rate of 7.5% on FDs maturing between one year and less than 400 days.Similarly DBS Bank is also offering an interest rate of 7.5% on FDs maturing between one year and 375 days.
Also Jammu & Kashmir Bank is also offering an interest rate of 7.5% on FDs maturing between one year and less than two years.
Karnataka Bank is also offering an interest rate of 7.5% on FDs maturing between one year and two years.
Senior citizens earning interest from FDs need to file ITR?
The ITR filing deadline for individuals not liable for income tax audit is July 31, 2024 for FY 2023-24 (AY 2024-25), the question is if senior citizens also need to file ITR. According to CA Abhishek Gupta, co-founder and managing partner, Pierag, "Senior citizens (aged 60-74) years must file ITR if their total income exceeds the basic exemption limit or if they have any other specified taxable income sources for FY 2023-24."Super Senior Citizens (75 years and above)
Gupta explains the rules for super senior citizens. He says that under Section 194P, senior citizens aged 75 and above are exempt from filing ITR if they meet specific conditions:They must be residents of India.Their income should only comprise pension and interest from the same specified bank where they receive their pension.They must submit a declaration to the specified bank, which will deduct the necessary TDS after considering deductions under Chapter VI-A and rebate under Section 87A.If these conditions mentioned above are met, the specified bank will take care of the TDS, and there will be no requirement for the super senior citizen to file an ITR," says Gupta. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
