FD rate up to 8.25%: Which bank is offering highest interest rate on one-year fixed deposits? Check full list The length of time you can deposit money varies from seven days to 10 years, and the interest rate also varies depending on the tenure
A fixed deposit (FD) is a type of deposit in which a specific amount of money is held for a set period of time. However, the person investing gets to decide the duration of the fixed deposit.#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;} If you wish to earn extra income by investing in fixed deposits, you have numerous choices. The length of time you can deposit money varies from seven days to 10 years, and the interest rate also varies depending on the tenure.
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Here are the top banks offering the best interest rates on one-year fixed deposits.
Bank Fixed Deposit RatesBank Name 1-year tenure (%)SMALL FINANCE BANKSAU Small Finance Bank7.25Equitas Small Finance Bank8.2ESAF Small Finance Bank6Jana Small Finance 8.25NorthEast Small Finance Bank7Suryoday Small Finance Bank6.85Ujjivan Small Finance Bank8.25Unity Small Finance Bank7.85Utkarsh Small Finance Bank8PRIVATE SECTOR BANKSAxis Bank6.7Bandhan Bank7.25City Union Bank7CSB Bank5DBS Bank7DCB Bank7.1Federal Bank6.8HDFC Bank6.6ICICI Bank6.7IDFC First Bank6.5IndusInd Bank7.75Jammu & Kashmir Bank7Karur Vysya Bank7Karnataka Bank7.1Kotak Mahindra Bank7.1RBL Bank7.5SBM Bank India7.05South Indian Bank6.7Tamilnad Mercantile Bank7YES Bank7.25PUBLIC SECTOR BANKSBank of Baroda6.85Bank of India6.8Bank of Maharashtra6.75Canara Bank6.85Central Bank of India6.85Indian Bank6.1Indian Overseas Bank6.9Punjab National Bank6.8Punjab & Sind Bank6.3State Bank of India6.8Union Bank of India6.8FOREIGN BANKSDeutsche Bank7HSBC Bank4Standard Chartered Bank7.5Source: PaisabazaarInterest rates as of 27 August 2024
What are the implications of booking an FD without PAN?
In the absence of PAN, following are the implications for customers:
TDS will be recovered at 20%(as against 10%)NO TDS credit from the Income Tax departmentNO TDS certificate will be issued (As per CBDT circular no:03/11)Form 15G/H and other exemption certificates will be invalid and penal TDS will apply.When is TDS deducted
TDS is deducted every time the Bank pays/re-invests interest during the Financial year.In addition TDS is also deducted on interest accrued(but not yet paid) at the end of financial year viz. 31st March.
Liability for TDS
If the aggregate interest that you are likely to earn for all your deposits held across branches in a customer id is greater than Rs.40,000/- (Rs.50,000/- for senior citizen) in a financial year , you become liable for TDS.
Note: Tax liability for TDS purpose is determined basis per pan no and not as per branch per pan no . Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor's income is included.
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This story originally appeared on: India Times - Author:Faqs of Insurances
