Highest FD rates: 5 banks offer up to 9% on 3-year fixed deposits; check the full list
Fixed deposit (FD) investors have one more reason to rejoice, as they still get around 9% interest rate on their deposits in select small finance banks. The high interest rate is being offered for deposits less than Rs 3 crore and to individuals aged below 60 years old. The tenure for these high-interest-rate deposits is three years.#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;} Here’s a list of small finance banks that are offering up to 9% interest rate on FDs maturing in three years
NorthEast Small Finance Bank FD rate
NorthEast Small Finance Bank is offering a 9% interest rate on its FD maturing in three years.Suryoday Small Finance Bank FD rate
Suryoday Small Finance Bank is offering an 8.6% interest rate on its FDs maturing in three years.Utkarsh Small Finance Bank FD rate
Utkarsh Small Finance Bank is offering an interest rate of 8.5% on its FD maturing in three years.
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Bank
Interest rate
NorthEast Small Finance Bank
9%
Suryoday Small Finance Bank
8.60%
Utkarsh Small Finance Bank
8.50%
Jana Small Finance Bank
8.25%
Unity Small Finance Bank
8.15%
Source: Interest rate data compiled by Paisabazaar as of 11 September 2024.
Jana Small Finance Bank FD rate
Jana Small Finance Bank is offering an interest rate of 8.25% on its FD maturing in three years.Unity Small Finance Bank FD rate
Unity Small Finance Bank is offering an interest rate of 8.15% on its FD maturing in three years.Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances.
When is TDS deducted from bank FDs?
According to the Bank of Baroda website as of September 14, 2024,” When one receives a payment, the person making the payment must deduct tax before paying. The tax thus deducted is called tax deducted at source (TDS), which the payee has to pay to the central government. Similarly, banks deduct a TDS when crediting interest on a fixed deposit to one's account. However, 10% TDS is deducted only when the amount of interest is above Rs. 40,000 for individuals other than senior citizens.”Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax refund.
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This story originally appeared on: India Times - Author:Faqs of Insurances
