Top FD rate: Get up to 9% interest on fixed deposits maturing in three years; full list here
While the interest rate peak is largely behind us, there are still some banks which continue to offer high interest rates on fixed deposits for retail depositors, which is typically on amounts less than Rs 3 crore. Moreover, senior citizens can get an even higher interest rate on fixed deposits, which is typically higher by 0.25% to 0.50%.#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 is the full list of banks offering up to 9% interest on FDs for three-year tenure for individuals less than 60 years of age and for fixed deposits less than Rs 3 crore.
North East Small Finance Bank FD rate
North East Small Finance Bank is offering a 9% interest rate to general citizens on its FD maturing in three years.Suryoday Small Finance Bank FD rate
Suryoday Small Finance Bank is offering an 8.6% interest rate to general citizens on its FD maturing in three years.Utkarsh Small Finance Bank FD rate
Utkarsh Small Finance Bank is offering an 8.5% interest rate to general citizens on FDs maturing in three years.
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Source: Paisabaazar.com as of November 20, 2024
Jana Small Finance Bank FD rate
Jana Small Finance Bank is offering an 8.25% interest rate on FDs maturing in three years.Unity Small Finance Bank FD rate
Unity Small Finance Bank is offering an 8.15% interest rate on FDs maturing in three years.Equitas Small Finance Bank FD rate
Equitas Small Finance Bank is offering an 8% interest rate on FDs 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.
How to prevent TDS from getting deducted in a bank FD
According to the Bank of Baroda website as of November 25, 2024, banks deduct tax deducted at source (TDS) when the interest component is above Rs 40,000 for individuals other than senior citizens. However, keep in mind that this is not any additional tax, you can get a refund of TDS or adjust the TDS amount with your income tax liability depending on your situation. If you don't have any tax liability, then you will get a TDS refund, and if you have a tax liability then you can adjust the TDS with it. All this is only possible if you file your income tax return (ITR).Also, if an individual's income is below the basic exemption limit, then he/she can submit Form 15G (for people with age below 60 years) to his/her bank and there will be no TDS deduction therafter.
"When a depositor's annual income is less than Rs 2.5 lakh (or Rs 3 lakh for senior citizens) and tax due is nil, then the depositor must file Form 15G or Form 15H with the bank requesting the bank to not deduct TDS on interest income from FDs exceeding Rs 40,000 or, in the case of senior citizens, Rs 50,000," Bank of Baroda mentioned on its website.
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This story originally appeared on: India Times - Author:Faqs of Insurances
