Top 1-year FD rates: Get 8.05% interest on FDs maturing in a year; check full list of banks
There are still some private sector banks left which continue to offer high interest rates on fixed deposits for retail depositors investing below Rs 3 crore. Given below is a list of banks which are offering up to 8.05% interest on FDs maturing in one year. This interest rate is for general citizens.#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 the full list of banks offering up to 8.05% interest on FDs for one-year tenure for individuals less than 60 years of age and for fixed deposits less than Rs 3 crore.
Bandhan Bank FD rate
Bandhan Bank is offering a 8.05% interest rate to general citizens on its FDs maturing in one year.IndusInd Bank FD rate
IndusInd Bank is offering a 7.75% interest rate to general citizens on its FDs maturing in one year.RBL Bank FD rate
RBL Bank is offering a 7.5% interest rate to general citizens on its FDs maturing in one year.
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Karnataka Bank FD rate
Karnataka Bank is offering a 7.25% interest rate to general citizens on its FDs maturing in one year.Similarly YES Bank is also offering an interest rate of 7.25% on its FD maturing in one year.
DCB Bank FD rate
DCB Bank is offering a 7.1% interest rate to general citizens on its FDs maturing in one year.Kotak Mahindra Bank is also offering a 7.1% interest rate to general citizens on its FDs maturing in one year.
Bank nameInterest rateBandhan Bank8.05%IndusInd Bank7.75%RBL Bank7.50%Karnataka Bank7.25%YES Bank7.25%DCB Bank7.10%Kotak Mahindra Bank7.10%Source: paisabazaar.com as of December 4, 2024
How is FD interest taxed
According to the Ujjivan Small Finance Bank website as of December 5, 2024, "Interest income from fixed deposits is fully taxable and should be reported under the head 'Income from Other Sources' in your Income Tax Return. Regarding the taxation on fixed deposit interest, banks deduct tax at source (TDS) at the time of crediting interest to your account if the amount of interest exceeds Rs 40,000 for regular depositors and Rs 50,000 for senior citizens. The minimum TDS applicable on FD interest is 10%. It is important to note that the FD interest tax is deducted at the time of credit and not when the FD matures."When is TDS deducted from bank FDs
According to the Ujjivan Small Finance Bank website, "TDS (Tax Deducted at Source) is a taxation mechanism through which tax is deducted from certain payments made to individuals. In the case of fixed deposits, the taxation on fixed deposit interest involves banks deducting TDS at a rate of 10% if the interest income exceeds Rs 40,000 (Rs 50,000 for senior citizens). For example, if you earn an FD interest of Rs 50,000, the bank would deduct an FD interest tax of Rs 5,000 and deposit it to the government. When filing your Income Tax Return, it is necessary to report the entire interest earned and claim the TDS deducted as a refund. It is important to note that if your total income is less than Rs 2.5 lakh, no TDS will be deducted. To avoid TDS on your FD interest in case you don't fall under the minimum tax bracket, you can submit Form 15G or 15H to the bank to claim interest income without TDS."#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
