Fixed Deposit: Senior citizens are happy as these banks are offering the highest interest rates on FDs
Fixed Deposit: After retirement, senior citizens often look to invest their money in a place that provides them with a fixed return and strong interest. In this case, fixed deposits (FDs) are the best investment option. Senior citizens receive higher interest rates on fixed deposits compared to regular customers. Currently, many banks are offering high interest rates to senior citizens.
Breaking News - (FD Interest Rate). Everyone wants to grow their hard-earned money and accumulate some funds for a secure future. For this, FD is one of the best investment options.
Here, guaranteed returns are available and the money is also completely safe. Government and private banks of the country are offering excellent interest on FD.
Even after the recent cut in the repo rate by RBI, many banks are still paying good interest on FD. Almost all the banks in the country are offering higher interest to senior citizens than the general customers and those thinking of investing in FD are paying the highest interest on HD.
These banks are offering the highest interest on FDs.
Banks offer FDs with tenures ranging from 7 days to 10 years. Currently, some banks are offering senior citizens interest rates of up to 8.4% on 5-year Diwali fixed deposits.
Several banks, including Suryoday Small Finance Bank (Suryoday Small Finance Bank FD rate), Jana Small Finance Bank, and Utkrisht Small Finance Bank, are offering high interest rates to senior citizens. Let's find out which bank is offering the highest interest rates.
Bumper interest on 5 year FD –
Suryoday Small Finance Bank (Suryoday Small Finance Bank FD Rate) is offering 8.4% interest to senior citizens on 5-year FDs. Jana Small Finance Bank is offering up to 8% interest to senior citizens on 5-year FDs.
Utkarsh Small Finance Bank is offering 7.75% interest on 3-year FDs. Money deposited in small finance banks is insured up to Rs 5 lakh by the Deposit Insurance Credit Guarantee Corporation (DICGC). This means that if you have made an FD of up to Rs 5,00,000 in a bank and the bank collapses, you will get your money back.
Keep these things in mind while getting an FD done –
If you are planning to invest in FD, then it is very important to be cautious before investing. A small negligence on your part can result in a loss of lakhs. Actually, the working methods of the government and private banks of the country are slightly different.
Therefore, the risk of investing money in them may be slightly different from that of normal commercial banks. To manage the risk in future, investors are advised to invest only that much money in the FD (FD Rate) of small finance banks which comes under the scope of Deposit Insurance Credit Guarantee Corporation (DICGC) insurance. If you take these steps before getting an FD done, then your money will remain safe forever.
When is TDS deducted from bank FD?
Banks deduct TDS (Tax Deducted at Source) on interest earned on fixed deposits if your interest with any one bank exceeds ₹1 lakh.
You can claim this back when you file your income tax return or adjust it against your total tax liability. Additionally, if you are entitled to a tax refund, you may also receive interest on that refund.