Post Office Scheme: The interest rate in this post office scheme is still higher as compared to bank FD. We are telling you about this fixed deposit and fixed deposit accounts’ interest rates so that you can invest in the right place.
State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), and Bank of Baroda (BOB) have recently increased fixed deposit rates, . FD interest rates. In such a situation, if you are planning to get an FD in any of these banks, then you should first know about the interest rates of the Post Office National Savings Time Deposit Account. The interest rate in this post office scheme is still higher than the bank FD. We are telling you about this fixed deposit and fixed deposit accounts’ interest rates so that you can invest at the right place.
Interest will be available up to 6.7%
Interest up to 6.7% is available on National Savings Fixed Deposit Account. This is just one type of FD. By investing in it for a fixed period, you can get fixed returns. The fixed deposit account offers an interest rate of 5.5 to 6.7% for a tenure of 1 to 5 years. The minimum investment in this is Rs 1000. There is no maximum investment limit.
Tax is also to be paid on the interest earned from FD
If the interest earned on a bank FD in a given financial year is less than 40 thousand rupees, no tax is due. This limit is for people below 60 years of age. At the same time, the income of senior citizens above 60 years of age from FD up to Rs 50 thousand is tax-free. 10% TDS is deducted on income above this.
Read More: Tax Savings Plan: Do this immediately after pricing, it will save you tax.
Get the benefit of tax exemption on investment of 5 years
At present, by investing in deposit schemes and FDs for 5 years, tax exemption can be availed under Section 80C of the Income Tax Act, 1961. Under this, you can take advantage of income tax exemption on investments up to Rs 1.50 lakh. At the same time, 5 years FDs of banks also get the benefit of tax exemption.
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