Higher interest rate on FD: RBI has given a big blow to the people by increasing the repo rate. But many people are also benefiting from this. Because ever since the Reserve Bank of India has increased the repo rate, banks have also started paying more interest on savings accounts and fixed deposits. If you are also thinking of getting FD, then definitely know about the attractive interest rate of these banks. These banks will double your amount in a few years. Apart from this, we are also giving you some tips. By following this you can not only earn more interest but also enjoy many other benefits.
Tax to be paid on FD interest
Any interest earned on FD is taxable. If you get interested of more than 10 thousand rupees in a year, then the bank will pay you after deducting TDS on it. Even if the bank does not deduct TDS on this amount, you will still have to show this income in the tax return while filing your income tax return. But if your income is less, which is not taxable, then you can get a refund of the amount which has been deducted as TDS.
FD is not completely safe
Yes, you read it right. FD is also not completely safe. There are two types of FD – Bank FD and Corporate FD. Corporate deposits are unsecured, with no guarantees. In the case of banks, the Deposit Insurance and Credit Guarantee Corporation (DICGC) guarantees a maximum of Rs 5 lakh to a customer and this rule is applicable to every branch of the bank. If you are investing 20 lakh rupees in FD, then invest it in three to four places in different banks.
Money will double like this
Shriram Transport Finance has said to give interest up to 8.75 percent on FD. But keep in mind that this is a corporate deposit. it is not a bank deposit. Apart from this, many small finance banks are also giving an annual interest of 6 to 7 percent. After increasing the repo rate, most banks have increased the interest rate on FD. Recently Bandhan Bank and Yes Bank announced higher interest rates on FDs. If you get an FD in Shriram Transport Finance for about 8 years, then your investment will double in that time. On the other hand, your investment in Jana Small Finance Bank will double in about 11 years.
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