Tuesday, November 5, 2024

More interest is now being paid on RBL Bank savings accounts: Compared to FDs, starting an account here will earn you more interest; view the current rates.

Following the Reserve Bank’s repo rate increase, banks are now raising the interest paid on FDs and savings accounts. RBL Bank, a private institution, has announced an increase in savings account interest rates. Following the change in interest rates, this bank’s account holders will now get interested at a maximum rate of 6.25%.

The bank’s website states that these new rates are effective as of today, September 5, 2022. Let us inform you that SBI, the biggest bank in the nation, is presently offering a maximum interest rate of 5.50% on FDs. In this case, I’m selling FDs on RBL Bank Savings Accounts with higher interest rates.

How much interest will be available on

savings accounts Deposits up to Rs. 1 lakh in RBL Bank savings accounts will earn 4.25% interest; deposits between Rs. 1 lakh and Rs. 10 lakh will earn 5.50% interest. Deposits worth more than Rs 10 lakh but less than Rs 25 lakh will get 6% interest, and deposits worth more than Rs 25 lakh but less than Rs 1 crore will earn 6.25% interest. Let us say that this rate was 6% before, but has since increased by 25 basis points as a result of the Reserve Bank raising interest rates.

When will the interest be credited?

The interest on savings accounts will be credited to the account on a quarterly basis, according to RBL Bank, and will be added to the balance on a daily basis. The interest funds will be deposited on the 30ths of June, September, December, and March each year.

How much interest is on savings accounts in other banks?

BankRate of interest (%)
Bandhan Bank3.00-6.25
indusind bank3.50-5.50
Yes Bank4.00-5.50
IDFC First Bank3.50-6.00
post office4.00
ICICI Bank3.00-3.50
HDFC Bank3.00-3.50
Punjab National Bank2.70-2.75
bank of India2.90
SBI2.70

Additionally, the tax must be paid on interest received from the savings account. Interest income from savings accounts at banks, co-operative societies, and post offices up to 10,000 rupees per year is tax-free under section 80TTA of the Income Tax Act. Anyone under 60 years old or HUF can receive its benefit (Joint Hindu Family). At the same time, this exemption is worth 50,000 rupees for senior citizens. If the income is higher than this, TDS is subtracted.

What to do if your total income is not taxable?

The bank does not deduct TDS if the yearly interest income from your savings account, FD, or RD is greater than 10,000 but the total annual income (including interest income) is not high enough to be taxed. Seniors must submit Form 15H to the bank and Form 15G to other parties for this. Self-declared forms include Form 15G and Form 15H. You claim that your income is above the tax threshold in this. Filling out this form keeps one out of the tax net.

Read More: NPS: Big setback for those taking National Pension! This change has happened from today, now more money will be spent.

What is TDS?

If a person has any income, the remainder is handed to them after taxes have been deducted from it. TDS stands for the sum that was subtracted as tax. Through TDS, the government collects taxes. It is taken off of a variety of sources of income, including wages, interest, and commissions from investments, among others. Any institution that is paying and falls under the TDS umbrella deducts a specific sum as TDS.

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 YouTube                 Click Here
🔥 Facebook Page                 Click Here
🔥 Instagram                 Click Here
🔥 Telegram Channel                  Click Here
🔥 Google News                 Click Here
🔥 Twitter                 Click Here
spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

X changed its monetization policy, Elon Musk made a big change

The social networking platform X has decided to modify its artists' monetization approach. Users will now be less reliant on adverts as a result...

New feature given in the KTM 250 Duke, comes for Rs 2.5 lakh

The KTM 250 Duke's latest version is on the market. The TFT LCD on the KTM 250 Duke is new. Along with this, LED...

Apple to launch iPad Mini 7 on this day! know the details before launch

The iPhone 16 series is the newest iPhone series that Apple has released. Apple released four phones in this series: the iPhone 16, iPhone...

EMI to remain expensive, RBI makes no changes in the repo rate

The burden of high EMI is not alleviated. The 6.50 percent policy rate has been sustained by the Reserve Bank of India. This declaration...

Assistant Professor Recruitment in Delhi University, this is the last date

An announcement for Recruitment has been made by Delhi University for the position of Assistant Professor. The University (DU) has made this position available...

Most Popular

Subscribe

* indicates required