These days, fixed deposits or FDs can be created with just a click. Leading banks offer the option of creating online fixed deposits. Fixed deposit interest rates help customers save money over a period of time and also earn an interest income on the same. However, you need to note that investments in fixed deposits are subject to income tax. Any fixed deposit with a tenure of less than five years does not give you income tax benefit under Section 80 C of the Income Tax Act. If you want to reduce your taxable income via fixed deposits, you need to invest in a fixed deposit of five or 10 years.
These days, fixed deposits or FDs can be created with just a click. Leading banks offer the option of creating online fixed deposits. Fixed deposit interest rates help customers save money over a period of time and also earn an interest income on the same. However, you need to note that investments in fixed deposits are subject to income tax. Any fixed deposit with a tenure of less than five years does not give you income tax benefit under Section 80 C of the Income Tax Act. If you want to reduce your taxable income via fixed deposits, you need to invest in a fixed deposit of five or 10 years.
These days, fixed deposits or FDs can be created with just a click. Leading banks offer the option of creating online fixed deposits. Fixed deposit interest rates help customers save money over a period of time and also earn an interest income on the same. However, you need to note that investments in fixed deposits are subject to income tax. Any fixed deposit with a tenure of less than five years does not give you income tax benefit under Section 80 C of the Income Tax Act. If you want to reduce your taxable income via fixed deposits, you need to invest in a fixed deposit of five or 10 years.
Consider this: a fixed deposit for five years fetches an interest rate of 7 per cent with IndusInd Bank, HDFC Bank and ICICI Bank but the largest bank of the country, State Bank of India (SBI), actually offers a lower fixed deposit interest rate of 6.75 per cent on the same tenure.
Given below is a comparison of fixed deposit interest rates paid by IndusInd Bank, HDFC Bank, State Bank of India (SBI), and ICICI Bank:
Fixed deposit interest rates of IndusInd Bank
The following fixed deposit interest rates are effective from June 1, 2018, according to indusind.com:
Fixed Deposit interest rates of HDFC Bank
Domestic / NRO / NRE Fixed Deposits
Applicable from July 6, 2018
Fixed deposit interest rates of State Bank of India (SBI) (Below Rs 1 crore) from sbi.co.in
Fixed deposit interest rates of ICICI Bank
Interest rates on Domestic, NRO & NRE deposits (Less than Rs 1 crore) from icicibank.com
Small finance banks like Suryoday Small Finance Bank and ESAF Small Finance Bank, among others, offer higher interest rates than larger peers.
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