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Team Studycafe | May 16, 2022 | Views 51638

Many banks including PNB, ICICI and Axis changed interest rates of FD; Check Where to Get Maximum Interest

Many banks including PNB, ICICI and Axis changed interest rates of FD; Check Where to Get Maximum Interest

HDFC, ICICI, Indian Overseas Bank, Punjab National Bank, Canara Bank, Axis and Kotak Mahindra Bank have changed fixed deposit (FD) interest rates after RBI’s change in repo rate. In such a situation, if you are planning to get FD these days, then it is important for you to know about the new rates. With this you will be able to earn maximum return on your investment.

See where FDs are now more advantageous owing to interest rate changes

Interest on 1 year FD

Interest on FD of 2 years

Interest on FD of 3 years

Interest on FD of 5 years

Tax is also to be paid on the interest earned from FD

If the interest earned on a bank FD in a fiscal year is less than forty thousand rupees, no tax is due. This restriction applies to anyone under the age of 60. At the same time, income from FDs of elderly individuals over the age of 60 is tax-free up to 50,000 rupees. TDS of 10% is deducted on earnings in excess of this amount.

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