interest on FD
There are many options available in the investment market to earn money by investing your money in the right place, in which there are schemes like stocks, mutual funds, ETFs in the stock market and on the other hand, if we look at safe returns, then schemes like PPF and FD are prominently visible. In such a situation, let us tell you about some such banks which are giving excellent interest on FD.
Some banks are currently offering interest rates up to 8% on Fixed Deposit (FD) for a term of five years for common citizens i.e. below 60 years of age, the maximum limit of which is Rs 3 crore. Let us tell you about those banks which are offering FD interest rates of up to 8% to common citizens for a period of five years.
FD interest rate
Suryoday Small Finance Bank- Suryoday Small Finance is the first name among the banks offering great interest to the common man for 5 year investors. This bank is offering 8% interest rate on fixed deposits with a tenure of five years for common citizens below 60 years of age.
Jana Small Finance Bank- Apart from this, Jana Small Finance Bank is also offering excellent interest on FD. Jana Small Finance Bank is offering 8% interest rate on FD with five year term for common citizens.
Ujjivan Small Finance Bank- Apart from this, Ujjivan Small Finance Bank is offering 7.2% interest rate on FD with five year term for common citizens.
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When is TDS deducted from bank FD?
After knowing how much FD is given by which bank, it is also important to understand this. How is TDS deducted from FD? If the interest earned from Fixed Deposit (FD) in a particular bank is more than Rs 1 lakh, then banks are required to deduct Tax Deducted at Source (TDS). Remember, TDS is not an extra tax. You can get it back as a refund or include it in your total tax liability when you file your Income Tax Return (ITR). Additionally, if you are eligible for a tax refund, you may also be eligible for interest on that refund.