Senior Citizens Benefit as Private Banks Offer FDs with Over 8% Interest Rates
Private banks in India are currently offering fixed deposits (FDs) with interest rates exceeding 8%, making them an attractive investment option for senior citizens. Leading the pack, Bandhan Bank offers an impressive 8.55% for a one-year tenure, while other banks like City Union Bank, DBS Bank, and RBL Bank also provide competitive rates. RBL Bank additionally offers a 0.25% extra for super senior citizens. Interest earned on FDs is subject to income tax, with TDS deducted if earnings exceed Rs 40,000 or Rs 50,000 for seniors. To avoid TDS deductions, investors with income below the taxable threshold can submit Form 15G or Form 15H. This competitive interest rate environment makes fixed deposits a reliable choice for seniors seeking secure investments that yield guaranteed returns, offering both stability and the potential for income growth.
Senior Citizens Benefit as Private Banks Offer FDs with Over 8% Interest Rates
Fixed deposits (FDs) continue to be a preferred investment choice for senior citizens in India, with several private banks offering attractive interest rates exceeding 8%. Banks such as RBL Bank, SBM Bank India, and IndusInd Bank are among those providing competitive rates, making these options appealing for secure investments with guaranteed returns.
Among the banks offering the highest rates, Bandhan Bank leads with an impressive 8.55% for a one-year tenure. City Union Bank and DBS Bank also offer attractive rates, while DCB Bank and RBL Bank provide options that cater to varying tenures. Notably, RBL Bank offers an additional 0.25% for super senior citizens across all tenures.
Interest earned on FDs is taxed based on the individual’s income tax slab, with TDS applicable if earnings exceed Rs 40,000 or Rs 50,000 for senior citizens. To avoid TDS deductions, individuals can submit Form 15G or Form 15H if their total income is below the taxable threshold. This makes FDs a viable investment option, especially for seniors seeking stability and reliable income,
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