Achi news desk-
New Delhi11 hours ago
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Now after making an FD in Axis Bank, common citizens will get interest ranging from 3% to 7.20%. Whereas senior citizens will receive an interest rate ranging from 3.50% to 7.85%. (symbolic image)
Axis Bank has changed the interest rate on fixed deposits i.e. FD. Now after making an FD in Axis Bank, common citizens will get interest ranging from 3% to 7.20%. Whereas senior citizens will receive an interest rate ranging from 3.50% to 7.85%. Axis Bank offers this interest on FDs of less than Rs 3 crore.
HDFC Bank They also changed the interest rates
Earlier, HDFC Bank also hiked interest rates on fixed deposits (FD). Now common citizens get interest ranging from 3% to 7.25% on doing FD in HDFC Bank. While senior citizens get an interest rate ranging from 3.50% to 7.75%. This change has been made in the interest rates of FD less than Rs 2 crore.
Keep these things in mind while getting FD
It is important to choose the right tenure
Before investing in an FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay a penalty. If the FD is broken before maturity, will have to pay a penalty of up to 1%. This may reduce the total interest earned on the deposit.
Do not invest all your money in one FD
If you plan to invest Rs 10 lakh in FD in any one bank, then instead invest in 8 FDs of Rs 1 lakh each and 4 FDs of Rs 50,000 each in more than one bank. With that, if you need money in between, you can arrange the money by breaking the FD midway as per your need. Rest of your FD will remain safe.
Tax exemption available on FD of 5 years
5 year FD is called Tax Savings FD. By investing in it, you can claim a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in simple language, you can deduct up to Rs 1.5 lakh from your total taxable income through section 80C.
