Achi news desk-
New Delhi8 hours ago
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Bajaj Finance Limited, a subsidiary of Bajaj Finserv, one of the country’s largest financial services group, has announced an increase in interest rates on most of its Fixed Deposits (FDs). The company increased interest rates for senior citizens by up to 60 basis points for FDs with a tenure of 25 to 35 months and by 40 basis points for FDs with a tenure of 18 to 24 months. These new rates went into effect on April 3, 2024.
Senior citizens will get returns of up to 8.85% on FD.
While for general citizens, interest rates for FDs of 25 to 35 months tenure will be 45 basis points, for FDs of 18 and 22 months, 40 basis points, for FDs of 30 and 33 months, up to 35 basis points. was enlarged. Senior citizens can enjoy FD rates up to 8.85% through digital booking for 42-month tenure FDs, while general citizens can enjoy interest rates up to 8.60%.
Thousands of depositors have expressed their trust in the Bajaj brand
Sachin Sikka, Head, Fixed Deposits & Investments, Bajaj Finance said that our enhanced rates across multiple investment options present an attractive proposition to investors seeking stability. In recent years, thousands of depositors have expressed their trust in the Bajaj brand. We focus on providing a better experience, more value and a safer option for their savings.
As on March 31, 2024, Bajaj Finance’s customer franchise was about 83.64 mm. The company emerged as the country’s largest deposit taking NBFC with a deposit book of over Rs 60,000 crore as on March 31, 2024. As on 31 As of December 2023, net users of its app platform were 49.19 million.According to a data.io report, the Bajaj Finserv app is the fourth most downloaded financial app on India’s Playstore.
Bajaj Finance FD scheme is rated by CRISIL and ICRA,
The Bajaj Finance Fixed Deposit scheme has the highest stable rating with AAA/Stable by CRISIL and AAA(Stable) by ICRA, making it one of the safest investment options for investors. The company’s app also provides an investment marketplace where customers can access a wide variety of mutual funds.
Tax is also payable on the interest received from FD
The interest received from FD is fully taxable. Any interest you earn on FD in a year is added to your annual income. Based on your total income, your tax schedule is determined. Interest income earned on FD is considered “income from other sources”.
- If your income is less than Rs 2.5 lakh per annum, the bank does not deduct TDS on fixed deposits. However, for this you will need to file Form 15G or 15H. In such a situation, if you want to save TDS, then definitely send form 15G or 15H.
- If your interest income from all FDs is less than Rs 40,000 per annum, then TDS is not deducted. Whereas if your interest income exceeds Rs 40,000, then 10% TDS will be deducted. In case of not providing PAN card, bank can deduct 20% TDS.
- This limit for deducting TDS on interest income of more than Rs 40,000 is for people below the age of 60. However, income up to Rs 50,000 from FDs of senior citizens above the age of 60 is exempt from tax. If the income is more than this, 10% TDS is deducted.
- If the bank has deducted TDS on your FD interest income and your entire income is not subject to income tax, then you can claim the TDS deducted while filing taxes. It will be credited to your account.
