New Delhi14 minutes ago
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Bank of Baroda (BOB), Punjab National Bank (PNB), Bank of India (BOI) and HDFC Bank have recently increased the interest rates on fixed deposits (FD). In such a situation, if you are planning to get FD in these banks or any other bank, then before that you should also know about the National Time Deposit Scheme of the post office.
Here, apart from the National Time Deposit Scheme of the Post Office, we are also telling you how much interest the major banks of the country are offering on FD.
National Savings Time Deposit Account is offering up to 7.5% interest
- This is a type of FD. By investing in it for a fixed period, you can get fixed returns.
- Time Deposit Account offers interest rates ranging from 6.9% to 7.5% for tenures ranging from 1 to 5 years.
- A minimum investment of Rs 1000 has to be made in this. There is no limit on maximum investment. Click here for more information related to this scheme
Keep these things in mind while getting FD
It is important to choose the right tenure
Before investing in 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 you break the FD before it matures, you will have to pay a penalty of up to 1%. This may reduce the total interest earned on the deposit.
Do not invest all the money in a single FD
If you are planning to invest Rs 10 lakh in FD in one bank, then instead of this invest in 8 FDs of Rs 1 lakh and 4 FDs of Rs 50 thousand in more than one bank. This way, if you need money in between, you can arrange for money by breaking the FD in between as per your need. Your remaining FDs will remain safe.
Tax exemption is available on 5 year FD
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. In simple language, you can reduce your total taxable income by up to Rs 1.5 lakh through Section 80C.
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