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Earlier, SBI and Canara Bank also cut the interest rates of FD.
After the State Bank of India (SBI), now HDFC Bank has also cut the interest rates of fixed deposits i.e. FD. According to the new interest rates, now ordinary citizens will get interest at the rate of 6.50% on FD for 1 year.
On the other hand, 6.70% annually on 2 -year FD, 6.55% on 3 years FD and 6.30% on 5 years FD. The bank is giving interest of up to 7.35% to senior citizens.
6.50% interest on 1 year FD in SBI
Earlier this month, SBI had cut FD’s interest rates by up to 0.20%. SBI is now getting 6.50% interest on 1 year FD. The new interest rates have come into force from 16 May 2025. The bank also cut interest rates on 15 April last month.
6.85% interest on 1 year FD in Canara Bank
Canara Bank has also cut the interest rates of fixed deposits i.e. FD. According to the new interest rates, now ordinary citizens will get interest at the rate of 6.85% on FD for 1 year.
At the same time, 6.90% annually on 2 -year FD, 7.00% on 3 years FD and 6.70% on 5 years FD will get interest.
Keep these 3 things in mind while making FD
1. It is necessary to choose the right tenure It is necessary to think about his tenure (duration) before investing in FD. This is because if investors withdraw before maturity, they will have to pay the fine. Before the FD mature, it will have to be given a penalty of up to 1% if it breaks. This may reduce the total interest earned on deposits.
2. Do not put full money in the same FD If you are planning to invest 10 lakh rupees in FD in one bank, then instead invest in more than one bank in more than one FD of 8 FD of 1 lakh rupees and 4 FD of 50 thousand rupees. If you need money in the middle, you can arrange money by breaking FD in the middle according to your need. The rest of your FD will be safe.
Tax exemption is available on 5 -year FD The 5 -year -old FD is called Tax Savings FD. On investing in this, you can claim a cut of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in easy language, you can reduce your total taxable income by 1.5 lakhs through section 80C.
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