The State Bank of India (SBI), ICICI, HDFC, Punjab National Bank (PNB) and Bank of Baroda (BoB) have recently increased their fixed debt, ie FD interest rates. In such a situation, if you plan to obtain an FD from one of these banks, then you should first inquire at the post office about the interest rate of the National Savings Account. In this mail scheme, the interest rate is even higher than the bank’s FD. We will tell you about the interest rates on these fixed deposits and deposit accounts in time so that you can invest in the right place.
An interest rate of up to 6.7% applies to the National Savings Account of a term deposit.
It’s just a kind of FD. By investing in it for a certain period of time, you can get a fixed return.
The term deposit account will offer an interest rate of 5.5 to 6.7% for a term of 1 to 5 years.
The minimum investment in it is 1000 Rs. There is no maximum investment limit.
The tax must also be paid on interest earned by FD
If the interest received by FD Bank in the financial year is not less than Rs 40,000, no tax is payable. This limit applies to persons under the age of 60. Income of up to 50,000 rupees from FD seniors over 60 is non-taxable. A TDS of 10% is deducted from the income that is there.
The 5-year investment will benefit from the tax exemption
You can benefit from the tax exemption under section 80C of the Income Tax Act 1961 by investing in this temporary scheme and FD for 5 years. Below you can take advantage of income tax exemptions of up to Rs 1.50 million. At the same time, the tax exemption benefit is also available at FD bank for a period of 5 years.