Fixed Deposit: If you have an account with these banks and you are planning to get fixed deposit, then you should know your new FD rates. Check list given below.
Fixed Deposit: After the change in the repo rate of RBI, ICICI, Axis, PNB, HDFC, Indian Overseas Bank, Canara Bank and Kotak Mahindra Bank have changed their interest rates. If you have an account with these banks and are planning to make a fixed deposit, then you should know your new FD rates. Because you will get more return on investing in it.
Interest on 1 year FD
Bank Interest Rate (in %)
ICICI 5.00
SBI 5.10
HDFC 5.10
Punjab National Bank 5.10
Indian Overseas 5.15
Axis 5.25
Canara Bank 5.30
Kotak Mahindra 5.40
Post Office 5.50
Interest on FD of 2 years
Bank Interest Rate (in %)
ICICI 5.00
SBI 5.20
HDFC 5.10
Indian Overseas 5.20
Post Office 5.50
Punjab National Bank 5.10
Axis 5.60
Kotak Mahindra 5.60
Canara Bank 5.45
Interest on FD of 3 years
Bank Interest Rate (in %)
ICICI 5.20
SBI 5.30
HDFC 5.30
Indian Overseas 5.45
Post Office 5.50
Punjab National Bank 5.10
Axis 5.60
Kotak Mahindra 5.75
Canara Bank 5.70
Interest on FD of 5 years
Bank Interest Rate (in %)
SBI 5.40
HDFC 5.45
Indian Overseas 5.45
ICICI 5.45
Post Office 6.70
Punjab National Bank 5.10
Axis 5.75
Kotak Mahindra 5.75
Canara Bank 5.75
Tax is also to be paid on the interest earned from FD
In a financial year, the interest rate available on bank FDs is less than Rs 40 thousand, on which customers will not have to pay any tax. This limit is for people below 60 years of age. At the same time, income up to 50 thousand rupees from FD of senior citizens above 60 years of age is tax free. 10% TDS is deducted on income above this.
