Diwali Bank FD Investment: If you are looking for safe investment as well as fixed income on Diwali, then bank FD is the best option. On FDs in big commercial banks, you will get a fixed return till next Diwali.
Talking about the big commercial banks of public and private sector, among them SBI, PNB, HDFC Bank and ICICI Bank are offering interest of up to 5 percent to regular customers and up to 5.50 percent to senior citizens on their one-year FDs. Let us know if you make an FD of Rs 5 lakh this Diwali, then in which bank will you get the interest till next Diwali.
PNB: Returns up to 5.5 per cent
Punjab National Bank (PNB) is offering 5% interest on 1 year FD to regular customers. For senior citizens, these rates are 5.50 percent. These interest rates are applicable from 1st August 2021 on deposits of less than Rs 2 crore. If you do an FD of Rs 5 lakh here this Diwali, then by next Diwali, interest will earn Rs 25,473 for regular customers and Rs 28,072 for senior citizens.
HDFC Bank: Up to 5.4% returns
HDFC Bank is offering 4.9 percent interest to regular customers on 1-year FDs. For senior citizens, these rates are 5.40 percent. These interest rates are applicable from 21 May 2021 on deposits of less than Rs 2 crore. If you do an FD of Rs 5 lakh here this Diwali, then by next Diwali the interest will earn Rs 24,954 for the regular customer and Rs 27,552 for the senior citizen.
SBI: Returns up to 5.5 per cent
State Bank of India (SBI) is offering 5% interest to regular customers on 1-year FDs. For senior citizens, these rates are 5.50 percent. These interest rates are applicable on deposits of less than Rs 2 crore with effect from January 8, 2021. If you do an FD of Rs 5 lakh here this Diwali, then by next Diwali, interest will earn Rs 25,473 for regular customers and Rs 28,072 for senior citizens.
ICICI Bank: Up to 5.4% returns
ICICI Bank is offering 4.9 percent interest to regular customers on 1-year FDs. For senior citizens, these rates are 5.40 percent. These interest rates are applicable from October 21, 2020 on deposits of less than Rs 2 crore. If you do an FD of Rs 5 lakh here this Diwali, then by next Diwali the interest will earn Rs 24,954 for the regular customer and Rs 27,552 for the senior citizen.
Tax exemption on 5 year FD
If you make FD for 5 years in any bank, then you get the benefit of tax exemption in section 80C. However, the interest earned from FD is taxable. In this, tax can be saved on investment up to a maximum of Rs 1.5 lakh in a financial year. It has a lock in period of 5 years. This period can extend up to 10 years. (Note: FD interest rates are taken from the official websites of banks.)
