Best FD rates 2022: If you want fixed returns in the next 5 years without taking any risk, then FDs of banks can be a better option. Investors also get the benefit of tax deduction on FDs of 5 years.
SBI vs PNB vs Axis vs HDFC bank: Amidst rising inflation, interest rates on loans and deposits are seen increasing. In recent times, along with increasing their lending rates, many banks have also increased the interest rates of fixed deposits i.e. FDs. After this FD has become a bit more attractive for investors. If you want fixed returns in the next 5 years without taking any risk, then FDs of banks can be a better option. Investors also get the benefit of tax deduction on FDs of 5 years. Let us know how much interest the big commercial banks SBI, PNB, Axis and HDFC Bank are offering to regular and senior citizens on 5-year FDs.
SBI
SBI is offering 5.65 per cent interest annually to regular customers on FDs of 5 years. For senior citizens, this rate is 6.45 percent. These interest rates are applicable from August 13, 2022, on deposits of less than Rs 2 crore. If a regular customer makes an FD of Rs 5 lakh, then on maturity he will get Rs 6.62 lakh. That is, there will be an income of Rs 1.62 lakh from interest. At the same time, senior citizens will get Rs 6.88 lakh on maturity on depositing Rs 5 lakh. In this, there will be a guaranteed income of Rs 1.88 lakh from interest.
PNB
PNB is offering 5.75 per cent interest per annum to regular customers on FDs of 5 years. For senior citizens, this rate is 6.25 percent. These interest rates are applicable from August 19, 2022, on deposits of less than Rs 2 crore. If a regular customer has made an FD of Rs 5 lakh, then on maturity he will get Rs 6.65 lakh. That is, there will be an income of Rs 1.65 lakh from interest. At the same time, senior citizens will get Rs 6.82 lakh on maturity on depositing Rs 5 lakh. In this, there will be a guaranteed income of Rs 1.82 lakh from interest.
Axis Bank
Axis Bank is offering 5.75 percent interest annually to regular customers on FDs of 5 years. For senior citizens, these rates are 6.50 percent. These interest rates are applicable from August 18, 2022, on deposits of less than Rs 2 crore. If a regular customer has made an FD of Rs 5 lakh, then on maturity he will get Rs 6.65 lakh. That is, there will be an income of Rs 1.65 lakh from interest. At the same time, senior citizens will get Rs 6.90 lakh on maturity on depositing Rs 5 lakh. In this, there will be a guaranteed income of Rs 1.90 lakh from interest.
HDFC bank
HDFC bank is offering 6.10 percent interest annually to regular customers on FDs of 5 years. For senior citizens, these rates are 6.60 percent. These interest rates are applicable from August 18, 2022, on deposits of less than Rs 2 crore. If a regular customer has made an FD of Rs 5 lakh, then on maturity Rs 6.77 lakh will be available. That is, there will be an income of Rs 1.77 lakh from interest. At the same time, senior citizens will get Rs 6.94 lakh on maturity on depositing Rs 5 lakh. In this, there will be a guaranteed income of Rs 1.94 lakh from interest.
Tax deduction up to 1.5 lakhs
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 1.50 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.)
