Bank fixed deposits or term deposits are considered safe investments. It is a good option for investors who do not take risk in this. Tax saving benefits under section 80C are available on tax saving FDs of 5 years.
New Delhi. With the improvement in the economy of the country, now the process of giving better plans to the people from the banks is going on. First of all, SBI announced to give exemption in home loan processing fee, then after that Punjab National Bank (PNB) changed the interest rate on fixed deposit (FD) and first announced to give better interest.
. Now Yes Bank has announced to give better returns to customers on FD than SBI and PNB. Yes Bank has now promised customers to pay 5.75 percent interest on FDs and a maximum of 6.50 percent annual interest for a period of one year.
Apart from this, Yes Bank has fixed 7.25 percent annual interest on fixed deposits i.e. FDs of 5 to 10 years for senior citizens. The Taj interest rates have come into effect from 5 August 2021.
Yes Bank: Fresh interest rate
7 to 15 days – 3.25%, 31 to 45 days – 3.50%, 46 to 90 days – 4%, less than 3 to 6 months – 4.50%, less than 6 to 9 months – 5%, 9 months to 1 year Less than – 5.25%, 1 year to less than 18 months – 5.75%, 18 months to less than 3 years – 6%, 3 years to less than 5 years – 6.25% and 5 years to 10 years – 6.50%.
State Bank Of India: Interest Rate
7 to 45 days – 2.9%, 46 to 179 days – 3.9%, 180 to 210 days – 4.4%, 211 to one year – 4.4%, 1 year to less than 2 years – 4.9%, 2 years to 3 years Less than – 5.1%, from 3 years to less than 5 years – 5.3%, from 5 years to 10 years – 5.4%. These interest rates are applicable from 8 January 2021.
Punjab National Bank : Interest Rate
7 to 45 days – 2.9%, 46 to 90 days – 3.25%, 91 to 179 days – 3.80%, 180 to 270 days – 4.40%, 271 to less than 1 year – 4.40%, 1 year to 2 years – 5 %, from 2 years 1 day to 3 years – 5.10%, from 3 years to 10 years – 5.25%.
FD is considered a safe deposit
Explain that fixed deposits or term deposits of banks are considered as a safe investment. It is a good option for investors who do not take risk in this. Tax saving benefits under section 80C are available on tax saving FDs of 5 years. The interest earned from FD is taxable.
