New Delhi2 hours ago
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HDFC Bank has cut interest rates of fixed deposits (FD). Now, on providing FD in HDFC Bank, ordinary citizens will get interest ranging from 3% to 7.05%. Senior citizens will get interest ranging from 3.50% to 7.55%. These changes have been made in the interest rates of FD less than Rs 3 crore.
SBI and BOI also cut FD's interest rates Earlier, the State Bank of India (SBI) and Bank of India (boi) have cut interest on fixed deposits (FD) recently. SBI is now getting 6.70% interest on 1 year FD. Bank of India (boi) will now get 7.05% interest to bank ordinary citizens on 1 year FD. After cutting the repo rate of RBI, banks are also cutting the interest rates of FD.
Keep these 3 things in mind while making FD
1. It is necessary to choose the right tenure It is necessary to think about his tenure (duration) before investing in FD. This is because if investors withdraw before maturity, they will have to pay the fine. Before the FD mature, it will have to be given a penalty of up to 1% if it breaks. This may reduce the total interest earned on deposits.
2. Do not put full money in the same FD If you are planning to invest 10 lakh rupees in FD in one bank, then instead invest in more than one bank in more than one FD of 8 FD of 1 lakh rupees and 4 FD of 50 thousand rupees. If you need money in the middle, you can arrange money by breaking FD in the middle according to your need. The rest of your FD will be safe.
Tax exemption is available on 5 -year FD The 5 -year -old FD is called Tax Savings FD. On investing in this, you can claim a cut of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in easy language, you can reduce your total taxable income by 1.5 lakhs through section 80C.
