Banks increase the interest of the FD, such a double use advantage


Posted April 19, 2018 by ripples_advisory

Banks have increased their interest rates in recent days to attract deposits. Everyone will get the benefit of these increased interest rates, but it has become more beneficial for senior citizens.

 
On one hand, they will get more interest, while the senior citizen's interest in the budget has also been tax-free of Rs 50,000. In such a case, the double benefit should be raised to the senior, which would help them to get more benefit. What is the budget proposal? In the budget proposal, the government has taxed income of 50 thousand rupees to senior citizen tax free. This benefit will be given to those senior citizens whose age is more than 60 years. This benefit will get them on all the deposits. If their interest lasts for 50 thousand rupees in a year, then they will not have to pay tax on it.

How much money will not look at the FD tax
Tax will not be levied on interest of FD till 6 lakh
According to the new rules of the budget, Senior Citizens will not have to pay tax on interest up to Rs 50,000. In such a case, if the senior citizen carries a FD of 8% of Rs 6 lakh for one year, then he will receive an interest of around 48000 thousand rupees. If the other interest is received up to Rs 2,000 then the full interest earned from the FD of Rs 6 lakh will be tax-free.

Where is the highest interest on a 1 year deposit
Bank interest rates
Lakshmi Vilas Bank 8 percent
RLB Bank 8 percent
Karnataka Bank 8 percent
DCB bank 8 percent
IDFC Bank 8 percent


Where is the highest interest on a 2 year deposit?
Bank Interest rates
Lakshmi Vilas Bank 8 percent
DCB bank 8 percent
IDFC Bank 8 percent
RLB Bank 8 percent
Karnataka Bank 8 percent




Where is the highest interest on the 3-year deposit?

Bank Interest rates
DCB bank 8 percent
Lakshmi Vilas Bank 8 percent
IDFC Bank 8 percent
RLB Bank 8 percent
Karur Vysya Bank 8 percent

Where is the highest interest on the 5-year deposit?

Bank Interest rates

DCB bank 8 percent
Lakshmi Vilas Bank 8 percent
IDFC Bank 8 percent
RLB Bank 8 percent
Karur Vysya Bank 8 percent

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Last Updated April 19, 2018