SBI increases interest rates on fixed deposits of more than Rs 2 crore by 10 basis points; higher rates for senior citizens; new rates will be effective from December 15, 2021.
Rs 5 lakh protection adds to the safety that fixed deposits (FDs) offer but avoid making a decision based solely on higher interest rates that some banks offer
While FD rates are going up, you should know a few things before deciding to invest in them, so that you can get maximum returns on them. The real returns on FDs are a lot less than the rate of interest.
While individual taxpayers who are not senior citizens get a tax benefit up to Rs 10,000 under Section 80TTA of the Income-tax Act on interest income from savings accounts, the entire interest income from FDs is added to their incomes.
Corporate FDs are offering higher returns than bank FDs, but they are also riskier.
With FD rates at an all-time low, inflation and tax outgo will erode your investment. This may hit senior citizens the most.
Some state-owned lenders have announced higher interest rates on deposits, though for a limited period, to encourage more COVID-19 vaccination.
The interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent.
Interest rate for the five-year term deposit, recurring deposit Senior Citizens Savings Scheme has been raised to 7.8, 7.3 and 8.7 per cent, respectively. The interest on the senior citizens' scheme is paid quarterly.
Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund (PPF), National Savings Certificate scheme and Kisan Vikas Patra deposits.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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