Today everyone wants to invest for the future and everyone wants that their investment should be safe because everyone invests a little bit of their life’s earnings so that there is no financial problem in the future and their future is good, for this they look for such a saving option which gives good interest and there is no risk and such an option is FD in which there is very less risk and good interest is obtained.
There are many banks and companies which provide FD services, all have different interest rates and different plans, banks are reducing FD interest rates in recent times. Many big commercial banks are giving interest rates up to 5.5% only, in such a situation it is difficult for low risk investors because they do not invest anywhere else, so in this article we will tell about some banks or companies which give good interest rates on FD.
What is Fixed Deposit (FD)?
FD means to get your money deposited in Fixed Deposit i.e. to deposit your money in the bank for some time (year) on interest and after completion of the time you can withdraw it with interest. For example – 1 year FD interest rate of a bank is 10% and you deposit 1 lakh rupees in it for one year, then after one year when you withdraw that money, your money will be 1 lakh 10 thousand as per 10%.
How to open an FD account?
Federal Direct Investments (FDs) can be opened online or offline.
- Online: Opening a savings account (FD) with a bank online is the easiest option. To start an FD, you simply need to sign-in to your net banking account, fill out an online form, and submit it. In such cases, the information is already with your bank, so KYC is not required. You can withdraw money from your account using the online banking facility.
- Offline: Fill out an application for a savings account at the nearest branch of your bank. Submit it to the concerned office along with the required paperwork. After the required cash deposit is made, you will receive an FD receipt.
How Many Years Does Fixed Deposit Double?
It depends on what interest rate you are getting the FD done at and for how many years. For example, suppose your bank is giving you 7% on fixed deposit (FD), then if you get FD of Rs. 100000 for 10 years, then your interest rate will be Rs. 100160, which means you will get Rs. 200160, which is double.
Similarly, if you get FD of Rs. 10 lakh at 7% for 10 years, then you will get Rs. 20 lakh, which is double. Keep this in mind that the higher the FD interest rate you get, the better it is.
Best 5 Fixed Deposit Rates in 2024
- DCB Bank If you invest in DCB Bank and make an FD of your money, interest rates are also more than 8.55%. The bank is offering 8.25% on 25 months to 26 months.
- State Bank of India If you invest in State Bank of India and make an FD of your money, then you can get up to 7.5 percent interest on it. On 5-year FD, 7.5% interest is offered to senior citizens and up to 6.5 percent interest is offered to the general public.
- Punjab National Bank If you make an FD in Punjab National Bank, then you can get up to 7 percent interest on it. On 5-year FD, 7% interest is offered to senior citizens and up to 6.5 percent interest is offered to the general public. Apart from this, the benefit of different interest rates is available with FDs of other periods.
- Bank Of Baroda also offers FD facility to its customers with a tenure of 2 years. Is offering 7.75% interest on fixed deposits maturing in 2 Year.
- Indian Bank is offering 7.20% interest on fixed deposits maturing in 2 years to less than 3 years.
Tax on Fixed Deposit Interest
FD interest is fully taxable and is classified as income from other sources. If your annual interest income from fixed deposits is less than ₹40,000, banks will not charge TDS. You need to file Form 15G and 15H with the bank at the beginning of the financial year. Banks will stop deducting TDS once the documentation is filed.
Conclusion
If you liked this information about Fd Interest Rates 2024. Hopefully, from this post you have got useful information regarding Best Fixed Deposit to Invest In 2024. If you have any question regarding this post, then you can tell us by commenting in the comment box given below. Your feedback and suggestions are welcome as always. Thank you.
