Fastened deposit rates of interest for senior residents: Avail rate of interest of as much as 8.1% on 3-year financial institution mounted deposits; test full record right here

Fastened deposit rates of interest for senior residents: A number of non-public sector banks present senior residents with an rate of interest of as much as 8.1% on mounted deposits (FDs) with a three-year tenure. These charges are relevant to FDs under Rs 2 crore.
Beneath is a compilation of personal sector banks offering senior residents with an rate of interest of as much as 8.1% on mounted deposits (FDs), as listed by ET:
DCB Financial institution senior citizen FD charges
Senior residents can avail an rate of interest of 8.1% on mounted deposits (FDs) maturing between 26 months and fewer than 37 months at DCB Financial institution.
RBL Financial institution senior citizen FD charges
RBL Financial institution offers an rate of interest of 8% on mounted deposits for senior residents maturing between 24 months 1 day and 36 months.
IndusInd Financial institution senior citizen FD charges
IndusInd Financial institution offers an rate of interest of 8% on mounted deposits for senior residents maturing between 2 years 9 months and three years 3 months.

(Information as of January 3, 2024) (Supply: Paisabazaar.com quoted by ET)
IDFC Financial institution senior citizen FD charges
IDFC Financial institution offers a 7.75% rate of interest for mounted deposits held by senior residents maturing between 2 years 1 day and three years.
ICICI Financial institution senior citizen FD charges
ICICI Financial institution offers a 7.5% rate of interest for senior residents on mounted deposits maturing between 2 years 1 day and three years.
When does TDS get deducted from senior citizen FDs?
Senior residents needs to be conscious that if the cumulative curiosity earnings from all mounted deposits in a selected financial institution exceeds Rs 50,000, the financial institution will apply a tax deducted at supply (TDS). Presently, the TDS fee is 10%. Nonetheless, if a senior citizen fails to offer their everlasting account quantity (PAN), the TDS fee turns into 20%. An exception is that if a senior citizen’s gross earnings doesn’t surpass the fundamental exemption restrict, they will submit Kind 15H to banks to stop TDS deduction. Furthermore, within the situation the place a senior citizen has a gross earnings exceeding the fundamental exemption restrict, they’ve the chance to obtain a TDS refund. This is applicable if their web tax legal responsibility is decrease than the TDS quantity deducted or whether it is nil. Nonetheless, to avail of this selection, a senior citizen should file their earnings tax return (ITR).