FD rate up to 8.5% for senior citizens: If you are a senior citizen and want good returns with safe investment, then some banks are still offering attractive interest rates up to 8.5% on fixed deposits (FD). This can be a great opportunity for you.

Dearness allowance hike final: DA of employees will increase by this much.

However, it is important to understand the DICGC coverage (up to Rs 5 lakh) and TDS rules (TDS deduction on interest over Rs 50,000 in a financial year) before investing. This can make your investment more secure and make for better financial planning.

Bank FD interest rates for senior citizens-

Utkarsh Small Finance Bank is offering 8.5% interest rate on FDs of three years duration.

FD rate up to 8.25% for senior citizens-

Jana Small Finance Bank is offering 8.25% interest rate on FDs of three years duration for senior citizens.

Slice Small Finance Bank is offering 8.25% interest rate on FDs for a tenure of three years for senior citizens.

Bank Name/Interest-

Utkarsh Small Finance Bank - 8.5%

Jana Small Finance Bank - 8.25%

Slice Small Finance Bank - 8.25%

Suryoday Small Finance Bank - 8.15%

FD Rate up to 8.15%-

Suryoday Small Finance Bank is offering interest rate up to 8.15 percent on FDs for a tenure of three years.

When is TDS deducted from bank FDs?

If the interest earned on your fixed deposit (FD) is more than Rs 1 lakh, the bank has to deduct tax at source (TDS). Remember, TDS is not an additional tax; it is an advance tax payment. You can get it as a refund or adjust it against your total tax liability while filing Income Tax Return.

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