Banks FDs With The Highest Interest Rates

Posted By: Roshni
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    In the recent time, banks have lowered interest rate on the fixed or term deposits. Considering this other investment options including the likes of corporate fixed deposits, liquid funds etc. prove to be more lucrative. However still for the traditional investors who find it safe to park their funds in bank fixed deposits, the highest interest rate offered by the different banks for different tenures is provided herein below as a ready-reckoner.

    Bank FDs for tenure less than a year

    For the FD term of less than a year and and an amount less than 1 crore, the highest interest rate of 7.25% is fetched by Ratnakar Bank Ltd. (RBL).

    Bank FDs with a tenure of 1 year and less than 2 years

    Bank FDs with a tenure of 1 year and less than 2 years

    Bank FDs with a tenure upto 5 years

    Bank FDs with a tenure upto 5 years

    Taxation on bank FDs

    Bank fixed deposits attract a Ta Deducted at Source (TDS) of 10 per cent, if the amount of interest in a financial year exceeds Rs 10,000. Therefore, it is important to know that if you are not in the taxable bracket, you can submit form 15g or form 15h. These forms are basically meant to tell the tax authorities and the bank that you do not have taxable income and hence you should not be subject to TDS.

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