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SBI vs HDFC: Latest Interest Rates On FDs Compared
India's commercial giant SBI provides multiple retail fixed deposits or fixed deposits with up to a maximum deposit of Rs 2 Crore and eight different maturity alternatives. The term of maturity starts at seven days and lasts to 10 years. SBI promises its general investors with interest rates of 2.9 per cent to 5.4 per cent and 3.4 per cent to 6.2 per cent to senior citizens on fixed deposits respectively. To sync them with benchmark rates, the SBI adjusts interest rates periodically. The below-framed interest rates are offered by SBI as of now and active from 10 September onwards.
SBI FD Rates
| Tenure | For general public | For senior citizens |
|---|---|---|
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4,4% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to 365 days | 4.40% | 4.90% |
| 1 year to 2 years | 4.90% | 5.40% |
| 2 years to 3 years | 5.10% | 5.60% |
| 3 years to 5 years | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
HDFC Bank FD Rates
HDFC Bank, India's largest private sector lender on a maximum of Rs 2 crore, provides 12 maturity alternatives at ranging interest rates. The period of maturity starts between 7 days and 10 years. For 7 to 14 days, the bank bids 2.5 per cent to general customers and an extra 0.5 per cent on fixed deposits to senior citizens. HDFC Bank, with effect from 13 November 2020, modified its interest rates on fixed deposits.
| Tenure | For general public | For senior citizens |
|---|---|---|
| 7-14 days | 2.50% | 3% |
| 15-29 days | 2.50% | 3% |
| 30-45 days | 3% | 3.50% |
| 46-60 days | 3% | 3.50% |
| 61-90 days | 3% | 3.50% |
| 91 days - 6 months | 3.50% | 4% |
| 6 months - 9 months | 4.40% | 4.90% |
| 1 year 1 day - 2 years | 4.90% | 5.40% |
| 2 years 1 day - 3 years | 5.15% | 5.65% |
| 3 years 1 day - 5 years | 5.30% | 5.80% |
| 5 years 1 day - 10 years | 5.50% | 6.25% |
Taxation
In compliance with the rules pointed in the Income Tax Act, fixed deposit interest earnings in a year incur TDS, or Tax Deducted at Source. Interest gains are then added under the term "Income from Other Sources" throughout Income Tax Returns. The TDS will then be adjusted against your gross tax liability by the IT Department. Interest profit, nevertheless, is only deducted when interest profits surpass Rs. 40,000 from all streams. In case the interest income is higher than Rs. 40,000, to report it to such financial institutions, you need to submit Form 15G or Form 15H respectively. In the other hand, if an individual considers a tax-saving FD, they can claim a tax deduction of up to Rs. 1.5 Lakh for the principal amount in a fiscal year.
