Latest News
-
Rs 14/Share Dividend: Stockbroking Co To Consider Bonus Share, Shares Up 126% In 180-Days -
Varyaa Creations IPO Set To Shine: Boasts Robust GMP Of Rs 100 -
BEL, HAL, Cochin, Mazagon Dock: Why Defence Stocks Are Flying High When Middle East Is In Kaboom? -
FII-Backed Penny Stock Issues New Update On Warrants, Shares Gain 111% In 3-Yrs -
Top 5 Bank Savings Accounts With No Hidden Charges; Check Details? -
150% Gains In 12 Months: This Multibagger Telecom Stock Hits 52-Week High; IIFL Finance Recommends BUY! -
Singapore Orders Recall Of Everest Fish Curry Masala Over Pesticide -
China's Sinking Cities: Researchers Warn Of A Looming Threat, Say Half Of Major Cities Are Drowning -
Inox Wind Secures Repeat 210 MW Order From Hero Future Energies -
100 Grams Of 22K Gold Dearer By Rs 5000 In India: Check Yellow Metal Prices After Latest Rise
Top 5 Senior Citizen Bank Fixed Deposits For 5 Years Tenure
In a rising interest rate scenario, when bank fixed deposits turn attractive and already senior citizens get their due benefit as a 0.5% higher return, you being a senior citizen may be looking out for top bank fixed deposits offering the highest rate of return on say 5 year tenure. So, to ease your working, here we have collated the data as per the latest interest rate offerings by banks.
Note after the recent off-cycle repo rate hike by the RBI, banks both from the public and private space have begun to hike rates on bank Fixed deposits.
Top 5 Senior Citizen Bank Fixed Deposits For 5 Years Tenure
| Tenure -5 Years | Interest rate (%) compounded quarterly |
|---|---|
| IndusInd Bank | 7% (w.e.f. February 16, 2022) |
| RBL Bank | 6.8% (w.e.f. February 3, 2022) |
| DCB Bank | 6.75% (w.e.f. March 7, 2022) |
| IDFC First Bank | 6.75% |
| Axis Bank | 6.5% (w.e.f. May 12, 2022) |
| Source-Individual bank websites data fetched as on May 13, 2022 |
Taxation of FD interest income for senior citizens
FD interest income is fully taxable. It is added to an individual's total income and taxed as per the slab rate applicable to him or her. While filing the tax return, the same is reported under the head 'Income from other sources'. Now if the interest income from all the fixed deposits with the bank is over Rs. 50,000 in a year for a senior citizen then TDS at the rate of 10% applies. For non-senior citizens the threshold for TDS deduction is Rs. 40000. Before budget 2019, the limit in respect of TDS on interest income was Rs. 10,000.
Section 80TTB to claim deduction against interest income for senior citizens
Furthermore, Section 80TTB comes as another relief to senior citizens applying which senior citizens in receipt of interest income on savings account, Fixed deposits or recurring deposits can claim deduction of up to Rs. 50,000 on an annual basis. This is as per the amendment vide Finance Act 2018. This section came into effect from April 1, 2018 and this income tax deduction can be claimed at any time during a fiscal year from the senior citizen taxpayer's gross income for that financial year.
GoodReturns.in
