which safe bank is giving best fd rates these days ?

[mojo_jojo123]

which safe bank is giving best fd rates these days ?

 

[ltf4ever]

which safe bank is giving best fd rates these days ?

hdfc. 7% above 15 months.

 

[skap9731]

which safe bank is giving best fd rates these days ?

Indusind 7.50%

 

[Deleted member 9785]

invest in post office as there is no TDS

 

[Souvik]

Less than 2 CR, Non-Senior Citizen Rates - HDFC, ICICI are offering 7%, Axis is offering 7.26%, IDFC/Indus Ind is at 7.5%, Bandhan Bank - 8% - as on 07th February-2023.

Till interest of 2.5L in a year, Submit form 15G/H to avoid direct TDS deduction. If interest in a year above 2.5L in one bank (which is possible in a rising rate scenario) then spread principal across different banks.

Anyhow you do not know which bank has most exposure to the upcoming adani or mallya, better to diversify anyhow 🙂

 

[thanix]

Axis is offering 7.26% as special rate for few days and Citi was offering 7.75,% which I thought they are setting up liability trap for Axis on maturity 😜

With another rate hike today from RBI, I expect a 0.1 % improvement in the rates in the next month or two.

 

[RajBlr]

Less than 2 CR, Non-Senior Citizen Rates - HDFC, ICICI are offering 7%, Axis is offering 7.26%, IDFC/Indus Ind is at 7.5%, Bandhan Bank - 8% - as on 07th February-2023.

Till interest of 2.5L in a year, Submit form 15G/H to avoid direct TDS deduction. If interest in a year above 2.5L in one bank (which is possible in a rising rate scenario) then spread principal across different banks.

Anyhow you do not know which bank has most exposure to the upcoming adani or mallya, better to diversify anyhow 🙂

Just a clarification, even if you have it in multiple banks and the total exceeds that limit you said, you still need to pay IT per your slab when you file return, nope?

 

[RajBlr]

Axis is offering 7.26% as special rate for few days and Citi was offering 7.75,% which I thought they are setting up liability trap for Axis on maturity 😜

With another rate hike today from RBI, I expect a 0.1 % improvement in the rates in the next month or two.

Yes I was shocked to see Citi went crazy and highest out of all banks which I was searching 7.75 for 91 to 150days.

Citi was always the lowest in the FD rates is what I knew for decades

 

[karanssh]

Just a clarification, even if you have it in multiple banks and the total exceeds that limit you said, you still need to pay IT per your slab when you file return, nope?

All income >10K from fixed deposits are taxed as per your slab.

 

[Souvik]

Just a clarification, even if you have it in multiple banks and the total exceeds that limit you said, you still need to pay IT per your slab when you file return, nope?

The automatic deduction of tax by banks do not happen in my case specified above, and you get your money in hand, then depending upon your acumen/tax saving practices you can reduce your taxable income to zero thereby totally avoiding to pay taxes on the interest.

 

[thanix]

If I remember correctly, TDS happens if the interest portion is above 40k (50k for senior citizens) unless you provide 15G/H form in which you are telling your FY income is not beyond 2.5L.

 

[Souvik]

If I remember correctly, TDS happens if the interest portion is above 40k (50k for senior citizens) unless you provide 15G/H form in which you are telling your FY income is not beyond 2.5L.

True, I skipped the obvious 40k limit assuming mostly bulk FD's earn more than that and everyone will submit 15G/H, that's bare minimum.