Canara and IndusInd Bank have recently changed the interest rates of fixed deposits (FDs). Earlier, Union Bank of India and Yes Bank had also increased interest rates on FD. In such a situation, if you are planning to get FD these days, then you need to know the new interest rates of these banks before that.
Here we tell you how much interest major banks of the country including these 4 banks are giving to common people with FDs less than Rs 3 crore. So that you can invest in the right place as per your convenience.
Keep these 3 things in mind when creating FD
1. It is important to choose the right duration before investing in FD, it is important to think about its duration. Indeed, if investors withdraw before maturity, they will have to pay a penalty. If the FD is broken before maturity, a penalty of up to 1% will have to be paid. This can reduce the total interest earned on the deposit.
2. Do not invest all the money in one FD. If you are planning to invest Rs 10 lakh in one FD in one bank, instead invest 8 FDs of Rs 1 lakh and 4 FDs of Rs 50,000 each in more than one. bank. Invest in FD. With this, if you need money in between, you can arrange the money by breaking the FD halfway as per your requirement. The rest of your FD will remain safe.
3. Tax exemption is available on 5 year FD. The 5 year FD is called tax saving FD. By investing in this area, you can claim a deduction of Rs 1.5 lakh from your total income under section 80C of the Income Tax Act. Understand it in simple language, you can reduce up to Rs 1.5 lakh from your total taxable income through section 80C.