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Friday, 16 July 2021

If you are planning to do FD, find out here where investing will be more profitable

 If you are planning to do FD, find out here where investing will be more profitable

If you are planning to do FD, find out here where investing will be more profitable


If you are going to invest in a fixed deposit (FD), you should know the interest rates of banks. SBI, HDFC, ICICI and Axis Bank have recently revised FD interest rates. However, the government has not reduced interest rates on small savings schemes for the July-September quarter. In this case, you will continue to get the same interest as before in the post office time deposit. Here we are telling you how much interest you will get on where to invest.


Either how much interest is being earned


Interest on 2 year FD

Bank interest rate (in%)

Post Office 5.50

Axis 5.25

SBI 5.10

ICICI 5.00

HDFC 4.90


Interest on 3 year FD

Bank interest rate (in%)

Post Office 5.50

SBI 5.30

HDFC 5.15

Axis 5.25


Interest on 5 year FD

Bank interest rate (in%)

Post Office 6.70

Axis 5.75

HDFC 5.50

SBI 5.40

ICICI 5.35


Tax exemption can be availed on 5 year FD

A 5 year FD is called a tax saving FD. Upon investment in it, tax exemption of up to Rs 1.5 lakh can be availed under Section 80C of the Income Tax Act.

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Interest received from FD has to be taxed

If the interest income of FD is up to Rs. 40,000 (Rs. 50,000 in case of senior citizen) then you do not have to pay any tax on it. 10% TDS is deducted for income above this. If the annual interest income from your FD is more than Rs. 40,000 but the total annual interest (including interest income) is not limited, the bank will not deduct TDS where tax is levied. For this, Senator Citizen has to submit Form 15H to the bank and others have to submit Form 15G.


Form 15G or Form 15H is a self-declaration form. In it you have to state that your income is outside the tax limits. Anyone who fills out this form gets tax relief.

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