Latest news with #Form15H
Time of India
5 days ago
- Business
- Time of India
FD rate up to 7.85% for senior citizens investing for three years; Know the list of banks
Bank FD interest rate for senior citizens FD rate up to 7.85% FD rate up to 7.8% FD rate up to 7.75% for senior citizens Bank name Interest rate YES Bank 7.85% SBM Bank 7.8% Bandhan Bank 7.75% RBL Bank 7.6% IndusInd Bank 7.5% FD rate up to 7.6% for senior citizens FD rate up to 7.5% When is TDS deducted from bank FDs? New tax regime: Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no income tax, making them eligible to submit Form 15H for FY 2025-26. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no income tax, making them eligible to submit Form 15H for FY 2025-26. Old tax regime: In the old tax regime, the exemption limit is Rs 3 lakh (enhanced to Rs 5 lakh for taxpayers aged 80 years or more), and the 87A rebate applies for income up to Rs 5 lakh, allowing Form 15H submission for FY 2025-26, if the total taxable income does not exceed this threshold. There are still some banks which continue to offer up to 7.85% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 7.85%. YES Bank is offering 7.85% interest rate on FD of three year Bank India is offering 7.8% interest rate on FD of three year tenure. Bandhan Bank is offering 7.75% interest rate on FD for three year tenure for senior showing bank FD rate for three year tenure for senior citizensSource: as of July 2, 2025 RBL Bank is offering 7.6% interest rate on FD for three year tenure. IndusInd Bank is offering up to 7.5% interest rate on FD for three year Deducted at Source (TDS) is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such 15H applies based on the final tax liability after considering exemptions and rebates.
Economic Times
5 days ago
- Business
- Economic Times
FD rate up to 7.85% for senior citizens investing for three years; Know the list of banks
ET Online Fixed Deposit(FD) rate up to 7.85% for senior citizens investing for three years; Know the list of banks There are still some banks which continue to offer up to 7.85% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 crore. Read below to know the list of banks offering FD interest rate up to 7.85%. Bank FD interest rate for senior citizens FD rate up to 7.85% YES Bank is offering 7.85% interest rate on FD of three year tenure. FD rate up to 7.8% SBM Bank India is offering 7.8% interest rate on FD of three year tenure. FD rate up to 7.75% for senior citizens Bandhan Bank is offering 7.75% interest rate on FD for three year tenure for senior showing bank FD rate for three year tenure for senior citizens Bank name Interest rate YES Bank 7.85% SBM Bank 7.8% Bandhan Bank 7.75% RBL Bank 7.6% IndusInd Bank 7.5% Source: as of July 2, 2025 FD rate up to 7.6% for senior citizens RBL Bank is offering 7.6% interest rate on FD for three year tenure. FD rate up to 7.5% IndusInd Bank is offering up to 7.5% interest rate on FD for three year tenure. When is TDS deducted from bank FDs? Tax Deducted at Source (TDS) is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax regime. Despite the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations. Form 15H applies based on the final tax liability after considering exemptions and rebates. New tax regime: Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no income tax, making them eligible to submit Form 15H for FY 2025-26. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no income tax, making them eligible to submit Form 15H for FY 2025-26. Old tax regime: In the old tax regime, the exemption limit is Rs 3 lakh (enhanced to Rs 5 lakh for taxpayers aged 80 years or more), and the 87A rebate applies for income up to Rs 5 lakh, allowing Form 15H submission for FY 2025-26, if the total taxable income does not exceed this threshold. N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now
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Business Standard
30-06-2025
- Business
- Business Standard
FD interest rates up to 9.10%: 15 banks offer 7.80% or more to seniors
Can you still get over 8 per cent on a fixed deposit? Despite this year's repo rate cuts, the answer is yes—at least for now. The Reserve Bank of India (RBI) has cut the repo rate by 100 basis points since February 2025. In response, several banks have reduced their fixed deposit (FD) interest rates. But a few small finance and private banks continue to offer interest rates above 7.80 per cent, especially for senior citizens. Top FD rates as of June 30, 2025 For deposits below Rs 3 crore, some small finance banks are offering relatively high FD rates for senior citizens. As of June 28, 2025, Unity Small Finance Bank is offering the highest FD rate at 9.10 per cent for a tenure of 1001 days. Suryoday Small Finance Bank follows with 8.80 per cent for tenures above 30 months and up to 3 years. Utkarsh Small Finance Bank is offering 8.75 per cent for deposits held between 2 and 3 years. Slice Small Finance Bank is offering 8.50 per cent for a narrowly defined window of 18 months 1 day to 18 months 2 days. Equitas Small Finance Bank offers 8.40 per cent for a tenure of 888 days. All rates apply to senior citizens and are available on deposits of less than Rs 3 crore. These figures are based on each bank's official website as of June 28, 2025. Regular depositors can also find rates above 8 per cent, though options are fewer. Experts say locking in the current rate may help, as further cuts could follow if the repo rate continues to drop. Tax rules on FD interest Interest earned on fixed deposits is taxable. If the interest exceeds a certain threshold, tax is deducted at source. 'Interest earned on FDs is taxable, with tax deducted at source (TDS) if it exceeds a specified limit,' said Adhil Shetty, CEO of BankBazaar. The 2025 Union Budget raised the TDS threshold: For general citizens: From Rs 40,000 to Rs 50,000 For senior citizens: From Rs 50,000 to Rs 1 lakh Take the example of Nupur, a 38-year-old resident of Noida. She earns Rs 75,000 in annual FD interest. Since the new threshold for general citizens is Rs 50,000, TDS applies on the excess Rs 25,000. At 10 per cent, the deducted tax is Rs 2,500. That Rs 75,000 also counts as part of her total taxable income. But if her overall income is below Rs 2.5 lakh, she doesn't owe additional tax. To avoid TDS in such a case, she can submit Form 15G at the start of the financial year, declaring her income falls below the taxable limit. Senior citizens can submit Form 15H for the same purpose. Take a look at the banks offering the highest interest rate as of June 28, according to PaisaBazaar: Small Finance Banks 1. Equitas Small Finance Bank Highest rate: 8.40 per cent for 888 days 1-year: 8.10 per cent 3-year: 8.00 per cent 5-year: 7.75 per cent 10-year: 7.75 per cent No extra rate for super senior citizens 2. ESAF Small Finance Bank Highest rate: 8.10 per cent for 444 days 1-year: 5.25 per cent 3-year: 6.50 per cent 5-year: 6.25 per cent 10-year: 6.25 per cent No extra rate for super senior citizens 3. Jana Small Finance Bank Highest rate: 8.25 per cent (Above 1 year to 3 years) 1-year: 8.00 per cent 3-year: 8.25 per cent 5-year: 8.20 per cent 10-year: 7.00 per cent No extra rate for super senior citizens 4. Slice Small Finance Bank Highest rate: 9.00 per cent (18 months 1 day to 18 months 2 days) 1-year: 7.00 per cent 3-year: 8.25 per cent 5-year: 8.25 per cent 10-year: 6.75 per cent No extra rate for super senior citizens 5. Suryoday Small Finance Bank Highest rate: 8.80 per cent (Above 30 months to 3 years) 1-year: 8.30 per cent 3-year: 8.80 per cent 5-year: 8.40 per cent 10-year: 7.65 per cent No extra rate for super senior citizens 6. Ujjivan Small Finance Bank Highest rate: 8.25 per cent for 2 years 1-year: 8.15 per cent 3-year: 7.70 per cent 5-year: 7.70 per cent 10-year: 7.00 per cent No extra rate for super senior citizens 7. Unity Small Finance Bank Highest rate: 9.10 per cent for 1001 days 1-year: 7.50 per cent 3-year: 8.50 per cent 5-year: 8.50 per cent 10-year: 7.50 per cent No extra rate for super senior citizens 8. Utkarsh Small Finance Bank Highest rate: 8.75 per cent (2 to 3 years) 1-year: 6.75 per cent 3-year: 8.75 per cent 5-year: 8.25 per cent 10-year: 7.75 per cent No extra rate for super senior citizens Private Sector Banks 9. Bandhan Bank Highest rate: 8.25 per cent for 1 year 1-year: 8.25 per cent 3-year: 7.75 per cent 5-year: 6.60 per cent 10-year: 6.60 per cent No extra rate for super senior citizens 10. CSB Bank Highest rate: 7.90 per cent for 13 months 1-year: 5.50 per cent 3-year: 6.25 per cent 5-year: 6.25 per cent 10-year: 6.50 per cent No extra rate for super senior citizens 11. DCB Bank Highest rate: 7.90 per cent (25 to 26 months) 1-year: 7.25 per cent 3-year: 7.25 per cent 5-year: 7.25 per cent 10-year: 7.25 per cent No extra rate for super senior citizens 12. Jammu & Kashmir Bank Highest rate: 7.80 per cent for 888 days 1-year: 7.25 per cent 3-year: 7.25 per cent 5-year: 7.00 per cent 10-year: 7.00 per cent No extra rate for super senior citizens 13. RBL Bank Highest rate: 7.80 per cent for 500 days 1-year: 7.60 per cent 3-year: 7.60 per cent 5-year: 7.50 per cent 10-year: 7.50 per cent Super senior citizens get +0.25 per cent on all tenures 14. SBM Bank India Highest rate: 8.55 per cent (Above 18 months to less than 2 years 3 days) 1-year: 8.00 per cent 3-year: 7.80 per cent 5-year: 8.25 per cent 10-year: 7.50 per cent No extra rate for super senior citizens 15. YES Bank Highest rate: 7.85 per cent (3 years to less than 5 years) 1-year: 7.25 per cent 3-year: 7.85 per cent 5-year: 7.50 per cent 10-year: 7.50 per cent
Economic Times
21-06-2025
- Business
- Economic Times
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
ET Online Tenant eviction: After more than 10 years fight a landlord wins eviction case on ground of rebuilding of property; Know how There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 crore. Read below to know the list of banks offering FD interest rate up to 8.8%. Bank FD interest rate for senior citizens FD rate up to 8.8% Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. FD rate up to 8.75% for senior citizens Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior citizens. Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% Source: as of June 18, 2025 FD rate up to 8.5% Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year tenure. FD rate up to 8.25% slice Small Finance Bank is offering 8.25% interest rate on FD for three year tenure. Similarly, Jana Small Finance Bank is offering 8.25% interest rate on FD for three year tenure. Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances. When is TDS deducted from bank FDs? TDS is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations. N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now
Time of India
21-06-2025
- Business
- Time of India
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
Bank FD interest rate for senior citizens FD rate up to 8.8% FD rate up to 8.75% for senior citizens Academy Empower your mind, elevate your skills Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% FD rate up to 8.5% FD rate up to 8.25% When is TDS deducted from bank FDs? There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 8.8%. Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior as of June 18, 2025Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year Small Finance Bank is offering 8.25% interest rate on FD for three year Jana Small Finance Bank is offering 8.25% interest rate on FD for three year While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations.
