Top Banks with highest interest rates..!

Sowmiya Sriram
Top Banks with highest interest rates..!
People who are planning to save money or invest in fixed deposits should make sure to compare the rates between various banks for different textures. The Interest rates vary for each bank with different tenure and the amount we deposit. The maturity for Fixed deposits ranges from seven years to ten years.
Short-term deposits might range from seven days to almost 12 months. The RBI's key rates make the interest rates in each bank differ and fluctuate. Recently, the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india has raised the interest rates on Fixed Deposits which come under Rs 2 crore with the duration of one year.
These FDs will be 5.1% effective from january 15th, 2022. All senior citizens will get 5.6% of their total income. All other banks like hdfc bank, ICICI bank, and Axis bank have also hiked the FD interest rates. Also, all the interest we earn from our FC will be covered under Income and other Sources. While filing our returns it is fully taxable. If our interest income from FC is below Rs 40,000 in a year, they will deduct TDS from banks. Some papers like 15G and 15H forms have to be submitted t the fiscal year. After the filing of these forms, banks won't deduct TDS for the interest income.

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