Latest news with #Form15H
Economic Times
4 hours ago
- 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
4 hours ago
- 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.
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India.com
26-05-2025
- Business
- India.com
5 Small Finance Banks Offering 8-9% Interest Rates For Senior Citizen --Check List
photoDetails english 2906349 Updated:May 26, 2025, 11:18 AM IST 1 / 7 Senior Citizen looking to earn higher returns on their savings can check out these top fixed deposit options with attractive interest rates. 2 / 7 These are short-term investment with high returns. These banks offer some of the best rates on five-year tenure FD on a capital of up to Rs 3 crore for senior citizen. 3 / 7 The banks offering between 8 and 9 percent interest rates are as follows: Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65% NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% 4 / 7 It must be noted that when interest earned by senior citizen (aged 60 years or more) crosses Rs 1 lakh in a financial year, banks are required to deduct Tax Deducted at Source (TDS), even if the individual's actual tax liability is zero. 5 / 7 In the above circumstances, Form 15H --a self-declaration form that senior citizens aged 60 years-- can help avoid this deduction. Senior citizens can submit the form to their bank or financial institution declaring that their total income falls below the taxable limit. 6 / 7 As a result, banks are instructed not to deduct TDS from their interest earnings. This saves retirees from the inconvenience of filing returns just to claim a TDS refund. 7 / 7 Under the new income tax regime, if the total income of senior citizen does not exceed Rs 12 lakh in a financial year, they are eligible for a full rebate under Section 87A. (Disclaimer: The article is meant for only informational purpose and is not intended to constitute financial advice to any person)
Business Mayor
11-05-2025
- Business
- Business Mayor
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD interest. Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Bandhan Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. Senior citizen FD rate up to 8% IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Source: as on May 7, 2025 Senior citizen FD rate up to 7.75% Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior citizens. Higher TDS threshold for senior citizen investing in FDs While presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any TDS. Read More Tax relief for cash Isa savers rose to £2.1bn last year Moreover, even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27). Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to follow. Chartered Accountant Ashish Karundia says: 'Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens.' READ SOURCE
Economic Times
10-05-2025
- Business
- Economic Times
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Senior citizen FD rate up to 8% Live Events Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Senior citizen FD rate up to 7.75% Higher TDS threshold for senior citizen investing in FDs Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior as on May 7, 2025 Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27).Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to Accountant Ashish Karundia says: "Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens."
