Latest news with #SuryodaySmallFinanceBank
Economic Times
11 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
11 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.
Time of India
31-05-2025
- Business
- Time of India
Last day to lock in at 9.10% FD rate: This bank to cut fixed deposit interest rates from tomorrow
For fixed deposit investors, today is the last date to book FD at higher rate of up to 9.10% per annum. This is because Suryoday Small Finance Bank announced a revision in FD interest rates effective from June 1, 2025. The revision in FD rates will impact both general public and senior citizen investors. Notably, the bank is currently offering one of the most attractive FD interest rates in the market — up to 9.10% per annum on five-year FD tenure for senior citizens. Special FD interest rate up to 7.8%: IDBI Bank revises FD rates across special deposits, check Utsav FD deadline This highest FD interest rate of 9.10% is applicable for a 5-year deposit tenure and is available only until May 31, 2025. That means investors have just today to take advantage of this high return before the revised, likely lower, rates come into effect. Why banks are revising FD rates now In the recent months, banks are on the spree to revise the FD interest rates. This includes both for their regular FDs and special FDs launched. FD interest rates are revised because the Reserve Bank of India (RBI) has cut the repo rate from the start of 2025. In total, RBI has cut repo rate by 50 basis points. The next policy is on June 6, 2025, where RBI can cut repo rate again due to low inflation. New FD rates from June 1, 2025, for Senior Citizens For senior citizens, the revised FD rates will be between 4.4% and 8.8% per annum, starting June 1, 2025. The highest FD interest rate of 8.8% is offered on tenure above 30 months to 36 months. The bank has uniformly reduced rates by 10 bps across all tenures, while the 5-year FD tenure sees the sharper cut of 70 bps-down from 9.1% to 8.4%. Live Events Till May 31, 2025, the bank offers highest FD interest rate 9.10 % on tenure of 5 Years. New FD rates from June 1, 2025 for general public From June 1, 2025, Suryoday Small Finance Bank will offer interest rates on FDs ranging from 4% to 8.4% for general citizens on deposits below Rs 3 crore. The high FD rate of 8.4% is offered tenure above 30 months to 36 months. The most notable change is in the 5-year FDs, where the interest rate has been reduced by 60 basis points (bps)-from 8.6% to 8%. Till May 31, 2025, the bank offers highest FD interest rate 8.6% on tenure of 5 Years. New rates from June 1, 2025 Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.40% 15 Days to 45 Days 4.25% 4.65% 46 Days to 90 Days 4.50% 4.90% 91 Days to 6 Months 5.00% 5.40% 6 Month 1 Day 7.25% 7.65% Above 6 Month 1 Day to 9 Months 5.50% 5.90% Above 9 Months to less than 1 Year 6.00% 6.40% 1 Year 7.90% 8.30% Above 1 Year to 15 Months 8.00% 8.40% Above 15 Months to 18 Months 8.25% 8.65% Above 18 Months to 2 Years 8.10% 8.50% Above 2 Years to 30 Months 8.15% 8.55% Above 30 Months to 36 Months 8.40% 8.80% Above 3 Years to less than 5 Years 6.75% 7.15% 5 Years 8.00% 8.40% Above 5 Years to 10 Years 7.25% 7.65% FD rates till May 31, 2025 Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.50% 15 Days to 45 Days 4.25% 4.75% 46 Days to 90 Days 4.50% 5.00% 91 Days to 6 Months 5.00% 5.50% 6 Month 1 Day 7.25% 7.75% Above 6 Month 1 Day to 9 Months 5.50% 6.00% Above 9 Months to less than 1 Year 6.00% 6.50% 1 Year* 7.90% 8.40% Above 1 Year upto 15 Months 8.00% 8.50% Above 15 Months to 18 Months 8.25% 8.75% Above 18 Months to 2 Years 8.10% 8.60% Above 2 Years to 30 Months 8.15% 8.65% Above 30 Months to 36 Months 8.40% 8.90% Above 3 Years to less than 5 Years 6.75% 7.25% 5 Years 8.60% 9.10% Above 5 Years to 10 Years 7.25% 7.75%
India Today
29-05-2025
- Business
- India Today
From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for FIXED DEPOSITS RATES Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward update will help cardholders better comprehend their card benefits and manage their spending more NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
Time of India
27-05-2025
- Business
- Time of India
Hurry up! Only 5 days left for senior citizens to book FDs at 9.1% for 5 years as this bank cuts interest rates
Suryoday Small Finance Bank has joined the growing list of banks that have lowered interest rates on fixed deposits (FDs) recently. The Navi Mumbai-based bank has announced a revision to its fixed deposit (FD) interest rates, which will take effect from June 1, 2025. The bank currently offers the highest interest rate of 9.10% on FDs to senior citizens; however, this rate will only be available until May 31, 2025, giving customers a narrow window of few days to lock in the existing high interest rate. ICICI Bank cuts FD interest rate by up to 20 bps: Senior citizens can earn 7.35% on these tenures From June 1, 2025, Suryoday Small Finance Bank will offer interest rates on FDs ranging from 4% to 8% for general citizens on deposits below Rs 3 crore. The most notable change is in the 5-year FDs, where the interest rate has been reduced by 60 basis points (bps)-from 8.6% to 8%. For senior citizens, the revised FD rates will be between 4.4% and 8.4%, starting June 1, 2025. The bank has uniformly reduced rates by 10 bps across all tenures, while the 5-year tenure sees the sharper cut of 70 bps-down from 9.1% to 8.4%. HDFC Bank cuts FD interest rate by up to 20 bps: Senior citizens can earn 7.35% on these tenure Live Events Customers planning to invest at the current higher rates are advised to do so before the revised rates take effect. Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.50% 15 Days to 45 Days 4.25% 4.75% 46 Days to 90 Days 4.50% 5.00% 91 Days to 6 Months 5.00% 5.50% 6 Month 1 Day 7.25% 7.75% Above 6 Month 1 Day to 9 Months 5.50% 6.00% Above 9 Months to less than 1 Year 6.00% 6.50% 1 Year* 7.90% 8.40% Above 1 Year upto 15 Months 8.00% 8.50% Above 15 Months to 18 Months 8.25% 8.75% Above 18 Months to 2 Years 8.10% 8.60% Above 2 Years to 30 Months 8.15% 8.65% Above 30 Months to 36 Months 8.40% 8.90% Above 3 Years to less than 5 Years 6.75% 7.25% 5 Years 8.60% 9.10% Above 5 Years to 10 Years 7.25% 7.75% Suryoday SFB FD interest rates applicable from June 1, 2025 Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.40% 15 Days to 45 Days 4.25% 4.65% 46 Days to 90 Days 4.50% 4.90% 91 Days to 6 Months 5.00% 5.40% 6 Month 1 Day 7.25% 7.65% Above 6 Month 1 Day to 9 Months 5.50% 5.90% Above 9 Months to less than 1 Year 6.00% 6.40% 1 Year 7.90% 8.30% Above 1 Year to 15 Months 8.00% 8.40% Above 15 Months to 18 Months 8.25% 8.65% Above 18 Months to 2 Years 8.10% 8.50% Above 2 Years to 30 Months 8.15% 8.55% Above 30 Months to 36 Months 8.40% 8.80% Above 3 Years to less than 5 Years 6.75% 7.15% 5 Years 8.00% 8.40% Above 5 Years to 10 Years 7.25% 7.65% In order to benefit from the higher current rates, investors who want to optimise their interest income from fixed deposits, particularly senior citizens, should think about scheduling their FDs before June 1, 2025. Even the most competitive rates will yield less profits following the change. FD rate revisions by other banks In the past 10 days, big banks such as State Bank of India (SBI), HDFC Bank, Canara Bank, and ICICI Bank have reduced their fixed deposit interest rates on their highest tenures.
