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Economic Times
9 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
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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)
Time of India
25-05-2025
- Business
- Time of India
Senior citizens looking for FD options? These banks offer interest rate of up to 9.1%
Senior citizens can earn up to 9.1% interest rate on fixed deposits for a five-year tenure on a capital of up to Rs 3 crore. Here is a list of banks where individuals aged 60 and above can consider opening a fixed deposit, offering interest rates of up to 9.1% as of May 21, 2025, as per the 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% However, financial experts urge caution when investing in small finance banks as they have potentially higher risk as compared to commercial banks. Although all deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, the business models of these banks differ from scheduled commercial banks, potentially exposing depositors to higher risks according to ET. How to tackle TDS, for senior citizens Banks are required to deduct Tax Deducted at Source (TDS) if the total interest earned on FDs in a financial year exceeds Rs 1 lakh. However, TDS is not an additional tax and can either be refunded or adjusted when filing your Income Tax Return (ITR). For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually won't have to pay any income tax, thanks to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. Despite this, banks will still deduct TDS once the interest income crosses the Rs 1 lakh threshold. To avoid unnecessary TDS deductions in such cases, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Mayor
24-05-2025
- Business
- Business Mayor
FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks
There are still some banks who continue to offer up to 9.1% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for five year tenure and not exceeding Rs 3 crore. Read below to know the list of banks offering FD interest rate up to 9.1% Bank FD interest rate FD rate up to 9.1% Suryoday Small Finance Bank is offering 9.1% interest rate on FD of five year tenure. FD rate up to 8.65% Unity Small Finance Bank is offering 8.65% interest rate on FD for five year tenure. Bank Name Interest rate Suryoday Small Finance Bank 9.1% Unity Small Finance Bank 8.65% NorthEast Small Finance Bank 8.5% Utkarsh Small Finance Bank 8.25% Jana Small Finance Bank 8.2% Source: as of May 21, 2025 FD rate up to 8.5% NorthEast Small Finance Bank is offering up to 8.5% interest rate on FD for five year tenure. FD rate up to 8.25% Utkarsh Small Finance Bank is offering 8.25% interest rate on FD for five year tenure. FD rate up to 8.2% Jana Small Finance Bank is offering 8.2% interest rate on FD for five 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 refund. For 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 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. READ SOURCE
Economic Times
24-05-2025
- Business
- Economic Times
FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks
ET Online There are still some banks who continue to offer up to 9.1% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) There are still some banks who continue to offer up to 9.1% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for five year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 9.1% Suryoday Small Finance Bank is offering 9.1% interest rate on FD of five year tenure. Unity Small Finance Bank is offering 8.65% interest rate on FD for five year tenure. Bank Name Interest rate Suryoday Small Finance Bank 9.1% Unity Small Finance Bank 8.65% NorthEast Small Finance Bank 8.5% Utkarsh Small Finance Bank 8.25% Jana Small Finance Bank 8.2% Source: as of May 21, 2025 NorthEast Small Finance Bank is offering up to 8.5% interest rate on FD for five year Small Finance Bank is offering 8.25% interest rate on FD for five year Small Finance Bank is offering 8.2% interest rate on FD for five 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. 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 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.
