Bank of Baroda and HDFC, the country’s two big banks, have increased the interest on fixed deposits (FD). The new interest rates of Bank of Baroda have come into effect from June 16, while those of HDFC have come into effect from June 17.
How much interest will you get on getting FD in Bank of Baroda?
| Duration | Interest Rate (in %) |
| 7 to 45 days | 2.80 |
| 46 to 180 days | 3.70 |
| 181 to 270 days | 4.30 |
| 271 days to less than 1 year | 4.40 |
| 1 year | 5.00 |
| 1 year 1 day to 2 years | 5.45 |
| 2 years 1 day to 3 years | 5.50 |
| 3 years 1 day to 10 years | 5.35 |
How much interest will you get on getting FD in HDFC ?
How much interest will you get now
| Duration | Interest Rate (in %) |
| 7 to 29 days | 2.75 |
| 30 to 90 days | 3.25 |
| 91 days to 6 months | 3.75 |
| 6 months 1 day to 9 months | 4.65 |
| 9 months 1 day to less than 1 year | 4.65 |
| 1 year | 5.35 |
| 1 year 1 day to 2 years | 5.35 |
| 2 years 1 day to 3 years | 5.50 |
| 3 years 1 day to 5 years | 5.70 |
| 5 years 1 day to 10 years | 5.75 |
Tax is also to be paid on the interest earned from FD
If the interest received on bank FD in a financial year is less than 40 thousand rupees, then no tax will have to be paid on it. This limit is for people below 60 years of age. At the same time, above 60 years of age, that is, income up to 50 thousand rupees from FD of senior citizens is tax free. 10% TDS is deducted on income above this.
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