Bank FD: This Bank is giving excellent returns on FD. In such a situation, investors are getting a great opportunity to save tax with better returns. See full details below.
Fixed Deposit Interest: The last date for tax payment for this financial year is 31 March 2023. Investing in Fixed Deposit (FD) is a good option to save tax. There are many banks, which are giving strong interest on investing in FD.
Private sector lender Kotak Mahindra Bank ‘s new fixed deposit interest rates are effective from today, offering handsome returns on fixed-tenure FDs.
Let us tell you that under Section 80C of the Income Tax Department, tax deduction of Rs 1.50 lakh can be availed on FDs of more than 5 years. For this reason, it is considered better to invest in FDs of banks giving good returns at this time.
Increased interest on FD
The new interest rates of Kotak Mahindra Bank are as follows-
- Interest on fixed deposits maturing in 7-14 days -2.75 percent
- Interest on fixed deposits maturing in 15-30 days – 3.00 percent
- Interest on fixed deposits maturing in 31-45 days – 3.25 percent
- Interest on fixed deposits maturing in 46-90 days – 3.50 percent
- Interest on fixed deposits maturing in 91-120 days – 4.00 percent
- Interest on deposits maturing in 121-179 days – 4.25 percent
- Interest on fixed deposits maturing in 180 days – 6.50 percent
- Interest on deposits maturing in 181 days to 363 days – 6.00 percent
Excellent interest on long term deposits
- Interest on fixed deposits maturing in 364 days – 6.25 percent
- Interest on fixed deposits maturing in 365-389 days – 7.00 percent
- Interest on deposits ranging from 390 days to less than 2 years – 7.20 percent
- Interest on deposits of more than 2 years and less than 3 years – 7.00 percent
- 3 years or more, but interest on deposits of 4 years – 6.50 percent
- Interest on 4 years or more, but less than 5 years – 6.25 percent
- Interest on fixed deposits ranging from 5 years to 10 years – 6.20%
Kotak Mahindra Bank is offering a maximum interest of 7.70 per cent for senior citizens on deposit terms ranging from 390 days (12 months 25 days) to less than 2 years.
