post-office scheme: The interest rate in this post office scheme is still higher than that of bank FD. We are telling you about the interest rates of these fixed deposit and fixed deposit accounts so that you can invest at the right place.
post-office scheme: State Bank of India (SBI), ICICI, HDFC, Punjab National Bank (PNB), and Bank of Baroda (BOB) have recently increased fixed deposit, ie FD interest rates. In such a situation, if you are planning to get an FD in any of these banks, then you should first know about the interest rates of the Post Office National Savings Time Deposit Account. The interest rate in this post office scheme is still higher than bank FD. We are telling you about the interest rates of these fixed deposit and fixed deposit accounts so that you can invest at the right place.
Interest will be available up to 6.7%
Interest up to 6.7% is available on National Savings Fixed Deposit Account. This is just one type of FD. By investing in it for a fixed period, you can get fixed returns. The fixed deposit account offers an interest rate of 5.5 to 6.7% for tenures ranging from 1 to 5 years. The minimum investment in this is Rs 1000. There is no maximum investment limit.
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, the income up to 50 thousand rupees from FD of senior citizens above 60 years of age is tax free. 10% TDS is deducted on income above this.
Get the benefit of tax exemption on investment of 5 years
At present, by investing in a deposit scheme and FD for 5 years, one can avail tax exemption under section 80C of the Income Tax Act 1961. Under this, you can take advantage of income tax exemption on investment up to Rs 1.50 lakh. At the same time, the benefit of tax exemption is also available on FDs of banks for 5 years.
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