Assurance and stability of returns, low-risk, higher interest rates are what make an FD stand out. Greater returns owing to the maximum interest rate on FD makes it an all-time-favorite investment alternative of Indian investors.
What’s more is that if you have not yet made an investment that can save tax and are looking for it, tax saving FD can be the option. Tax saving FD is one of the tools where you can invest to save tax under Section 80C of the Income Tax Act. You can easily invest in tax saving FD by visiting a bank, filling out a form, and giving a check. In fact, if you can put the FD in the same bank branch where you draw the check, the transfer of funds can be done quickly and invested in a few hours.
What is the maximum interest rate on FD you can get?
The maximum interest rate on FD you can get depends on several factors such as:
Since there are these many factors to be considered, utilizing an FD interest rates calculator to determine the maximum returns you can get from your FD is highly recommended. Bajaj Finance FD interest rates calculator helps you compare, contrast, and thus choose the best maximum interest rate on FD provided by bank or NBFC.
Interest earned on both FDs and RDs is taxable and is shown under income from other sources in your tax return.
Banks deduct tax when your interest income exceeds Rs. 40,000 a year in case of Fixed Deposits and Rs.10,000 a year in the case of Recurring Deposits. This tax is deducted at the source by the bank at the time you credit the interest to your account, and not when the FD matures. So, if you have FD for 3 years – banks will cut TDS at the end of each year.
A 10% TDS is deducted if your PAN details are available with the bank/NBFC or else you are liable to pay 20% TDS on your FD returns.
However, in case your returns/total income is below the taxable limit you can avoid tax deduction by filling and submitting Form 15G and Form 15H and requesting them not to deduct any TDS. Form 15H is for senior citizens while 15H is for everyone else.
You can utilize the Bajaj Finance FD Interest Rates Calculator to calculate your interest earnings on FDs and thus determine your tax applicable on those deposits. This whole calculation can be done even before you start investing. A fixed deposit interest calculator not only helps you in making a well-informed financial decision but helps you get the best out of it.
Invest with Bajaj Finance and enjoy maximum interest rate on FD. Bajaj Finance is now offering interest rates of up to 7.85% on Fixed Deposits. Get guaranteed returns on your investment.- Invest Online
With CRISIL’s FAAA/Stable rating and ICRA’s MAAA (stable) rating, your investments in Bajaj Finance FDs are never at risk. Apart from the highest FD interest rates, Bajaj Finance FDs offer you numerous benefits such as online application of FDs, a facility of loan against fixed deposits, premature withdrawal, etc. You can start investing in Bajaj Finance Fixed Deposits with a minimum deposit amount of Rs. 25,000.
Author Bio: Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story.
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