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Economic Times
13 minutes ago
- Economic Times
FD rate up to 8.5% for senior citizens investing for three years; Know the list of banks
Several small finance banks are offering attractive fixed deposit interest rates up to 8.5% for senior citizens on three-year terms, with deposits insured up to Rs 5 lakh. While these rates are appealing, experts advise caution and limiting exposure to the insured amount. Read below to know more about bank FD interest rate. Tired of too many ads? Remove Ads Bank FD interest rate for senior citizens FD rate up to 8.5% FD rate up to 8.25% for senior citizens Tired of too many ads? Remove Ads Bank name Interest rate Utkarsh Small Finance Bank 8.5% Jana Small Finance Bank 8.25% slice Small Finance Bank 8.25% Suryoday Small Finance Bank 8.15% FD rate up to 8.15% When is TDS deducted from bank FDs? There are still some banks which continue to offer up to 8.5% interest rate on fixed deposits (FDs) made by senior citizens (age 60 years and above) for a three- year term with a maximum limit of Rs 3 below to know the list of banks offering FD interest rates up to 8.5%. Utkarsh Small Finance Bank is offering 8.5% interest rate on FD of three year tenure. Jana Small Finance Bank is offering 8.25% interest rate on FD for three year tenure for senior Small Finance Bank is offering 8.25% interest rate on FD for three year tenure for senior as of July 16, 2025 Suryoday Small Finance Bank is offering up to 8.15% interest rate on FD for three year 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 are required to deduct tax deducted at source (TDS) if the interest earned on a fixed deposit (FD) exceeds Rs 1 lakh in a particular bank. Keep in mind that TDS isn't an extra tax; you can reclaim it as a refund or offset it against your total tax liability when you file your income tax return (ITR). Moreover, if you are eligible for a tax refund, you might also qualify for interest on that instance, if a senior citizen has an income is Rs 11 lakh, they won't have to pay income tax thanks to the Section 87A tax rebate under the new tax regime for FY 2025-26. The Section 87A tax rebate is applies to income up to Rs 12 lakh under the new tax a senior citizen can submit Form 15H to avoid TDS deduction if his total income, after claiming all deductions and the Section 87A rebate is below the taxable limit, which is Rs 12 lakh for the new tax regime or Rs 5 lakh for the old though no income tax is charged on income below Rs 12 lakh, banks and other financial institutions will still deduct TDS. This is because the law requires them to deduct TDS once the interest/income amount surpasses a certain limit, which is Rs 1 lakh for senior citizens. Banks are not aware of individual tax liabilities and will deduct TDS whenever the annual interest exceeds Rs 1 lakh. Hence submit Form 15H to let the banks know.
New Indian Express
13 minutes ago
- New Indian Express
IREL may buy seized beach sand minerals for Rs 400 crore as per Madras HC order
THOOTHUKUDI: As the centre's IREL India Limited functioning in Manavalakurichi had agreed to procure the beach sand minerals seized by the Tamil Nadu government at a cost of Rs 241 per tonne for raw sand and semi-processed sand; and Rs 2,416 per tonne for processed minerals, TN officials have initiated the process to hand over the heavy minerals under seizure in private godowns and stockyards as per the orders of the Madras High Court dated February 17, 2025. Besides ordering CBI investigation into the mining scam, the HC had ordered to recover Rs 5,832 crore from eight mining companies for causing revenue loss to the state exchequer and to shift the existing 1.40 crore tonnes of beach sand and processed minerals to IREL India Limited. However, a few of the mining barons had obtained a 'status quo' order from SC, restraining officials from shifting the minerals to the IREL premises at Manavalakurichi in Kanniyakumari district. The TN Natural Resources department had issued a G.O. on April 18, based on the HC order, to hand over the seized minerals stored in Thoothukudi, Tirunelveli and Kanniyakumari to IREL India limited.
Time of India
13 minutes ago
- Time of India
Loan via UPI: Soon you can use UPI to withdraw money from credit line taken against property, gold, FD, share, MFs, others
Academy Empower your mind, elevate your skills What is a credit line on UPI? What kind of transactions can I undertake from my loan account? Which accounts were previously eligible for a credit line on UPI? Credit on FD Credit on bond/shares Credit on property Credit on gold Personal Loan Business Loan Unsecured Credit KCC (Kisan Credit Card) loans Reserved for future use Can I use my loan account funds for any purposes via UPI? Challenges remain; the final decision rests with the bank Starting next month, there's going to be a big change in how we use the overdraft facility through UPI. The NPCI (National Payment Corporation of India), in a circular dated July 10, 2025, has outlined new guidelines for linking pre-approved credit lines to next month onward, funds sanctioned by credit lines from financial institutions, and backed by fixed deposits (FDs), shares and bonds, properties, gold, and more, will be directly accessible through UPI. In simple terms, you will be able to link your loan account, supported by FDs, shares, bonds, and even your personal or business loan overdraft, to your UPI for smooth transactions using various apps like Paytm, PhonePe and to the circular, all UPI member banks, PSPs (payment service providers), credit line issuers and third-party app providers (TPAPs) have been instructed to implement the necessary changes before August 31, the past, UPI allowed only P2M transactions with a pre-approved credit line. The new circular now permits cash withdrawals, P2P transactions, and P2PM transactions using your bank's credit line. P2PM transactions involve small merchants with monthly UPI transactions under Rs 50, you have taken a business loan to grow your shop. Now, you need to pay a contractor Rs 2 lakh from this account. Right now, you have to make a bank transfer through your business loan account since you cannot currently link this loan account to your UPI. But starting August 2025, you'll be able to make UPI payments directly from this business loan as great as it sounds, there are still a lot of unclear details about how this will work. How will this change affect your everyday transactions, and what should you be aware of? ET Wealth Online breaks it explained on the NPCI website, a pre-sanctioned credit line on UPI allows you to get a pre-approved credit line from your bank, which you can immediately then link to your UPI for making transactions. A credit line is essentially a pre-decided amount you can borrow from any bank or financial institution, and is determined on the basis of your income and to the NPCI circular, 'In order to ensure consistent customer experience across interest-bearing credit lines, end use of such pre-sanctioned credit lines being linked to UPI shall be aligned with the purpose for which the loan was granted by the Issuer and the extant regulations applicable in this regard.'Explains Rohit Mahajan, Founder and Managing Partner of plutosONE, 'Bank-sanctioned credit lines for different types of collateral or credit categories, including FDs, shares and bonds, properties, gold, and even personal or business loans, now can be used through UPI. Therefore, as long as the issuer (bank or financial institution) has sanctioned the credit line and allowed the linkage to UPI, it (UPI) can now be used as a payment initiation channel for those transactions from an account of any credit line, collateral or otherwise'.Previously, you were limited to doing a P2M or person-to-merchant transaction using a pre-sanctioned credit line on UPI. But as per the latest circular, you will be able to make cash withdrawals, P2P (or person-to-person) transactions, and even P2PM transactions from your bank-issued credit line.P2PM transactions generally involve small merchants and businesses, whose monthly inward UPI transactions are less than Rs 50, to the circular, 'In addition to existing MCCs allowed for credit products, these MCCs shall be enabled by UPI Apps, Payer PSPs, Payee PSP's and Beneficiary Banks for all types of transactions from these account types (Scan & Pay, Pay to Contact/VPA/UPI No., Self-transfer, Account + IFSC based transaction, Intent, etc.).'Here, MCCs are merchant category these transactions can't go over the daily limits set by NPCI. Right now, for both P2P and P2M transactions, you can only spend up to Rs 1 lakh via UPI in 24 hours. If you're looking to withdraw cash, the daily cap is Rs 10,000. Also, you can't do more than 20 P2P transactions in a single day. While NPCI proposes these limits, remember that individual banks may have different internal limits for these transactions. So, it's a good idea to check with your says that not all individuals might be allowed to undertake all three transactions on their loan account. 'While the UPI infrastructure and member banks will technically support the executions of these transactions after August 31, 2025, it is up to the issuer bank to permit or prohibit these transactions based on legal, regulatory, and product restrictions. Thus, people can only conduct these transactions specifically if their issuing bank permits them based on the terms of use in their credit line agreement'.Previously, you could only access funds present in your overdraft accounts and RuPay credit cards via UPI. However, from August 31, NPCI has introduced 10 additional credit line categories which are eligible to be linked and spent via UPI. These include:According to experts, while Kisan Credit Card or KCC loans are meant to provide timely credit for agricultural and related activities to farmers, the term 'reserved for future use' includes any new credit products or account types that aren't currently defined, but could be ingrated into the future development of this systems or schemes without needing to completely re-design the As the circular explicitly mentions, 'Issuer shall, as per their board-approved policy, stipulate terms and conditions of use of such credit lines. Issuers shall also approve or decline transactions initiated via UPI as per extant regulatory guidelines, and defined purpose of the credit'.In other words, the final decision on whether or not to approve a UPI transaction made from a loan account will rest with the bank which disbursed the loan. This will vary from bank to bank, depending on their internal policies. However, as mentioned in the circular, the UPI spending should not significantly differ from the purpose for which the credit was Prabhu Rangarajan, Co-founder, M2P Fintech: 'Based on their internal risk policies, banks can choose to allow or restrict specific merchant category codes (MCCs) such as P2P transfer, cash withdrawals, etc. Banks can identify the type of credit line being used and ensure that the funds are used only for their intended purposes.''For example, if a customer has a credit line backed by gold, the bank may allow its use for certain needs like paying hospital bills, but will restrict its use for activities such as gambling or even purchasing more gold. This approach helps banks maintain financial discipline and minimise the misuse of credit', he experts are praising the move, calling it a pivotal step towards making credit access faster and promoting responsible use of bank-issued credit, challenges remain. The final decision on whether or not to allow UPI linkage of a loan account, or even on all transactions undertaken by the person from that account, will rest with the credit use regulations issued by each bank will lead to complexities, especially for an individual who has loan accounts with multiple banks.'Since the circular requires each transaction to be assessed by the issuer against the allowed intended user of credit, users may have declined transactions if their timing of the spending intentions appeared too inconsistent with the sanctioned purpose. There are also outstanding ambiguities about reductions and variations made by banks, as consumer credit policies have very little consistency across banks. Also, most consumers may not know the limits, allowed case uses, and technicalities of using credit lines via UPI from the outset', adds Mahajan.
