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India.com
26-05-2025
- Business
- India.com
5 Small Finance Banks Offering 8-9% Interest Rates For Senior Citizen --Check List
photoDetails english 2906349 Updated:May 26, 2025, 11:18 AM IST 1 / 7 Senior Citizen looking to earn higher returns on their savings can check out these top fixed deposit options with attractive interest rates. 2 / 7 These are short-term investment with high returns. These banks offer some of the best rates on five-year tenure FD on a capital of up to Rs 3 crore for senior citizen. 3 / 7 The banks offering between 8 and 9 percent interest rates are as follows: Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65% NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% 4 / 7 It must be noted that when interest earned by senior citizen (aged 60 years or more) crosses Rs 1 lakh in a financial year, banks are required to deduct Tax Deducted at Source (TDS), even if the individual's actual tax liability is zero. 5 / 7 In the above circumstances, Form 15H --a self-declaration form that senior citizens aged 60 years-- can help avoid this deduction. Senior citizens can submit the form to their bank or financial institution declaring that their total income falls below the taxable limit. 6 / 7 As a result, banks are instructed not to deduct TDS from their interest earnings. This saves retirees from the inconvenience of filing returns just to claim a TDS refund. 7 / 7 Under the new income tax regime, if the total income of senior citizen does not exceed Rs 12 lakh in a financial year, they are eligible for a full rebate under Section 87A. (Disclaimer: The article is meant for only informational purpose and is not intended to constitute financial advice to any person)
Business Mayor
11-05-2025
- Business
- Business Mayor
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD interest. Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Bandhan Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. Senior citizen FD rate up to 8% IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Source: as on May 7, 2025 Senior citizen FD rate up to 7.75% Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior citizens. Higher TDS threshold for senior citizen investing in FDs While presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any TDS. Read More Tax relief for cash Isa savers rose to £2.1bn last year Moreover, even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27). Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to follow. Chartered Accountant Ashish Karundia says: 'Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens.' READ SOURCE
Economic Times
10-05-2025
- Business
- Economic Times
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Senior citizen FD rate up to 8% Live Events Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Senior citizen FD rate up to 7.75% Higher TDS threshold for senior citizen investing in FDs Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior as on May 7, 2025 Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27).Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to Accountant Ashish Karundia says: "Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens."
Time of India
10-05-2025
- Business
- Time of India
FD interest rate up to 8.25% for senior citizens investing for one year tenure
Senior citizen Bank FD interest rate for one year tenure Senior citizen FD rate up to 8.25% Senior citizen FD rate up to 8% Live Events Bank Interest rate Bandhan Bank 8.25% IndusInd Bank 8% RBL Bank 8% Tamilnad Mercantile Bank 7.75% Senior citizen FD rate up to 7.75% Higher TDS threshold for senior citizen investing in FDs Despite interest rates witnessing a wave of reductions there are still many banks who are offering a high rate of interest of up to 8.25% on Fixed Deposits (FDs). These rates are offered on FDs worth less than Rs 3 crore and for one year tenure for senior citizens. This short-term tenure along with high interest rate makes a great combo for senior citizens who have idle money and want to earn some interest off it. Moreover, from April 1, 2025 senior citizens can enjoy a higher threshold for TDS deduction on FD Bank is offering up to 8.25%% interest rate on FDs for one year tenure for senior citizens. IndusInd Bank is offering up to 8% interest rate on FDs for one year tenure for senior citizens. RBL Bank is offering up to 8% interest rate on FDs for one year tenure for senior as on May 7, 2025 Tamilnad Mercantile Bank is offering up to 7.75% interest rate on FDs for one year tenure for senior presenting the Budget 2025, tThe finance minister has stated that TDS rates will be rationalised in the Budget 2025 giving much needed relief to taxpayers. The limit for tax deduction at source (TDS) on interest for senior citizens has been being doubled from the present Rs 50,000 to Rs 1 lakh. So this means if your interest amount in a particular bank's FD is less than Rs 1 lakh, the respective bank will not deduct any even if the interest amount is more than Rs 1 lakh but your total income after all deductions is less than Rs 12 lakh then you can submit Form 15H and by doing this the bank will not deduct TDS even if the interest is over Rs 1 lakh for FY 2025-26 (AY 2026-27).Form 15H is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total net tax liability is zero. Do note that the TDS deducted by banks can very well be claimed at the time of ITR filing, so it's not like any extra tax, but it's like an additional tax compliance process to Accountant Ashish Karundia says: "Form 15H offers a valuable opportunity for senior citizen taxpayers to receive specified income from the payer without any tax deduction, up to Rs 12 lakh under the new tax regime, as the tax payable would-be Nil after considering the Section 87A rebate. Essentially, if eligible for TDS exemption, there's no need to let tax be deducted and then claim a refund. Additionally, timely submission of Form 15H ensures better liquidity in the hands of senior citizens."
India.com
04-05-2025
- Business
- India.com
Earning Over Rs 1 Lakh From FDs? Here's How Retirees Can Avoid TDS Under New Regime
To submit Form 15H, the individual must be a resident of India and at least 60 years old. Their estimated total income—including all sources like pension, rent, and other investments—must be below the taxable threshold for the year. If they meet these conditions, they can request banks not to deduct TDS on FD interest. This is particularly useful for retirees whose primary income comes from interest but whose total income is still below the tax limit.
