Latest news with #SmallFinanceBank
Time of India
28-05-2025
- Business
- Time of India
au small finance bank: AU Small Finance Bank buys commercial tower in Mumbai's Bandra for Rs 371 cr
Cancel › › › › Text Size: A A A AU Small Finance Bank buys commercial tower in Mumbai's Bandra for Rs 371 cr Sign In Sign Up Success This article has been saved
Time of India
24-05-2025
- Business
- Time of India
FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks
Bank FD interest rate FD rate up to 9.1% FD rate up to 8.65% Bank Name Interest rate Suryoday Small Finance Bank 9.1% Unity Small Finance Bank 8.65% NorthEast Small Finance Bank 8.5% Utkarsh Small Finance Bank 8.25% Jana Small Finance Bank 8.2% Live Events FD rate up to 8.5% FD rate up to 8.25% FD rate up to 8.2% When is TDS deducted from bank FDs? There are still some banks who continue to offer up to 9.1% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for five year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 9.1%Suryoday Small Finance Bank is offering 9.1% interest rate on FD of five year Small Finance Bank is offering 8.65% interest rate on FD for five year as of May 21, 2025NorthEast Small Finance Bank is offering up to 8.5% interest rate on FD for five year Small Finance Bank is offering 8.25% interest rate on FD for five year Small Finance Bank is offering 8.2% interest rate on FD for five 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 is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations.
Time of India
26-04-2025
- Business
- Time of India
Up to 9.1% interest rate on FDs in these banks for senior citizens on 3-year investment tenure, check the full list here
FD interest rate up to 9.1% for senior citizens FD interest rate up to 9% for senior citizens Bank name Interest rate Utkarsh Small Finance Bank 9.1% NorthEast Small Finance Bank 9% Jana Small Finance Bank 8.75% Suryoday Small Finance Bank 8.75% Unity Small Finance Bank 8.65% Equitas Small Finance Bank 8.25% Live Events FD interest rate up to 8.75% for senior citizens FD interest rate up to 8.65% for senior citizens FD interest rate up to 8.25% for senior citizens Can senior citizens submit Form 15H to prevent TDS deduction from FDs While overall interest rate has started coming down, but there are still some banks who are offering a high interest rate on fixed deposits (FDs) for senior citizens up to 9.1% for three year tenure. Considering the fact that the Reserve Bank of India (RBI) has cut repo rates and already many banks have reduced their FD and savings account interest rates, now seems like a good time to invest in FDs for a medium time duration like three years. Do note that these interest rates are for FDs worth less than Rs 3 below to know the latest FD interest rates for senior citizensUtkarsh Small Finance Bank is offering up to 9.1% interest rate on FDs for three year tenure for senior Small Finance Bank is offering up to 9% interest rate on FDs for three year tenure for senior as of April 23, 2025Jana Small Finance Bank and Suryoday Small Finance Bank are both offering up to 8.75% interest rate on FDs for three year tenure for senior Small Finance Bank is offering up to 8.65% interest rate on FDs for three year tenure for senior Small Finance Bank is offering up to 8.25% interest rate on FDs for three year tenure for senior 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 Budget 2025 it was announced that TDS on FD would be deducted once the interest amount crosses Rs 1 lakh in a particular bank. 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 Pradyumn Narang, Partner, CNK, says: "The key condition is that the tax liability on the total income should be nil after considering deductions and rebates. It is not solely based on the basic exemption limit or post-Section 87A rebate thresholds. Instead, if after all deductions (like under Chapter VI-A) and rebates, the tax payable is zero, Form 15H can be submitted."Narang explains that this means, "A senior citizen can submit Form 15H even if the gross total income exceeds Rs 3 lakh, provided that after claiming eligible deductions (such as under Sections 80C, 80D, etc.), the taxable income falls below the basic exemption limit (Rs 3 lakh for senior citizens under the old regime or Rs 4 lakh under new regime) and results in zero income tax liability. The form is valid as long as the final tax payable is nil."
