The post lists down the rate of Fixed Deposit Interest Rates as of July 5, 2020. You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.
Fixed Deposit Highlights
- Most big banks like SBI have lowered their FD rates.
- Most banks offer FDs for tenure of 7 Days to 10 Years.
- The Ratnakar Bank IDBI Bank & Karnataka Bank (for minors) do offer fixed deposits up to 20 years too.
- For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
- Most banks compound interest quarterly
- Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
- TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest…