Fixed Deposit Interest Rates: Fixed deposits are a risk-free investment choice that offer income tax deductions, multiple interest payment options, special interest rates for senior citizens, no market risk, and a consistent interest rate.
Overview of Fixed Deposit Rates in 2024
It is important to assess the most recent fixed deposit rates provided by the top banks in the nation before opening a new FD or renewing an existing one. The most recent fixed deposit rates for 2024 are listed here.
Top Banks FD Interest Rates 2024
| FD Scheme | All Bank FD Interest Rates 2024 |
| IDBI Bank Tax Saving FD | 6.10% – 6.85% |
| SBI Bank Tax Saving FD | 6.10% – 6.60% |
| IndusInd Bank Tax Saver Scheme | 6.75% – 7.50% |
| Axis Bank Tax Saving FD | 6.10% – 6.85% |
| HDFC Bank Tax Saving FD | 6.10% – 6.60% |
Important Points To Remember
- Your FD interest is fully taxed and is classified as Income from Other Sources.
- Banks will not deduct TDS if your annual interest income from fixed deposits is less than Rs. 40,000.
- You are required to file Forms 15G and 15H with the bank at the beginning of the fiscal year. Banks will stop deducting TDS after the paperwork is filed.
How To Open an FD Account
Online Process: Opening a savings account online with a bank you already have an account with is the simplest option. To initiate an FD, all you need to do is sign in to your net banking account, fill out the online form, and submit it. Under such circumstances, the information is already with your bank, so KYC is not required. You could move money out of your account using the online banking service.
Offline Process: Fill out an application for an FD account at the closest branch of your bank. Send it, together with the required paperwork, to the relevant office. Once the required amount has been deposited, you will receive the FD receipt.
