Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. ICICI Bank is offering an interest rate of 7.1% on these deposits, but post-tax returns are 5.02%, the data showed. If we look at the returns on two-year term deposits, HDFC Bank and State Bank of India (SBI) are giving a 7% interest rate, but post-tax returns come out to be 4.95%.
IndusInd Bank, and Punjab & Sindh Bank have also revised FD interest rates on their term deposits in October 2023.Īccording to data shared by FundsIndia, term deposit rates have increased in one year, but post-tax returns are still below the FY 24 Inflation expectation of 5.4%. Private lenders Yes Bank, and HDFC Bank have slashed the fixed deposit interest rate on selected tenure for deposits below ₹2 crore.
Unity Small Finance Bank Limited (Unity Bank) has hiked its interest rates offered on fixed deposits on selected tenors. As per section 206AA introduced by finance (No.2) Act, 2009, every person who receives income on which TDS is deductible shall furnish his pan, failing which TDS shall be deducted at the rate of 20 (as against 10 (7.5 wef 14th May’2020 till 31st March’2021) which is existing TDS rate) in case of domestic. These banks have revised FD rates in October 2023īank of Baroda has hiked interest rates on fixed deposit (FD) rates by up to 50 basis points (bps) across various tenors. PAN card is required for Fixed Deposits greater than or equal to Rs. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here View Full Image RBL Bank revises FD rates in OctoberĮxciting news! Mint is now on WhatsApp Channels.
