Fixed deposit interest rates for senior citizens: Avail interest rate of up to 8.1% on 3-year bank fixed deposits; check complete list here

Private sector banks offer senior citizens up to 8. 1% interest rates on fixed deposits (FDs) below Rs 2 crore. DCB Bank provides an 8.

1% interest rate for FDs maturing between 26 months and less than 37 months. RBL Bank offers 8% interest for FDs maturing between 24 months 1 day and 36 months. IndusInd Bank also provides 8% interest for FDs maturing between 2 years 9 months and 3 years 3 months.

Additionally, TDS gets deducted if a senior citizen’s cumulative interest income exceeds Rs 50,000, but they can prevent deduction by submitting Form 15H. Fixed deposit interest rates for senior citizens: Several private sector banks provide senior citizens with an interest rate of up to 8. 1% on fixed deposits (FDs) with a three-year tenure.

These rates are applicable to FDs below Rs 2 crore. Below is a compilation of private sector banks providing senior citizens with an interest rate of up to 8. 1% on fixed deposits (FDs), as listed by ET: DCB Bank senior citizen FD rates Senior citizens can avail an interest rate of 8.

1% on fixed deposits (FDs) maturing between 26 months and less than 37 months at DCB Bank. RBL Bank senior citizen FD rates RBL Bank provides an interest rate of 8% on fixed deposits for senior citizens maturing between 24 months 1 day and 36 months. IndusInd Bank senior citizen FD rates IndusInd Bank provides an interest rate of 8% on fixed deposits for senior citizens maturing between 2 years 9 months and 3 years 3 months.

Bank Interest Rate DCB Bank 8. 10% RBL Bank 8% IndusInd Bank 8% IDFC Bank 7. 50% (Data as of January 3, 2024) ( Source: Paisabazaar.

com quoted by ET) IDFC Bank senior citizen FD rates IDFC Bank provides a 7. 75% interest rate for fixed deposits held by senior citizens maturing between 2 years 1 day and 3 years. ICICI Bank senior citizen FD rates ICICI Bank provides a 7.

5% interest rate for senior citizens on fixed deposits maturing between 2 years 1 day and 3 years. When does TDS get deducted from senior citizen FDs? Senior citizens should be aware that if the cumulative interest income from all fixed deposits in a specific bank exceeds Rs 50,000, the bank will apply a tax deducted at source (TDS). Currently, the TDS rate is 10%.

However, if a senior citizen fails to provide their permanent account number (PAN), the TDS rate becomes 20%. An exception is that if a senior citizen’s gross income does not surpass the basic exemption limit, they can submit Form 15H to banks to prevent TDS deduction. Moreover, in the scenario where a senior citizen has a gross income exceeding the basic exemption limit, they have the opportunity to receive a TDS refund.

This applies if their net tax liability is lower than the TDS amount deducted or if it is nil. However, to avail of this option, a senior citizen must file their income tax return (ITR). About the Author TOI Business Desk The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India.

The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world. Read More FOLLOW US ON SOCIAL MEDIA Visual Stories Previous 10 Most Affordable Cities in India to Buy a House business Most Visited Monuments in India business The Pros and Cons of Investing in Value Stocks business Investing in Small-Cap Stocks: Top 10 Tips for Absolute Beginners business 10 Ways to Earn Money Online by Selling Physical Products business Richest Cricket Players Across the World business 10 Things You Didn’t Know About Warren Buffett’s Investment Process business Priyanka Chopra Net Worth: Know How Rich is Global Actress business Top 10 Benefits of Investing in Small-Cap Stocks business 15 Best Tax Saving Schemes in India business Next 1 2 3 Elections Chhattisgarh CM News MP CM News Rajasthan Election Results MP Election Result 2023 Chhattisgarh Election Result Mizoram Election Result TOP TRENDS PM Modi Maldives Row Horoscope Today PM Modi Gujarat Visit ICAI Result 2023 Budget 2024 Bilkis Bano Case.