Budget 2019 Proposes To Raise TDS Limit On Fixed Deposits: Check FD Interest Rates Of SBI, Post Office

The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to the tenor of a fixed deposit.

 Share
EMAIL
PRINT
COMMENTS
Budget 2019 Proposes To Raise TDS Limit On Fixed Deposits: Check FD Interest Rates Of SBI, Post Office

Fixed deposits (FDs) are secure investment avenue offered by banks and post office.


Union Minister Piyush Goyal on Friday proposed to increase the limit for tax deduction at source (TDS) on interest income from Rs 10,000 to Rs 40,000 per annum. The proposal will benefit senior citizens and small depositors who depend upon income from interest on deposits in banks and post offices, Mr Goyal said while presenting the Budget. With this announcement, investors are likely to get more returns from their fixed deposit (FD) investments. Fixed deposits (FDs) are secure investment avenue offered by banks, non-banking financial companies and post offices.The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to the tenor of a fixed deposit.

Given below are the latest interest rates offered by SBI and post office on fixed deposits:

SBI offers maturity period ranging from seven days to ten years for fixed deposits. The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - sbi.co.in:

TenorsRevised For Public w.e.f. 28.11.2018Revised for Senior Citizens w.e.f. 28.11.2018
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.87.3
2 years to less than 3 years6.87.3
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

Post Office

Post office FD account offers interest rates across four maturities: one year, two years, three years, and five years. Given below are the FD interest rates offered by post office as mentioned on India Post's website- indiapost.gov.in:

PeriodRate
1yr.A/c7.00%
2yr.A/c7.00%
3yr.A/c7.00%
5yr.A/c7.80%

In a post office FD account, interest is payable annually but is calculated quarterly.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................