Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now. fixed deposit; FD ; SBI ; Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now | NewsBust Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now. fixed deposit; FD ; SBI ; Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now | NewsBust

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Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now. fixed deposit; FD ; SBI ; Many banks including PNB, ICICI and Axis have changed the interest rates of FD, know where to get more interest now

By Amit - May 15, 2022

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  • Fixed Deposit; FD ; SBI ; Many Banks Including PNB, ICICI And Axis Have Changed The Interest Rates Of FD, Know Where To Get More Interest Now

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HDFC, ICICI, Indian Overseas Bank, Punjab National Bank, Canara Bank, Axis and Kotak Mahindra Bank have changed fixed deposit (FD) interest rates after RBI’s change in repo rate. In such a situation, if you are planning to get FD these days, then it is important for you to know about the new rates. With this you will be able to earn maximum return on your investment.

See here where FD will be more beneficial now due to change in interest rates

Interest on 1 year FD

Bank Interest Rate (in %)
ICICI 5.00
SBI 5.10
HDFC 5.10
Punjab National Bank 5.10
Indian Overseas 5.15
Axis 5.25
Canara Bank 5.30
Kotak Mahindra 5.40
post office 5.50

Interest on FD of 2 years

Bank Interest Rate (in %)
ICICI 5.00
SBI 5.20
HDFC 5.10
Indian Overseas 5.20
post office 5.50
Punjab National Bank 5.10
Axis 5.60
Kotak Mahindra 5.60
Canara Bank 5.45

Interest on FD of 3 years

Bank Interest Rate (in %)
ICICI 5.20
SBI 5.30
HDFC 5.30
Indian Overseas 5.45
post office 5.50
Punjab National Bank 5.10
Axis 5.60
Kotak Mahindra 5.75
Canara Bank 5.70

Interest on FD of 5 years

Bank Interest Rate (in %)
SBI 5.40
HDFC 5.45
Indian Overseas 5.45
ICICI 5.45
post office 6.70
Punjab National Bank 5.10
Axis 5.75
Kotak Mahindra 5.75
Canara Bank 5.75

Tax is also to be paid on the interest earned from FD
If the interest received on bank FD in a financial year is less than 40 thousand rupees, then no tax will have to be paid on it. This limit is for people below 60 years of age. At the same time, income up to 50 thousand rupees from FD of senior citizens above 60 years of age is tax free. 10% TDS is deducted on income above this.

There is more news…

Amit

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