Fixed Deposit: This offer is available on FDs with a tenure of up to five years. This interest rate for general category is 6.50%, which is higher than FD rates compared to major banks.
Fixed Deposit has been quite popular as a traditional investment option in India. If you are a senior citizen i.e. 60 years of age or above, then you can get FD for higher returns. Yes, IndusInd Bank of the private sector is offering FD (indusind bank fd interest rate) to senior citizens at an interest rate of 7 percent.
Offer on FDs up to five years
IndusInd Bank is offering this offer on its FDs with tenure up to five years. This interest rate for general category is 6.50%, which is higher than FD rates compared to major banks. According to the bank’s official website, senior citizens can get FD up to Rs 2 crore under this offer.
Understand here on which period 7 percent interest will be available
According to the bank (IndusInd Bank), if you make an FD for less than 2 years to 2 years and 6 months, then you will get 7 percent interest. Apart from this, you will also be offered 7 percent interest on FD for tenures ranging from 2 years 6 months to less than 2 years 9 months.
Then the same rate will be applicable for periods ranging from 2 years 9 months to less than three years and for periods ranging from three years to less than 61 months. Even if you make FD (indusind bank fd interest rate) under the five-year Indus Tax Saver Scheme, you will still get an interest of 7 percent.
Tax is levied on interest on FDs in excess of the limit
Keep in mind that under Section 80C of the Income Tax Act, a tax benefit of ₹ 1.5 lakh is available on FD. If the interest earned on FDs exceeds the tax exemption limit, then the tax is deductible. If there is no PAN card, then TDS is deducted at the rate of 20 percent.