FD Interest Rate Details: This bank has given a strong offer to the customers, you will get good returns in fixed deposits…

FD Interest Rate Details: Bank of Baroda has launched a new deposit scheme named 'Bob Utsav Deposit Scheme'. Under this scheme, 7.30% annual interest will be given to common citizens on FD of 400 days, 7.80% to senior citizens and 7.90% to very senior citizens.

SBI launches 'Amrit Vrishti' deposit scheme

State Bank of India (SBI) has also launched a new deposit scheme named 'Amrit Vrishti'. Under this scheme, 7.25% annual interest will be given on FD of 444 days. At the same time, senior citizens will be given interest at the rate of 7.75% per annum.

FD Interest Rate Details: Keep these 3 things in mind while making FD

1. It is important to choose the right period

Before investing in FD, it is important to think about its duration. This is because if investors withdraw before maturity, they will have to pay a penalty. If you break the FD before maturity, you will have to pay a penalty of up to 1%. This may reduce the total interest received on deposits.

2. Do not invest all the money in one FD

If you are planning to invest Rs 10 lakh in FD in one bank, then instead invest in 8 FDs of Rs 1 lakh each and 4 FDs of Rs 50 thousand each in more than one bank. Due to this, if you need money in between, then you can arrange the money by breaking the FD in between as per your need. Your remaining FD will remain safe.

3. Tax exemption is available on 5 year FD

5 year FD is called tax saving FD. By investing in this, you can claim a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. In simple words, you can deduct up to Rs 1.5 lakh in your total taxable income through Section 80C.