Fixed Deposit Interest Rates: Which Bank Pays Highest Returns On Your FD

Fixed Deposit Interest Rates - Sakshi Post

Fixed Deposit Schemes (FDs)are one of the best options to save your money, and are highly reliable in comparison to equity investments and other modes of fund savings. While this is a tried and tested method of saving for many years, you still need to take certain significant aspects into consideration while locking in your money for a prolonged term.

Apart from the amount to be saved and the time period that you want to save, the most important factor would be the rate of interest and the bank/organization with the best interest rates on offer, so that your money multiplies with time.

Our country has a plethora of banks/banking institutions to choose from, and some of them have good interest rates for short duration, while some offer decent rates for long periods. You need to take a call and make the most of these rates. But a word of caution; do a thorough background check, especially if it is a non -banking financial institution to avoid any fraud.

As per Section 80 C of the Income Tax Act, fixed deposit holders can claim a tax deduction for investment(s) up to Rs 1.5 lakh. To avoid TDS, one can submit Form 15G or Form 15H (as applicable) to the bank.

Senior Citizens are the lucky ones, as they get the highest amounts in interest rates. You can get around this by investing the money in your parents' names to get the benefits.

You can also decide the minimum and maximum tenure for which an FD can be placed. You can invest in an FD for a minimum period of 7 days to a maximum of 10 years and choose as per your requirement.

Another important piece of information, with the Budget 2019 round the corner is that there could be variations in the rates based on the bank. Based on these few factors you can choose the best Fixed Term Deposit.

Presenting an overview of some of the interest rates banks are offering-

Top 5 Banks Interest Rates

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