New Delhi3 minutes ago
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After cutting the repo rate of RBI, now banks have also started cutting interest on fixed deposits i.e. FD. Canara Bank has cut interest rates on fixed deposits by 20 basis points. Prior to this, Kotak Mahindra Bank has also reduced interest rates on FD.
6.85% interest on 1 year FD now According to the new interest rates, if you now provide FD for 1 year in Canara Bank, then you will get interest at the rate of 6.85% annually. At the same time, 7.15% interest will be available on 2 -year FD, 7.20% on 3 years FD and 6.70% on 5 years FD. At the same time, the bank is offering 7.25% interest on 444 days FD.
7.10% interest on 1 year FD in Kotak Bank Kotak Mahindra Bank will now get interest at the rate of 7.10% annually on providing FD for 1 year. At the same time, 7.15% interest will be available on 2 -year FD, 7.00% on 3 years FD and 6.20% on 5 years FD.
Keep these 3 things in mind while making FD
1. It is necessary to choose the right tenure It is necessary to think about his tenure (duration) before investing in FD. This is because if investors withdraw before maturity, they will have to pay the fine. Before the FD mature, it will have to be given a penalty of up to 1% if it breaks. This may reduce the total interest earned on deposits.
2. Do not put full money in the same FD If you are planning to invest 10 lakh rupees in FD in one bank, then instead invest in more than one bank in more than one FD of 8 FD of 1 lakh rupees and 4 FD of 50 thousand rupees. If you need money in the middle, you can arrange money by breaking FD in the middle according to your need. The rest of your FD will be safe.
Tax exemption is available on 5 -year FD The 5 -year -old FD is called Tax Savings FD. On investing in this, you can claim a cut of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in easy language, you can reduce your total taxable income by 1.5 lakhs through section 80C.