Top Fixed Deposit Interest Rates in October 2020

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The post lists down the rate of Fixed Deposit Interest Rates as of october , 2020. You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.



Fixed Deposit Highlights

  1. Most big banks like SBI have lowered their FD rates.
  2. Most banks offer FDs for tenure of 7 Days to 10 Years.
  3. The Ratnakar Bank IDBI Bank & Karnataka Bank (for minors) do offer fixed deposits up to 20 years too.
  4. For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
  5. Most banks compound interest quarterly
  6. Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  7. TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 40,000 in financial year per bank (changed from Rs 10,000 limit in Budget 2019)
  8. In case of Senior citizens TDS would be deducted at the rate of 10%, if the interest income exceeds Rs 50,000
  9. In case the PAN number is not updated with the bank, the TDS rate is 20%
  10. There might be penalty for pre-mature withdrawal of Fixed Deposits

Also Read: New list of Pradhan Mantri Awas Yojana 2020-21 released, see your name soon

Top Fixed Deposit Interest Rates

The highest interest rate on fixed deposit is offered by RBL Bank (36 months to 36 months 1 day) at 7.50%.

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years




We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Best Fixed Deposit Interest Rates for Less than 1 Year

 

The post Top Fixed Deposit Interest Rates in October 2020 appeared first on informalnewz.



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