BusinessWire India
Pune (Maharashtra) [India], July 24: The Reserve Bank of India (RBI) has been periodically revising its repo rates by going on a ‘rate-hike’ spree, which began in May 2022. This has, in turn, resulted in an uptick in lending rates and Fixed Deposit (FD) interest offerings.
Official data shows that, over the past year, FD interest rates have surged by 0.35-2.75%. However, the same can’t be said for savings accounts, which continue to offer interest rates ranging around 3% per annum.
Consequently, Indians are moving their savings from such low-interest instruments to those offering comparatively higher returns, like FDs.
Some salient features of fixed deposits include:
- Stable returns
- Attractive interest rates
- For FDs booked with banks, 10% TDS deducted if interest income crosses Rs. 40,000 (Rs. 50,000 for senior citizens)
- For NBFC FDs, 10% TDS is deducted if earnings exceed Rs. 5,000
- Tax deductions u/s 80C of up to Rs. 1.5 Lakhs via Tax-Saver FDs booked with banks
- Flexible tenors
- Auto-renewal facility
- Premature withdrawal facility for certain FDs
- Loan against Fixed Deposit
Interested individuals can visit the Bajaj Markets platform and browse a variety of FD plans. The process is simple and hassle-free, allowing one to enjoy the following benefits of opening a fixed deposit:
- Option to compare FD schemes
- Special interest offerings for senior citizens
- Multiple interest payout options
These viable perks aid individuals in building a safety net, while also helping them achieve their financial goals with ease. To commence one’s savings journey, simply visit the Bajaj Markets website or download the mobile application.
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