The HDFC Bank Senior Citizen Care FD special offer will be applicable to both new fixed deposits and renewals for senior citizens only. The bank offers 0.75% extra interest rate with Senior Citizen Care FD offer. This offer is not applicable to non-resident Indian.
Fixed Deposit Calculation: Be it a cumulative FD where the interest is paid at the time of maturity or a non-cumulative FD where the interest is paid periodically, you have to pay tax on the interest income of your fixed deposit every financial year. This interest is taxable as per the tax bracket of the investors. Is there a way senior citizens can earn tax-exempted returns from tax-saving FD? How much should a senior citizen invest? ET Wealth Online explains
Section 80TTB of the Income Tax Act provides tax benefits for senior citizens on interest income from deposits, allowing a deduction of Rs. 50,000 on deposits from the Post Office, Bank, and Cooperative Society
India Business News: Private sector banks offer senior citizens up to 8.1% interest rates on fixed deposits (FDs) below Rs 2 crore. DCB Bank provides an 8.1% interest rate
Yes Bank has raised the interest rates on fixed deposits under Rs 2 crore by up to 25 basis points (bps) for certain durations. The bank now provides regular residents interest rates that range from 3.25% to 7.75% after the modification.