Current Fixed Deposit Interest Rates in India (Mar-2014)
Current FD rates indicate that, in the last one month, public sector banks have reduced the fixed deposit rates. While there are minor changes in private bank FD rates, foreign banks have increased the FD rates.
Also Read: Latest RD rates in Mar-2014
Positive movers
- Foreign banks: Deutsche Bank has increased the FD rates for 3 year period. HSBC has increased 1 year and 3 year fixed deposit rates.
- Private Banks: Federal bank has increased deposit rates on a 1 year FD scheme.
- Public Sector Banks: Allahabad Bank, Bank of Baroda and Bank of India have increased deposit rates for 1 year and 2 year tenure.
Negative Movers
- Foreign Banks: Deutsche Bank reduced 1 year FD rates.
- Private Banks: Karnataka bank has reduced 4 year deposit rate.
- Public Sector Banks: Bank of Baroda, SBI and Bank of Maharastra has reduced the FD rates for various tenures from 1 year to 5 year period.
Comparison of current and latest bank FD interest rates among various banks in India.
The comparison list of latest bank FD rates would help investors to choose the right bank for fixed deposits. Green indicates that the rates have been increased compared to our previous month's article and RED indicates that the rates are reduced comparing to our previous month's article. Myinvestmentideas.com is the only website in India, which tracks FD rates month on month and provides whether a particular bank has increased the FD rate or slashed the FD rates. This is a unique feature of our blog. Investment in bank FD provides a good fixed income option.
Also Read: What are the Fixed Income Options available ?
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Suresh
Current Fixed Deposit Interest Rates in India (Mar-2014)
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Thank You very much Sir. I will keep a note of that
Hello sir
I always read ur article and must say thank you.
As I was reading the last post I also want to know how much tax I will have to pay on my bank fd interest .
I'm working in Dubai and don't know much about tax or banking. So please help
clive
Hi Clive, It depends on your income tax slab. e.g. if you do not have any taxable in India and only FD. if you are getting say Rs 250,000, means after removing basic IT exemption of Rs 2 Lakhs, you have taxable income of Rs 50,000 where you need to pay 10% tax = Rs 5,000. You need to compute the tax on FD interest based on your income tax slab.
Hi Sir
My late father has left me and my mother a flat a villa and a plot of land. im working outside india and was thinking of selling the villa and the land. As when i sell i should get more then 1 crore. I want to put it FD in BOI on my mothers name as she has a account. all i want to know is. will she get the interest tax free? if not how much % is the tax?
Hi John, Every individual would be exempted for income tax up to their total taxable income of Rs 2 Lakhs per annum. If they are Sr. citizen, the amount is Rs 2.5 Lakhs. If you deposit Rs 1 Crore on your monther name, she would get Rs 9 to Rs 9.5 Lakhs (depending on Senior or not). Means she needs to pay interest beyond Rs 2 / Rs 2.5 Lakhs. She can invest in tax free investments like what is indicated in this article. However pls consider the risk. https://myinvestmentideas.com/2013/05/best-tax-free-investments-in-india/
Thank you for ur reply sir.
Just one more thing
How must % is the tax? is it 20%
Thank you very much
John, Rs 2 Lakhs – Rs 5 Lakhs it is 10% and between Rs 5 Lakhs to Rs 10 Lakhs it is 20%. More than Rs 10 Lakhs is 30% tax
Hi Suresh, You can add Syndicate Bank Fixed Deposit Rates as well in your list. Even they offer good rate of interest on their deposits. Below is the Link.
Thanks, Surajit
Sure Surajit, made a note of it, would include going forward.
Again good article sir. Keep up the good work