Fixed Deposit: Bank of India is offering the highest interest rate on FDs with one year maturity. Senior citizens are being given 0.50% more interest than common people on FDs of less than 3 years.
Fixed Deposit: Good news has come for the people making Fixed Deposit (FD) in Bank of India (BOI). The bank has increased it by changing the interest rate on FDs of less than 2 crores. The bank will give 7% interest to common people and 7.5% to senior citizens on 1 year FD. The bank is offering 3% interest on FDs of 7 days to 45 days. At the same time, the bank is giving 4.50% interest on FDs of 46 to 179 days and 5% interest on FDs of 180 to 269 days. The bank will pay 5.50% interest on FDs with maturity of 270 days to 1 year.
How much interest is the bank offering?
Bank of India is offering the highest interest rate on FDs with one year maturity. The bank will give 7% interest on FD of 1 year. At the same time, the bank is offering 6% interest on FDs maturing in more than 1 year and less than 2 years. 6.75% interest is being given on FDs of more than 2 years and less than 3 years.
The bank will pay 6.50% interest rate on FDs maturing in more than 3 years and before 5 years. At the same time, the bank will pay 6% interest on FDs with maturity between 5 years and more than 10 years. Senior citizens are being given 0.50% more interest than common people on FDs of less than 3 years.
This amount is taxable
The amount earned from FD is taxable. The money that comes in the form of interest from FD in a year is added as annual income. In this way, the tax slab is decided on the basis of total income. The interest earned on FD is considered as income from other sources and hence it is deducted at source or TDS.
