Invest in the right place for higher interest on FD: Canara and IndusInd Bank increase interest rates, see where to get higher interest

Canara and IndusInd Bank have recently changed the fixed deposit (FD) interest rates. Earlier, Union Bank of India and Yes Bank also increased interest rates on FDs. In such a situation, if you are planning to take an FD these days, you must first know about the new interest rates of these banks.

Here we are telling you how much interest the big banks of the country including these 4 banks are giving to common citizens on FDs of less than 3 crore rupees. So that you can invest in the right place according to your convenience.

Interest on 1 year FD

Interest on 2 year FD

Interest on 3 year FD

Keep these 3 things in mind while doing FD

1. Choosing the right tenure is important Before investing in FD it is important to think about its tenure. This is because if investors withdraw before maturity, they have to pay a penalty. A penalty of up to 1% has to be paid if the FD is terminated before maturity. This may reduce the total interest earned on the deposit.

2. Do not invest all money in one FD If you are thinking of investing 10 lakh rupees FD in any one bank, instead invest 8 FDs of one lakh rupees and 4 FDs of 50 thousand rupees in more than one bank. Also, if you need money in between, you can manage the money by splitting the FD as per your requirement. Your remaining FD will be safe.

3. Tax exemption available on 5 year FD A 5 year FD is called a Tax Savings FD. By investing in this, you can deduct from your total income under Section 80C of the Income Tax Act Rs. 1.5 lakh can be claimed as a deduction. Understand it in simple language, you can through section 80C out of your total taxable income of Rs. Can reduce up to 1.5 lakhs.