If you're 60 years or older and looking for high returns with guaranteed safety, this is the perfect time to invest in a Fixed Deposit (FD). Several private banks are offering interest rates of up to 7.75% on 10-year FDs, making it an excellent opportunity for senior citizens to grow their savings.
📌 7.75% Interest Rate: Axis Bank, DCB Bank, and YES Bank
📌 7.5% Interest Rate: HDFC Bank, IndusInd Bank, and RBL Bank
📌 7.4% Interest Rate: ICICI Bank (The only bank offering this rate on a 10-year FD)
Starting April 1, 2025, if the total FD interest income of a senior citizen is below ₹1 lakh per year, no TDS (Tax Deducted at Source) will be deducted. This change will provide significant tax relief to senior citizens, allowing them to maximize their earnings.
✅ Keep Interest Income Below ₹1 Lakh: Smartly plan your FD investment so that your annual interest remains under ₹1 lakh to avoid TDS.
✅ Submit Form 15H: If your annual income is below the tax exemption limit, filing Form 15H can help prevent TDS deductions.
🔹 No Extra Tax: TDS is just a deduction, not an extra tax.
🔹 Refund Option: If your total tax liability is lower than the deducted TDS, you can claim a refund by filing an Income Tax Return (ITR).
With such attractive interest rates and tax benefits, now is the best time for senior citizens to invest in fixed deposits and secure their financial future! 💰✨
