Which bank is giving best interest rate of short term FD

222°
Missing
Deal Subedar
5
2211
31

I got some spare money which I want to park for a year. Can someone please suggest which bank is giving best rate on short term FD these days?

33 Comments  |  
15 Dimers
Missing
Deal Cadet
116
675
21

Use jana or dcb bank for upto 1 lac of amount
Co-operative banks give even more

Missing
Deal Subedar
5
2211
31
karanoshan wrote:

Use jana or dcb bank for upto 1 lac of amount
Co-operative banks give even more

How about IDFC First Bank account which is giving 8% for 1 year?

Missing
Deal Cadet
163
451
3

Better buy liquid fund

Missing
Deal Cadet
116
675
21
Expand
sardasa wrote:

How about IDFC First Bank account which is giving 8% for 1 year?

Bank interest rate can change any time
Fd cannot

Missing
Deal Subedar
5
2211
31
Expand
karanoshan wrote:

Bank interest rate can change any time
Fd cannot

8% is on 1 year FD only.

Missing
Deal Subedar
5
2211
31
himan23 wrote:

Better buy liquid fund

Would prefer fixed return rather than betting on market.

Missing
Deal Cadet
52
238
2

8% interest rate on 1 yr fd in idfc bank, ping me for referral

Missing
Deal Cadet
160
919
11

8.50% for 100 days in Dyndeep co society. Trusted since 1979

Missing
Deal Cadet
116
675
21
Expand
sardasa wrote:

8% is on 1 year FD only.

Yes you can go for it, however don’t put more than 1 lac in a single Fd, split it up if needed
Samay kharab hai

Missing
Deal Cadet
105
246
0

liquid fund betting on market!!!! bhagwan apki vala kare pensive

Missing
Deal Subedar
5
2211
31
Aveejeet wrote:

liquid fund betting on market!!!! bhagwan apki vala kare pensive

Where else do liquid funds put our money into?

Missing
Deal Subedar
5
2211
31
rockylucifer wrote:

8% interest rate on 1 yr fd in idfc bank, ping me for referral

Any benefit of using referral code?

Missing
Deal Cadet
116
675
21

Liquid funds buy government bonds and corporate debt papers, they return 7.2% a year and can be redeemed with in a day
They are the safest of the funds available
Till now only 3-4 funds have given flat return in history for a year, which had exposure to il&fs bonds.

Missing
Deal Lieutenant
39
5358
158
karanoshan wrote:

Use jana or dcb bank for upto 1 lac of amount
Co-operative banks give even more

any problem with 5-10lakhs FD? i do understand that the guarantee is 1 lakh per account but, is there any case of banks running away with fd’s and balances?

Missing
Deal Cadet
116
675
21
Expand
karthi4052752 wrote:

any problem with 5-10lakhs FD? i do understand that the guarantee is 1 lakh per account but, is there any case of banks running away with fd’s and balances?

Bhai Kalyug hai, i dont even trust the gormint
its better to split in multiple fd across banks
plus if interest goes over 10k a year TDS is cut unless u submit some extra forms

Missing
Deal Cadet
86
242
9

If want to go totally safe go for indusind bank
Indusind 7.50%
Hdfc 6.60%
Icici 6.75%
Sbi 6.50%

Otherwise idfc as suggested by dimers but havent used it.

Another option is liquid fund but return is not totally fixed ranges between 6 to 8% dependent upon fund and time of investing.

Missing
Deal Lieutenant
39
5358
158
Expand
karanoshan wrote:

Bhai Kalyug hai, i dont even trust the gormint
its better to split in multiple fd across banks
plus if interest goes over 10k a year TDS is cut unless u submit some extra forms

Yes, bro i understand. But i am thinking of starting my savings with 15-20k a month with a small finance bank giving 9% interest. That is why i wantes ti clear my doubts. It is 40k a year now bro for the taxabke interest income

Missing
Analyst
0
1399
17

Government bonds are the safest way to invest in the world, they are usually known as AAA bonds in US

Missing
Deal Subedar
5
2211
31
dimer-ino.1 wrote:

If want to go totally safe go for indusind bank
Indusind 7.50%
Hdfc 6.60%
Icici 6.75%
Sbi 6.50%

Otherwise idfc as suggested by dimers but havent used it.

Another option is liquid fund but return is not totally fixed ranges between 6 to 8% dependent upon fund and time of investing.

Is IDFC not trusted?

Missing
Deal Cadet
139
802
69

axis- 7.2%

Missing
Shopping Friend
724
7981
120
Expand
karanoshan wrote:

Bhai Kalyug hai, i dont even trust the gormint
its better to split in multiple fd across banks
plus if interest goes over 10k a year TDS is cut unless u submit some extra forms

now its 40000 for TDS exemption limit

Missing
Deal Cadet
54
174
0


https://cdn0.desidime.com/attachments/photos/585359/original/Screenshot_20190917-100749__01.jpg?1568695094You can go for YES Bank FD. If you get a FD worth min 50k, any duration, you will also get AMB waiver on savings account till you have FD in your account. You can go for special rates FD of 12 months 10 days to 12 months 20 days and get an annualized yield of 8.08%

You can earn 6% cumulative interest rate on balances above 1lacs. Even on one lac one rupees you will get cumulative 6% while most of the banks give incremental interest rates on savings deposits.

Missing
Deal Cadet
105
706
34

I want to open an account with IDFC. I am ok with 25k minimum balance.

What are the benefits of opening it with referrals? Can I select a branch of my choice if you referral?

Missing
Deal Cadet
105
706
34
Expand
desiman wrote:

now its 40000 for TDS exemption limit

Is it confirmed. Any link will be helpful.

Proposal was made in interim budget to increase the threshold limit to Rs 40,000 in Feb’19. But was it actually implemented?

Missing
Critic
373
3460
47
Expand
karthi4052752 wrote:

Yes, bro i understand. But i am thinking of starting my savings with 15-20k a month with a small finance bank giving 9% interest. That is why i wantes ti clear my doubts. It is 40k a year now bro for the taxabke interest income

the 40k limit is for TDS by bank. however, FD interest is fully taxable and if you are a tax payer, you are required to add the full amount in your IT return and pay tax as per applicable rates.
if you are in 20% bracket, the 8% FD interest becomes 6.40% after tax.
liquid fund returns are also fully taxable if taken within 36 months.
interest on savings account on the other hand is tax free upto 10k per year. many of the banks now offer interest upto 7% in savings account.

so depending upon the amount involved, as long as the interest amount is less than 10K, keeping the money in savings account may actually give more return for someone who is already a tax payer.

Missing
Deal Cadet
498
865
11
Expand
panchabhut wrote:

the 40k limit is for TDS by bank. however, FD interest is fully taxable and if you are a tax payer, you are required to add the full amount in your IT return and pay tax as per applicable rates.
if you are in 20% bracket, the 8% FD interest becomes 6.40% after tax.
liquid fund returns are also fully taxable if taken within 36 months.
interest on savings account on the other hand is tax free upto 10k per year. many of the banks now offer interest upto 7% in savings account.

so depending upon the amount involved, as long as the interest amount is less than 10K, keeping the money in savings account may actually give more return for someone who is already a tax payer.

What I like about your posts are correct information + easy simple plain english terms to understand. Keep up the good work ok_hand

Missing
Shopping Friend
724
7981
120
Expand
image wrote:

Is it confirmed. Any link will be helpful.

Proposal was made in interim budget to increase the threshold limit to Rs 40,000 in Feb’19. But was it actually implemented?

they had proposed and that interim budget was passed too

see this on yes bank website

Important Points:

TDS:As per section 194A of the Income Tax Act 1961, TDS at the applicable rate shall be deducted, if the interest exceeds the prescribed limit ( per Customer) as mentioned in the Income Tax Act, 1961 and Income Tax Rules as amended from time to time . The existing TDS rates and prescribed limits would be displayed by the Bank on its website.TDS will be as per Income Tax rules, currently TDS is deducted when interest payable or reinvested per customer per branch exceeds INR 40,000/- in a financial year and for senior citizen interest payable or reinvested per customer per branch exceeds INR 50,000/- in a financial year

https://www.yesbank.in/personal-banking/yes-ind...

for proper confirmation bank people will be able to clarify

Missing
Deal Lieutenant
39
5358
158
Expand
panchabhut wrote:

the 40k limit is for TDS by bank. however, FD interest is fully taxable and if you are a tax payer, you are required to add the full amount in your IT return and pay tax as per applicable rates.
if you are in 20% bracket, the 8% FD interest becomes 6.40% after tax.
liquid fund returns are also fully taxable if taken within 36 months.
interest on savings account on the other hand is tax free upto 10k per year. many of the banks now offer interest upto 7% in savings account.

so depending upon the amount involved, as long as the interest amount is less than 10K, keeping the money in savings account may actually give more return for someone who is already a tax payer.

i am actually thinking of opening an fd/rd in my wife’s name,, who has negligible income. is that worth?

Missing
Critic
373
3460
47
Expand
karthi4052752 wrote:

i am actually thinking of opening an fd/rd in my wife’s name,, who has negligible income. is that worth?

depends on the amount to be invested
unless it is her own money, the provisions of clubbing of income is applicable between spouses and her income, earned from your money, is taxable in your hands. so legally, you are bound to report and pay tax.
but for small amounts, even if you do not report, nothing much is expected to happen.
however, is she is having her own income, even if below the tax limit, and is filing separate return and the amount to be invested comes out of that, then not an issue.

Missing
Lenskart floting icon new1