Which banks giving highest rates of fixed deposits

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The PostMighty
arya10

Which banks is giving highest rate of Fd.. 

Suppose i hav to fd 10lac.. then should i invest 5-5 lac into 2 banks or 10lac only in 1 banks..

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The PostMighty The PostMighty
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27 

non emplyoed

father

Deal Subedar Deal Subedar
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@arya10 Is this hard cash Or a bank transfer?

If it's a bank transfer you don't need to worry about the IT dept.

Gifts from parents to children and vice versa are tax free.

You are doing this for tax relief for your father, I presume. It's a good plan.

Split the money into 2 or 3, deposit in different banks and then make an fd.

If the interest from fd in a year crosses certain mark(40k), They will start deducting tds @ 10%.

You can avoid this by submitting form 15G with your bank at the start of the financial year, Since you don't have any other income.

For example, let's say you deposit 10L in a bank @ 7.5% interest rate,
You will get 75k as interest in a year.

Since it had crossed the 40k mark, the bank will deduct 7.5k and deposit as tds in your name with IT dept. If you dont submit 15G form with your bank.

Even if they deduct tds, you can claim it back by filing ITR for that year.

So dont worry, tell your dad to transfer the money to your account, just open accounts in banks with high fd rates.

Make fd and enjoy the interest(with your father responsibly).
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Deal Cadet Deal Cadet
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5 in rbl and 5 in bandhan

these banks have great fd rates and offers no bs service. no need for a debit card, just maintain 5.5k in their savings, no extra charges

The PostMighty The PostMighty
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I m never done fd in any banks... tell me if banks will cut tds or anytype of tax after my timeline complted...

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Deal Subedar Deal Subedar
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How old are you?

You are not employed. Right?

What is the source of this 10L?

Answer depends on these questions.
The PostMighty The PostMighty
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27 

non emplyoed

father

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Deal Newbie Deal Newbie
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If you are under 35-36 with no major liabilities and responsibilities except parents, spouse and kids
and
unless your networth is already 10-20 million plus, it makes little to no sense aiming to put a million bucks in such an unproductive asset as this.

If one still want to put most of their funds in such an underperforming investment class, then there is not any excessive risk even if one puts it all in a single bank, so long as the bank is reasonably clean and too big to be allowed to go bust.

Besides IDFC, some cooperative banks too match the top rates, especially if depositor age is 65 plus.
Deal Subedar Deal Subedar
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real million wale ke paas log hote h ye sb krne ke liya 
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Deal Cadet Deal Cadet
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You get best FD rate in Small Finance Banks but since you don't have an income I wouldn't recommend you park your money with them. They can go bust and RBI only guarantees the money in 90 days.

I recommend you park your money in too big to fail banks like HDFC, SBI, ICICI etc.

Deal Cadet Deal Cadet
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To add what is said... the guarantee applies only for upto 5 lacs.

Generous Generous
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@arya10 ... Unity Small Finance Bank, 701 days @ 8.95% p.a.

If Unity SFB isn't present in your city, Bandhan Bank should be your best shot @ 7.85% p.a.

The PostMighty The PostMighty
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Income tax ka lafda to nh hoga na...i have already 3-4 bank acc..

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Benevolent Benevolent
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go for SFB like suryoday, esaf, ujjivan etc.. make sure that maturity amount is not more than 5 lakhs.
Deal Cadet Deal Cadet
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Suryoday SF bank -> 9.01%
Shivalik SF Bank -> 8.75%

Both of them you can invest via Stable Money. DM if you want referral.

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