Where will you get a chance to earn more money by getting FD, know

Investing in fixed deposits (FDs) of banks has been the choice of people. In this, along with the safety of investment, it also gives good returns. However, the interest rate on FDs of different banks is different and it is decided according to the year. In such a situation, it is necessary for you to be aware of the interest rates of banks.

Recently, SBI, HDFC, ICICI and Axis Bank have changed the interest rate of fixed deposits. The central government has not cut the interest rate of small savings schemes for the July-September quarter and the same interest will continue to be available in post office time deposits. Let us tell you where the interest is being given on FD.

Higher interest rate being given on FD in post office
The post office is getting 5.30 percent interest rate on two and three year FDs while 6.70 percent interest rate is available for five year FDs. SBI’s percentage interest rates are 5.10 percent for two-year FD, 5.30 percent for three-year and 5.40 percent for five-year. HDFC Bank is giving 4.90 percent interest rate on two-year FD, 5.15 percent on three years and 5.50 percent on five years.

Axis Bank is offering 5.25 percent interest rate on two and three year FDs while 5.75 percent interest rate on 5-year FDs. At the same time, ICICI Bank is giving 5 percent interest rate on two-year FD, 5.15 percent for three-year and 5.35 percent on five-year FD.

Get the benefit of tax exemption on FD of five years
Tax exemption can be availed on FDs of five years. This FD is called tax saving FD and by investing in it one can avail tax exemption up to Rs 1.5 lakh.

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