Bank loan interest rates in April 2024 compared: SBI, HDFC Bank, ICICI Bank, IDBI Bank, Yes Bank, PNB, Bank of Baroda

Axis Bank FD fixed deposit interest rates vary between 6.70% to 7.20% for tenure ranging between 1-3 years.

Bandhan Bank fixed deposit interest rates vary between 7.45% to 7.85% for tenure ranging between 1-3 years.

DCB Bank fixed deposit interest rates vary between 7.15% to 8% for tenure ranging between 1-3 years.

Federal Bank fixed deposit interest rates vary between 6.80%- 7.50% for tenure ranging between 1-3 years.

HDFC Bank fixed deposit interest rates vary between 6.60%-7.25% for tenure ranging between 1-3 years.

IDFC First Bank fixed deposit interest rates vary between 6.50%- 8% for tenure ranging between 1-3 years.

IndusInd Bank fixed deposit interest rates vary between 7% to 7.65% for tenure ranging between 1-3 years.

Kotak Mahindra Bank fixed deposit interest rates vary between 6.50% to 7.40% for tenure ranging between 1-3 years.

RBL Bank fixed deposit interest rates vary between 7.50% to 8.10% for tenure ranging between 1-3 years.

Punjab National Bank fixed deposit interest rates vary between 6.75% to 7.25% for tenure ranging between 1-3 years.

State Bank of India fixed deposit interest rates vary between 6.80% to 7% for tenure ranging between 1-3 years.

Canara Bank fixed deposit interest rates vary between 6.85% to 7.25% for tenure ranging between 1-3 years.

There is no time restriction or deadline for filing Form 15G/H. However, it is best to submit it at the start of the fiscal year (April 1st) or when a new deposit is formed. The primary distinction between Form 15G and Form 15H is that Form 15G is intended for non-senior citizens, whilst Form 15H is intended solely for senior people (60 years or older). Form 15G/H is valid for one fiscal year, ending on March 31st of each year. Customers who are qualified must submit these forms once a year. Submitting them as soon as the fiscal year begins ensures that no TDS is deducted on any interest income collected.

When interest income for any resident non-senior citizen customer surpasses Rs 40,000 in a fiscal year, TDS is required to be withheld. When a senior resident's interest income surpasses Rs 50,000 within a fiscal year, TDS is required to be withheld.

According to the Fincare Small Finance Bank website, “The threshold of Rs 40,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the FSFB are to be included while calculating the threshold of Rs 40,000. (For resident senior citizens, the threshold applicable is Rs50,000). This is at the PAN level across all branches of the Bank.”

According to the ICICI Bank, “A Fixed Deposit Laddering Strategy is an investment technique that involves dividing a lump sum of money into multiple FDs, each with varying maturities. Instead of investing the entire amount in a single deposit, investors allocate it across several deposits with staggered maturity periods. The primary objective of this approach is to strike a balance between earning steady returns and maintaining access to funds at regular intervals.”