Fixed deposit rates for senior citizens reach up to 8.3 percent
Headline by Prism · from 1 report
Various small finance banks are offering senior citizens interest rates on three-year fixed deposits reaching up to 8.3 percent.
The Economic TimesThe brief
Written by software from the 1 report below.
- Several small finance banks now offer interest rates of up to 8.3 percent on three-year fixed deposits for senior citizens.
- Deposits in these institutions are insured up to Rs 5 lakh by the Deposit Insurance Credit Guarantee Corporation.
- Senior citizens whose total tax liability is zero can submit Form 15H to avoid the deduction of tax at source.
- This practice helps ensure that interest earnings remain protected within statutory coverage limits.
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Suresh Surana
Chartered Accountant
2 quotes · 1 outlet
“It applies based on the final tax liability after considering exemptions and rebates. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no tax, making them eligible to submit Form 15H.”
In the article
…Surana says that Form 15H (now renumbered as Form 121) is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total tax liability is zero. Surana says: “ It applies based on the final tax liability after considering exemptions and rebates. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no tax, making them eligible to submit Form 15H. ” Surana says that under the old tax regime, the exemption limit was Rs 3 lakh, which was enhanced to Rs 5 lakh for taxpayers aged 80 years or more, and the 87A rebate applied to income up to Rs 5 lakh, allowing Form…
“It applies based on the final tax liability after considering exemptions and rebates. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no tax, making them eligible to submit Form 15H.”
In the article
…Surana says that Form 15H (now renumbered as Form 121) is a self-declaration form that senior citizens (60 years & above) can submit to avoid TDS on income, provided their total tax liability is zero. Surana says: “ It applies based on the final tax liability after considering exemptions and rebates. Under the new tax regime, the basic exemption limit is Rs 4 lakh, but with the enhanced Section 87A rebate, individuals with total income up to Rs 12 lakh pay no tax, making them eligible to submit Form 15H. ” Surana says that under the old tax regime, the exemption limit was Rs 3 lakh, which was enhanced to Rs 5 lakh for taxpayers aged 80 years or more, and the 87A rebate applied to income up to Rs 5 lakh, allowing Form…
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NamedIndia · AU Small Finance Bank · Deposit Insurance Credit Guarantee Corporation · Equitas Small Finance Bank · ESAF Small Finance Bank · Jana Small Finance Bank · Shivalik Small Finance Bank · slice Small Finance Bank · Suresh Surana · Suryoday Small Finance Bank · Ujjivan Small Finance Bank · Utkarsh Small Finance Bank
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