![]() ![]() ![]() Livemint tops charts as the fastest growing news website in the world □ Click here to know more. HDFC Bank offers recurring deposit under two schemes - Regular Recurring Deposit and NRE Recurring Deposit. Consequently, purchasing post office TDS gives the investor tax savings of up to ₹1.5 lakh. However, post office term deposit of 5 years is eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Investments in bank RD are not exempt from taxation under Section 80C of the Income Tax Act of 1961. Post Office RD vs SBI RD vs HDFC Bank RD: Income tax benefits In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e., 366 days in a leap year & 365 days in a non leap year. For NRI customers, the minimum tenure of RD is 12 months. 1,99,99,900 per month A minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years. Post Office offers RDs for a tenure of 5 years only.Īn SBI or HDFC Bank RD account can be opened by cheque/cash, but an RD account in a Post Office can be opened by cash only. HDFC Bank computes interest based on the actual number of days in a year. With HDFC Bank's Recurring Deposit, you can: An investment as small as Rs. HDFC Bank offers RD ranging from six months to 120 months (10 years). SBI recurring deposits have maturity ranging from 1 year to 10 years. Post Office RD vs SBI RD vs HDFC Bank RD: Maturity ![]() These rates are effective from January 24, 2023.ĥ-year RD rates compared: Post Office vs SBI vs HDFC Bank HDFC Bank offers an interest rate ranging from 4.50%-7% on RDs maturing in six months to ten years. ![]()
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