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what is the current interest rate on recurring deposit in SBI & ICICI BANK& wheather is it taxfree
Asked by TANMOY NATH -
7 years ago
In SBI recurring deposit you earn high rates of interest applicable to Term Deposits along with liquidity to access that savings any time. You earn at compounded rates of interest.
# Flexibility in period of deposit with maturity ranging from 12 months to 120 months.
# Low minimum monthly deposit amount.
# You can start a Recurring Deposit with SBI for a monthly installment of Rs.100/- only.
ICICI Bank you invest small amount and earn high rate of interest as applicable to fixed deposits. On recurring deposit you can avail host of facilities such as you can check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
In ICICI bank the minimum balance of deposit is Rs.500 per month and thereafter in multiples of Rs.100. The tenure ranges from 6 months to a maximum period, recurring deposit of 3 months thereafter. Bank has a special feature - Non-applicability of Tax Deduction at Source (TDS).
The interest earn -- to a maximum of Rs 12,000 per year -- is exempt from tax (under Section 80L of the Income Tax Act, 1961).
7 years ago - By Amit