Central Madhya Pradesh Gramin Bank Recurring Deposit Interest Rates
Find Central Madhya Pradesh Gramin Bank Recurring Deposit Interest Rates 2023. An account in which the investor needs to deposit the pre-specified amount at periodical intervals (In instalments-usually monthly instalments) for a long term.
Bank RDs are offered by public sector banks, private sector banks, co-operative banks, foreign banks and regional rural banks. You are required to invest in regular instalments (usually monthly) which are pre-decided by you. Multiple tenure having different interest rates are there with the banks which you can opt for according to your need. Interest rates is calculated quarterly not annually and maturity amount is taxable.
Premature withdrawals, In recurring deposit partial withdrawals are not allowed, you can withdraw entire amount anytime but after charging a certain penalty, banks generally charge 1% as penalty.
Central Madhya Pradesh Gramin Bank Recurring Deposit
Central Madhya Pradesh Gramin Bank offers you an opportunity to build up capital through regular monthly deposits of fixed sum over a period of time. It offers you various options of RD with period of deposit of minimum 12 months to maximum 120 months. There is no cap on maximum deposit amount of an RD. You need to give instructions for disposal of maturity proceeds at the time of opening of your RD account. Loans or OD facility of up to 90% of deposited amount is available. Rate of interest on RD is same as applicable to term deposits. The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate of general customers.
Investing in Central Madhya Pradesh Gramin Bank is a great option for those who have fewer earnings. The benefit in RDs is that you get the same interest rate during the whole RD tenure, even if the future RD rates are lower.
Tax Implication on Recurring Deposit (RD)
Taxability of Interest Earned
Interest earned is taxable based on account holder's tax bracket and therefore, he/ she is liable to pay tax on interest earned. Interest earned is taxable under the head "Income from Other Sources".
Applicability of TDS
No TDS will be made on total interest earned upto Rs. 10,000. Whenever total interest earned exceeds Rs 10,000 in a financial year, 10% TDS is made. You are free to claim for refund of any extra TDS made. Earlier, there was no TDS on RD but with effect from 1st June 2015, applicability of TDS on RD has been made under Section 194A.
More Rate of TDS
In absence of a valid PAN or if you fail to provide the PAN information to the bank/ post office, TDS at the rate of 20% is made.
In case, the RD account holder does not have a taxable income, he/ she can submit Form 15G/ Form 15H to the bank/ post office where RD account is opened so that TDS can be avoided. Form 15G is used for people who are under 60 years of age while Form 15H is just similar to Form 15G, but it can only be used for people who are 60 years and above (senior citizens).
Central Madhya Pradesh Gramin Bank Recurring Interest Rates (as on 07 Jun 2023)
|Maturity Period||Interest Rate (p.a.)|
Other Banks Recurring Interest Rates List
|Bank Name||1 Year (p.a.)||5 Years (p.a.)||Calculate|
|Ujjivan Small Finance Bank||7.50%||6.50%|
|Utkarsh Small Finance Bank||7.15%||6.25%|
|Equitas Small Finance Bank||7.10%||6.75%|
|Suryoday Small Finance Bank||7.00%||6.00%|
|Fincare Small Finance Bank Ltd||6.75%||%|
|Capital Small Finance Bank||6.50%||6.35%|
|South Indian Bank||6.40%||6.00%|
|United Bank Of India||6.30%||6.10%|
|Oriental Bank Of Commerce||6.30%||6.10%|
|Union Bank Of India||6.30%||6.70%|
|Punjab National Bank||6.30%||6.10%|
|Karur Vysya Bank||6.30%||6.10%|
|City Union Bank||6.25%||6.90%|
|Idfc First Bank||6.25%||6.00%|
|Jammu And Kashmir Bank||6.25%||6.00%|
|Standard Chartered Bank||6.15%||%|
|State Bank Of Bikaner And Jaipur||6.10%||6.10%|
|Kotak Mahindra Bank||6.10%||6.20%|