Vidarbha Konkan Gramin Bank
At present, the Vidarbha Konkan Gramin Bank is offering competitive fixed deposits. Vidarbha Konkan Gramin Bank is on the verge to offer high deposit rates along with the investment in bank Fixed Deposits that appears a good investment avenue. Bank Fixed Deposits majorly offer guaranteed returns and get interest income on a monthly and quarterly basis.
Fixed deposits is considerably one of the safest investment options. It comes with a guarantee of consistent interest rates, special rates for senior citizens, and various interest payment options. Moreover, it is important to compare the latest fixed deposit rates to the leading banks in the country before opening a new fixed deposit.
Features of Vidarbha Konkan Gramin Bank FD
- Tenure of the fixed deposit ranges between six months to 10 years
- It has guarantee returns and safe in terms of investment for a long tenure
- Interest income is offered on a monthly, quarterly, and annual basis
- It allows reinvest interest income and gain the influence of compounding
- It is a partial and full withdrawal facility that is available with penalty interest rates
- It is a loan against deposits
Vidarbha Konkan Gramin Bank Fixed Deposit Rates
| Tenure | Regular Interest Rate(per annum) | Senior Citizen Interest Rate(per annum) |
| 7 days to 14 days | 3.50% | 4.00% |
| 46 days to 90 days | 3.80% | 4.30% |
| 91 days to 179 days | 5.10% | 5.60% |
| 180 days to 344 days | 5.05% | 5.55% |
| 345 days | 5.60% | 6.10% |
| 346 days to less than 1 year | 5.05% | 5.55% |
| Only 1 year | 5.45% | 5.95% |
| Above 1 year to above 10 years | 5.40% | 5.90% |
Top 10 Tax Saver FD Interest Rates
| Name of the Bank Saving FD | Interest rate offered to General Citizens (p.a.) | Interest rate offered to Senior Citizens (p.a.) |
| SBI Bank Tax Saving FD | 5.30% | 6.20% |
| Private Bank Tax Saving FD | 5.35% | 5.85% |
| HDFC Bank Tax Saving FD | 5.30% | 5.80% |
| Canara Bank Tax Saving FD | 5.50% | 6.00% |
| Axis Bank Tax Saving FD | 5.75% | 6.25% |
| Bank of Baroda Tax Saving FD | 5.30% | 5.80% |
| IDFC Bank Tax Saving FD | 5.75% | 6.25% |
| Corporation Bank Tax Saving FD | 5.45% | 5.95% |
| PNB Tax Saving FD | 5.30% | 5.80% |
| IDBI Bank Tax Saving FD | 5.10% | 5.60% |
Documents required to open Fixed Deposit Account in Vidarbha Konkan Gramin Bank
| Category | Documents Required |
| Individual, HUF, Proprietor |
|
| Partnership Firm |
|
| Trust |
|
| Associations, Clubs |
|
| Company |
|
Tax Implication on Recurring Deposit (RD)
Taxability of Interest Earned
Interest earned is taxable supported account holder’s income bracket and thus, he/ she is susceptible to pay tax on interest earned. Interest earned is taxable under the top “Income from Other Sources”.
Applicability of TDS
No TDS are going to be made on total interest earned upto Rs. 10,000. Whenever total interest earned exceeds Rs 10,000 during a fiscal year, 10% TDS is formed. You’re liberal to claim for refund of any extra TDS made. Earlier, there was no TDS on RD but with effect from 1st June 2015, the applicability of TDS on RD has been made under Section 194A.
More Rate of TDS
In absence of a legitimate PAN or if you fail to supply the PAN information to the bank/ post office, TDS at the speed of 20% is formed.
Avoiding TDS
In case, the RD account holder doesn’t have a taxable income, he/ she will submit Form 15G/ Form 15H to the bank/ post office where the RD account is opened in order that TDS are often avoided. Form 15G is employed for people that are under 60 years aged while Form 15H is simply almost like Form 15G, but it can only be used for people that are 60 years and above (senior citizens).
Loan against Fixed Deposit Vidarbha Konkan Gramin Bank
Vidarbha Konkan Gramin Bank offers loans up to 90% against its own deposit. Note that Vidarbha Konkan Gramin Bank won’t offer you a loan against the FD of the other bank. Vidarbha Konkan Gramin Bank offers Loan against FD at the speed of 3.5% to 6.5%
Calculation of Interest on FD of Vidharbha Konkan Gramin Bank
Interest on FD for various tenures is calculated in the following manner:
- Simple interest is paid at maturity for fixed deposit tenure of but 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- Cumulative Interest/ re-investment interest is calculated quarterly, and is added to the Principal such Interest is paid on the Interest earned within the previous quarter also.
- In the case of a monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at a discounted rate over the quality FD Rate
FAQs
✅ What is the minimum period for fixed deposits?
A fixed deposit account is often opened for a minimum period of seven days.
✅ What is the minimum amount which will be deposited in an FD account?
The minimum amount varies from bank to bank. It is often as low as Rs.50.
✅ Can I get monthly interest on a fixed deposit?
Yes, you can get a monthly interest payout on your fixed deposit.
✅ Is FD the safest investment?
Investing in fixed deposits is one of the safest investment options available. The interest offered on FDs by banks makes it a safe option.
✅Which bank FD rate is high in 2020?
For a tenure of between 7 days to 10 years and a deposit amount of but Rs.2 crore, a number of the banks that provide the very best FD rates are IDFC Bank, Bank of Baroda, Axis Bank, Canara Bank, Punjab commercial bank, HDFC Bank, and SBI.
✅Can I prematurely withdraw from a Tax Saver Term Deposit?
No, you can prematurely withdraw a tax saver term deposit because it features a lock-in period of 5 years.
