Pragathi Krishna Gramin Bank Recurring Deposit Interest Rates (as on 05 Apr 2021)
Interest Rates on Recurring Deposits at Pragathi Krishna Gramin Bank (as on 05 Apr 2021). An account in which the investor must deposit a pre-determined sum at regular intervals (usually monthly instalments) for a long period of time.
Public sector banks, private sector banks, cooperative banks, international banks, and regional rural banks all sell bank RDs. You are expected to invest in pre-determined daily instalments (usually monthly). Banks provide a variety of tenures with varying interest rates that you can choose from based on your needs. Interest rates are measured on a quarterly basis rather than monthly, and the maturity amount is charged.
Withdrawals made too fast, Partially withdrawing funds from a recurrent deposit is not permitted; however, you can withdraw the entire amount at any time after paying a penalty, which is normally 1%.
Pragathi Krishna Gramin Bank Recurring Interest Rates (as on 05 Apr 2021)
|Maturity Period||Interest Rate (p.a.)|
Pragathi Krishna Gramin Bank Recurring Deposit
Pragathi Krishna Gramin Bank provides you with the ability to build up capital over time by making daily monthly deposits of a fixed amount. It provides you with a variety of RD choices, ranging from a minimum of 12 months to a maximum of 120 months. An RD’s maximum deposit volume is unrestricted. When you open your RD account, you must have instructions for the disposition of maturity proceeds. Loans or overdrafts of up to 90% of the deposited amount are open. The rate of interest on RDs is the same as that on term deposits. Both Senior Citizens aged 60 and up will be charged at a rate that is 0.50 percent higher than the general consumer rate.
For those with lower incomes, investing in Pragathi Krishna Gramin Bank is a great choice. The advantage of RDs is that you get the same interest rate for the length of the RD, even though subsequent RD rates are lower.
Tax Implication on Recurring Deposit (RD)
Taxability of Interest Earned
Interest gained is taxable depending on the account holder’s tax bracket, so he or she will have to pay tax on it. Interest is taxable under the “Income from Other Sources” heading.
Applicability of TDS
On total interest gained up to Rs. 10,000, no TDS will be deducted. TDS of 10% is deducted if cumulative interest received in a financial year reaches Rs 10,000. Any additional TDS may be claimed for a refund. Previously, there was no TDS on RD, but that changed on June 1, 2015, when TDS on RD became applicable under Section 194A.
More Rate of TDS
TDS of 20% is rendered if you do not have a valid PAN or if you do not have the PAN details to the bank/post office.
If the RD account holder does not have taxable income, he or she can escape TDS by submitting Form 15G/ Form 15H to the bank/post office where the RD account was opened. Form 15G is for people under the age of 60, and Form 15H is similar to Form 15G but only for people over the age of 60. (senior citizens).
Pragathi Krishna Gramin Bank Recurring Deposit Calculator
A pre-specified sum is deposited at periodic intervals on a regular basis in a Pragathi Krishna Gramin Bank RD account, and the term ranges from 6 months to 10 years, with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.
You can conveniently measure the amount of interest received as well as the maturity amount using the RD calculator below. Please keep in mind that the results of this calculator will only give you a rough estimate of the maturity values; only your bank will be able to tell you the exact amount you will get.
Pragathi Krishna Gramin Bank RD Interest Rate Calculator helps computing interest earned on an RD on the basis of following components:
- Monthly Amount
You will need to enter a monthly investment number. It’s also known as a monthly payment schedule. If you want to invest Rs 2000 every month, enter Rs 2000 in the appropriate box.
It refers to the amount of time you have registered your RD for. It must be expressed in months. It lasts anywhere from 6 to 120 months.
- Interest Rate
It is the rate of interest that the bank would give on the RD. It is dependent on the length of your RD. It differs from one bank to the next.
✅ Can I deposit different monthly installments in RD account?
Answer: No, you cannot deposit different monthly installments in a regular RD account. However, some banks offer Flexi RD which allows customers can deposit any amount at any point in the tenure with no requirement to make deposits every month.
✅ Will TDS be made on RD interest?
Answer: If the interest earned on RD is upto Rs 10,000, no TDS will be made. If it exceed the limit of Rs 10,000 then a TDS at 10% will be made. If your income is non-taxable, then you can submit Form 15G (for non-senior citizen)/ Form 15H (for senior citizen) in order to avoid deduction of TDS.
✅ What is the duration of RD account?
Answer: Usually banks offer RDs of the duration from 6 months to 120 months (10 years). Some of the banks offer RD of 240 months also.
Table of Contents
- 1 Pragathi Krishna Gramin Bank Recurring Deposit Interest Rates (as on 05 Apr 2021)
- 2 Pragathi Krishna Gramin Bank Recurring Interest Rates (as on 05 Apr 2021)
- 3 Pragathi Krishna Gramin Bank Recurring Deposit
- 4 Tax Implication on Recurring Deposit (RD)
- 5 Pragathi Krishna Gramin Bank Recurring Deposit Calculator
- 6 FAQs