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Bank Interest Rates - India
Bank Interest Rates - India
All banks in India are enticing customers with very good interest rates.
It is like 1990s again !:D
SBI is offering 9% for Rs.1 Lakh deposit, with that why would one want senior citizen scheme ? Offer ends on Jan-31.
ICICIC bank is offering 9% for 890 days, 8.25% for 390 days.
http://www.icicibank.com/pfsuser/interestrates/interestrates.htm
HDFC bank rates are here:
http://www.hdfcbank.com/personal/accounts/regular_fd_interest.htm
Their rates are funny, goes up and down as the time increases. Best rates are available for 6 months 15 days and 1 year 15 days.
Remember these rates are domestic deposit rates and not available for NRE accounts, usually NRO accounts match int rates of domestic rates, but there is no rule that they should be equal.
Recall NRE int is exempt from Indian taxes but NRO rates are not. Also NRO int is subjected to TDS.
If you really want to make use of this oppurtunity, get a PAN card, do file tax return and get back your TDS money.:)
RRK
PS: Now, in India, if you wish to buy a soda, you need PAN, so dont hesitate to get one ASAP. I made 40 copies of PAN card, all of them are used up in 6 months.:mad:
It is like 1990s again !:D
SBI is offering 9% for Rs.1 Lakh deposit, with that why would one want senior citizen scheme ? Offer ends on Jan-31.
ICICIC bank is offering 9% for 890 days, 8.25% for 390 days.
http://www.icicibank.com/pfsuser/interestrates/interestrates.htm
HDFC bank rates are here:
http://www.hdfcbank.com/personal/accounts/regular_fd_interest.htm
Their rates are funny, goes up and down as the time increases. Best rates are available for 6 months 15 days and 1 year 15 days.
Remember these rates are domestic deposit rates and not available for NRE accounts, usually NRO accounts match int rates of domestic rates, but there is no rule that they should be equal.
Recall NRE int is exempt from Indian taxes but NRO rates are not. Also NRO int is subjected to TDS.
If you really want to make use of this oppurtunity, get a PAN card, do file tax return and get back your TDS money.:)
RRK
PS: Now, in India, if you wish to buy a soda, you need PAN, so dont hesitate to get one ASAP. I made 40 copies of PAN card, all of them are used up in 6 months.:mad:
Bank Interest Rates - India
Hi all,
I cannot but agree with RRK with regards to PAN.
Even with all the Confusion and Chaos with regards with UIN initially and then MIN and what other XIN/YIN/ZIN that are likely to be introduced in future, PAN is still important and plays key role in many transactions.
1) If you want to invest in a Mutual Fund SIP of Rs 10,000 per month for 12 Months then PAN is required as the total amount is Rs 1,20,000 [> 1 Lakh]
2) To open and operate a Demat Account PAN is required. Same goes for ONLINE Trading Accounts [Of course there are restrictions with regard to NRIs having and operating ONLINE Share Trading Accounts]
3) If you have invested in property in India and wish to sell then you have to get INCOME TAX CLEARANCE and will have to pay your taxes before you can think about repatriating your money. Here PAN is required
4) Also if you have invested in a Flat/House before R2I and have rented it out, it is in your own interest to declare the rent and pay tax on it [after offsetting the rent with housing loan interest].
5) Like RRK mentioned you can refund for the INTEREST TDS only if you have PAN. Many forego this TDS just because they are lazy to get a PAN and do the necessary Paperwork involved. Do be honest and pay your taxes due to INDIAN GOVERNMENT but do not give away money to them when the same can be claimed through a process that only requires a PAN and some paper work related to filing an INCOME TAX Return in India which is certainly not rocket science.
6) Deposits of Rs 50,000 / more in Cash into a Bank Account requires PAN to be furnished
7) PAN also the serves the purpose of being an IDENTIFICATION PROOF and a DATE OF BIRTH PROOF which could come in handy in many situations like For e.g. Booking an E-TICKET for Travelling by Train in India !!.
8) PAN is required to apply to MIN !! as per latest Anti-Money Laundering and KYC [Know Your Customer] requirements.
Over and above all this it is now possible for NRIs to apply for a PAN ONLINE through NSDL Site and I am sure some folks from R2IClub site have already done this.
So those who have not yet got a PAN do so at the earliest even if you think you do not require it now. For it will be too late to apply and get it when you actually require it.
Regards
Venkat
I cannot but agree with RRK with regards to PAN.
Even with all the Confusion and Chaos with regards with UIN initially and then MIN and what other XIN/YIN/ZIN that are likely to be introduced in future, PAN is still important and plays key role in many transactions.
1) If you want to invest in a Mutual Fund SIP of Rs 10,000 per month for 12 Months then PAN is required as the total amount is Rs 1,20,000 [> 1 Lakh]
2) To open and operate a Demat Account PAN is required. Same goes for ONLINE Trading Accounts [Of course there are restrictions with regard to NRIs having and operating ONLINE Share Trading Accounts]
3) If you have invested in property in India and wish to sell then you have to get INCOME TAX CLEARANCE and will have to pay your taxes before you can think about repatriating your money. Here PAN is required
4) Also if you have invested in a Flat/House before R2I and have rented it out, it is in your own interest to declare the rent and pay tax on it [after offsetting the rent with housing loan interest].
5) Like RRK mentioned you can refund for the INTEREST TDS only if you have PAN. Many forego this TDS just because they are lazy to get a PAN and do the necessary Paperwork involved. Do be honest and pay your taxes due to INDIAN GOVERNMENT but do not give away money to them when the same can be claimed through a process that only requires a PAN and some paper work related to filing an INCOME TAX Return in India which is certainly not rocket science.
6) Deposits of Rs 50,000 / more in Cash into a Bank Account requires PAN to be furnished
7) PAN also the serves the purpose of being an IDENTIFICATION PROOF and a DATE OF BIRTH PROOF which could come in handy in many situations like For e.g. Booking an E-TICKET for Travelling by Train in India !!.
8) PAN is required to apply to MIN !! as per latest Anti-Money Laundering and KYC [Know Your Customer] requirements.
Over and above all this it is now possible for NRIs to apply for a PAN ONLINE through NSDL Site and I am sure some folks from R2IClub site have already done this.
So those who have not yet got a PAN do so at the earliest even if you think you do not require it now. For it will be too late to apply and get it when you actually require it.
Regards
Venkat
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Chicago Desi
- Posts: 1642
- Joined: Tue Jan 23, 2007 1:24 am
Bank Interest Rates - India
RRK and Isvenkat,
Thank you for the great advice. Can you post a link to the NSDL website for PAN number application? Also, is an Indian address required for this? What else is required? Indian citizenship? Thanks in advance for your response.
Thank you for the great advice. Can you post a link to the NSDL website for PAN number application? Also, is an Indian address required for this? What else is required? Indian citizenship? Thanks in advance for your response.
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kalpesh145
- Posts: 110
- Joined: Tue Jan 16, 2007 12:23 am
Bank Interest Rates - India
Chicago Desi;3034RRK and Isvenkat,
Thank you for the great advice. Can you post a link to the NSDL website for PAN number application? Also, is an Indian address required for this? What else is required? Indian citizenship? Thanks in advance for your response.
CD,
Attached is the application form in pdf.
Edit:--> My attachment didn't go through. You can download the form at this site.
http://www.nribanks.com/form49a.htm
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Chicago Desi
- Posts: 1642
- Joined: Tue Jan 23, 2007 1:24 am
Bank Interest Rates - India
Kalpesh, Thanks very much for the form. Where does one send it?
Thanks again!
Thanks again!
Bank Interest Rates - India
ICICI Bank rates on Mar 8,2007
7 days to 14 days N.A.
15 days to 29 days 3.75%
30 days to 45 days 4.00%
46 days to 60 days 4.00%
61 days to 90 days 4.00%
91 days to 180 days 6.25%
181 days to 365 days 6.50%
366 days to 389 days 6.75%
390 days 9.00%
391 days to 589 days 6.75%
590 days 9.50%
591 days & above upto 2 years 6.75%
More than 2 years upto 889 days 7.50%.
890 days 9.50%
891 days upto 3 years 7.50%
More than 3 years upto 4 years 7.75%
More than 4 years upto 5 years 9.50%
More than 5 years upto 10 years 7.75%
7 days to 14 days N.A.
15 days to 29 days 3.75%
30 days to 45 days 4.00%
46 days to 60 days 4.00%
61 days to 90 days 4.00%
91 days to 180 days 6.25%
181 days to 365 days 6.50%
366 days to 389 days 6.75%
390 days 9.00%
391 days to 589 days 6.75%
590 days 9.50%
591 days & above upto 2 years 6.75%
More than 2 years upto 889 days 7.50%.
890 days 9.50%
891 days upto 3 years 7.50%
More than 3 years upto 4 years 7.75%
More than 4 years upto 5 years 9.50%
More than 5 years upto 10 years 7.75%
Bank Interest Rates - India
HDFC Bank domestic deposit rates
Effective From March 3, 2007
Period Amount Interest Rate (per annum) **Senior Citizen Rates (per annum)
7 - 14 days -- 3.00% 3.50%
15 - 29 days -- 5.50% 6.00%
30 - 45 days -- 5.50% 6.00%
46 - 60 days -- 5.50% 6.00%
61 - 90 days -- 5.50% 6.00%
91 - 99 days -- 6.00% 6.50%
100 - 101 days -- 7.50% 8.00%
102 - 180 days -- 6.00% 6.50%
6 months 1 day - 6 months 14 days -- 6.75% 7.25%
6 months 15 days - 6 months 16 days -- 8.00% 8.50%
6 months 17 days - 1 year -- 6.75% 7.25%
1 year 1 day - 1 year 14 days -- 7.25% 7.75%
1 year 15 days - 1 year 16 days -- 8.25% 8.75%
1 year 17 days - 2 years -- 7.25% 7.75%
2 years 1 day - 2 years 14 days -- 7.50% 8.00%
2 years 15 days - 2 years 16 days -- 8.50% 9.00%
2 years 17 days - 3 years -- 7.50% 8.00%
3 years 1 day - 5 years -- 7.75% 8.25%
5 years 1 day - 8 years -- 7.75% 8.25%
Effective From March 3, 2007
Period Amount Interest Rate (per annum) **Senior Citizen Rates (per annum)
7 - 14 days -- 3.00% 3.50%
15 - 29 days -- 5.50% 6.00%
30 - 45 days -- 5.50% 6.00%
46 - 60 days -- 5.50% 6.00%
61 - 90 days -- 5.50% 6.00%
91 - 99 days -- 6.00% 6.50%
100 - 101 days -- 7.50% 8.00%
102 - 180 days -- 6.00% 6.50%
6 months 1 day - 6 months 14 days -- 6.75% 7.25%
6 months 15 days - 6 months 16 days -- 8.00% 8.50%
6 months 17 days - 1 year -- 6.75% 7.25%
1 year 1 day - 1 year 14 days -- 7.25% 7.75%
1 year 15 days - 1 year 16 days -- 8.25% 8.75%
1 year 17 days - 2 years -- 7.25% 7.75%
2 years 1 day - 2 years 14 days -- 7.50% 8.00%
2 years 15 days - 2 years 16 days -- 8.50% 9.00%
2 years 17 days - 3 years -- 7.50% 8.00%
3 years 1 day - 5 years -- 7.75% 8.25%
5 years 1 day - 8 years -- 7.75% 8.25%
Bank Interest Rates - India
State bank is offering two schemes.
SUPER SAVER TERM DEPOSIT SCHEME
Offers 9.5% for 4 years.
http://www.sbi.co.in//viewsection.jsp?lang=0&id=0,1,19,114,186
SBI PLATINUM ACCOUNT
http://www.sbi.co.in//viewsection.jsp?lang=0&id=0,1,19,114,610
Offers 9% for 3 years with a put option.
SUPER SAVER TERM DEPOSIT SCHEME
Offers 9.5% for 4 years.
http://www.sbi.co.in//viewsection.jsp?lang=0&id=0,1,19,114,186
SBI PLATINUM ACCOUNT
http://www.sbi.co.in//viewsection.jsp?lang=0&id=0,1,19,114,610
Offers 9% for 3 years with a put option.