Public sector banks are offering attractive fixed deposit interest rates, with senior citizens earning up to 7.95% for 400-day tenure.
Gita’s total interest of Rs 75,000 will be added to her taxable income and taxed according to her slab rate.
For many in Tier-II, III, and IV cities, these banks are the only financial institutions nearby.“Large institutions like the Government of India and state governments hold salary and current accounts in PSBs, and they’re often viewed as the safest and most reliable choice,” Shetty said.
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