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    Know This About FD Interest Rates

    Fixed Deposit or FD is one of the safest investment options that guarantee consistent interest rates on the principal amount. The returns from a fixed deposit are calculated based on the fixed deposit interest rate that get locked-in when the FD account is opened. Read on to know how FD interest is calculated and factors affecting FD interest rate in India....Read More

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    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000 per month (exclusive of all applicable taxes) with 7.5% return. Life Insurance is available with this product

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    FD Interest Rates | Everything You Need to Know

    To help you understand how a fixed deposit works, here is a step by step breakdown of the process

    • Firstly, opening an FD account is different from opening a Savings or a Current account. In the case of fixed deposits, you invest a specific amount of money that is blocked for a specific period of time. In other words, you are not allowed to withdraw the money before the scheduled date.
    • Nonetheless, you will get the flexibility of choosing the time period or tenure of the deposit.The time frame can be a minimum of 7 days and the maximum time period can be up to 10 years.
    • Once you have selected the time period, the bank will offer you the interest rate based on the amount you invested, and when the deposit tenure ends, you will earn a good amount of interest.
    • In simple terms, your interest income is added to your principal amount after a specific time interval, and it leads to an increase in the invested money.
    • You can either choose to receive the interest at the time of maturity or you can choose to receive it on a monthly, quaterly, half-yearly, yearly payout basis.
    Fixed Deposits are safe, risk-free, and offer guaranteed returns since FD interest rates remain constant. But it is essential to compare the FD rates offered by different banks in the country before investing in a fixed deposit or renewing an existing one. You must look for the highest FD interest rates available to gain maximum returns.

    Features of a Fixed Deposit

    Creating wealth is a tough task. It requires the perfect balance between investment and risk. One easy way to create wealth is to invest your money in a fixed deposit. To help you understand a fixed deposit, you should know about its key features. Read them as they will enable you to make a smart decision.

    1. One Time Deposit Investment

    In a Fixed deposit account, the amount of money can only be deposited once. To create more wealth, you will have to open separate FD accounts.

    2. High Rate of Interest

    The rate of interest is higher in a fixed deposit account as compared to a savings or current account.

    3. Flexible Tenure

    The time period of a fixed deposit account can range between 7 days to 10 years. You have the flexibility to choose the tenure period at your convenience.

    4. Renewal Option

    A fixed deposit account can be renewed without any worry.

    5. Premature Withdrawal

    Last but definitely not the least important, withdrawals from a fixed deposit account cannot be made before the maturity period. In case of an emergency withdrawal, the customer will have to pay the penalty.

    Understanding FD Interest Rates

    A Fixed Deposit Interest rate is defined as the interest rate which is paid by the bank to the account holder for investing their money in their respective bank. Different banks offer different rates of interest on Fixed deposit accounts. If you are confused about which bank to opt for to open an FD account, make use of this simple formula

    A = P (1 + r/4/100) ^ (4*n) or A = P (1 + r/25)4n

     Here, A stands for the amount on maturity,  P stands for the amount deposited, and n stands for the frequency of compounded interest


    A=P+ (1+R/N/100)

    Taxation of Fixed Deposit Interest Rate

    The Interest on Fixed Deposit is completely taxable. Here is a step-by-step procedure to explain to you how the interest income is taxed in an FD account.

    • First, add it to your total income and get taxed at slab rates applicable to your total income. It will be reported under the head ‘Income from Other Sources’ in your Income Tax Return. 
    • Banks deduct tax at source at the time of crediting interest to your account if the amount of interest is beyond Rs.40,000 for individuals other than senior citizens. In the case of senior citizens, the threshold is Rs. 50,000.
    • Therefore, you should note down that the TDS is deducted at the time of credit of interest and not when the FD matures. So, if you have an FD for 3 years – banks shall deduct TDS at the end of each year.
    • You can deposit a maximum of Rs. 1.5 lakh a year under Section 80C. There is also tax deducted at source (TDS) on FD. If your interest earned from FD is more than Rs 10,000 in a year, TDS will be deducted. In case your income is less than the income-tax exemption limit, kindly fill out the form 15G/15H for non-deduction of tax on FD interest.
    • The Income Tax Department will adjust the TDS (which has already been deducted) against your final tax liability. 
    • If the bank does not deduct TDS from your interest income, the total interest income earned from your fixed deposits in a particular financial year will be added to your total income, and then you will have to pay tax on it.  
    • Experts suggest not to wait until your FD matures and when the interest is received to report the interest income. This is because the accumulated interest may push you up to a higher slab and you may end up paying more taxes.

    Also, you can view the details of TDS deducted on any of your income by viewing your Form 26AS.

    FD Interest Rates: Things to Remember

    To make sure that you invest in the right FD, keep in mind these pointers to make the right decision.

    FD interest rates depend on various factors. The interest rate ranges from 2.50% to 9%, depending on these factors. So, let us have a look at the factors which determine FD rates.

    1) Type of Financial Institution Offering the Scheme

    Banks, post-offices, and Non-Banking Financial Companies (NBFCs) are responsible for offering fixed deposits. All these institutions provide different FDrates on their deposit schemes.

    2) The Amount of Deposit

    Another factor that governs the FD interest rates is the amount that is being deposited. Usually, interest rates are different for amounts up to Rs.2 crores or Rs.5 crores. If the amount is higher than these limits, the FD rates may differ.

    3) The Tenure of the Deposit

    The tenure of deposit also affects the FD interest rates. Fixed deposits are available for tenures ranging from 7 days to 10 years. Thus, the tenure of the deposit you choose would specify the FD rates. Usually, the higher the deposit tenure, the higher FD interest rates are offered.

    4) The Type of Depositor

    FD interest rates are different for investors aged below 60 years of age and for those who are senior citizens. Senior citizens enjoy up to a 0.40% higher FD rates compared to non-senior citizens. This is perhaps why fixed deposit schemes are so popular among the older population of the country.

    5) The Type of Fixed Deposit Scheme

    The type of deposit scheme also affects the FD rates. You can opt for cumulative FDs where the interest earned is added to the amount invested and remains invested in the scheme. Alternatively, you can choose non-cumulative FDs where the interest earned is paid out as regular income during the scheme’s duration. There are flexible deposit schemes too, which allow easy withdrawals during the tenure and the facility of sweep-in or sweep-out from the savings account

    Frequently Asked Questions (FAQs)

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    If you wish to open an FD account for senior citizens, it is prescribed to provide documents ascertaining the age of the account holder. Based on the age concluded from such a document, the bank will confirm if you would like to get interest rates and other benefits applicable to senior citizens and do the needful.

    The bank will transfer the maturity amount, i.e. the principal amount and the interest amount, to the connected savings account held with the bank.

    You can use the FD Calculator to calculate interest and maturity amount on the Fixed Deposit

    In reinvestment or cumulative FD, interest is compounded quarterly and reinvested with the principal amount. The maturity of these fixed deposits ranges from 6 months to 10 years.

    Choice of Plans:

    Traditional Plan: Earn interest monthly/quarterly basis as per your convenience with a maturity period ranging from 7 days to 10 years.

    Reinvestment Plan: Earn interest compounded quarterly and reinvested with the principal amount with a maturity period ranging from 6 months to 10 years.

    ARN No: Jan23/FDIR/09

    Sources:

    www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1498&Mode=0

    www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=3654

    www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1498&Mode=0

    www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=3654

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      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

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      Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

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      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V05). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      ##

      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

      CI Rider disclaimers:

      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.