A bank deposit at a fixed interest rate for a fixed term. In India: current rates 6.5–7.5% for general public, 7–8% for senior citizens. Interest is taxable as ordinary income (TDS deducted at 10% if interest > ₹40,000/year). DICGC insures up to ₹5 lakh per bank.
What is Fixed Deposit (FD)?
A bank deposit at a fixed interest rate for a fixed term. In India: current rates 6.5–7.5% for general public, 7–8% for senior citizens. Interest is taxable as