Forex Fixed Deposit Rates Iran Banks

Forex fixed deposit rates iran banks

In an FD Account, a person has to keep a fixed amount for a certain period of time with a bank or a financial institution.

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Against this deposited amount, the person will earn a certain fixed interest which has been offered by the bank while opening the FD account.

Bank calculates the interest in an FD account based on the deposited amount, rate of interest and the tenure of investment.

If you deposit higher amount in your FD account, you will get higher fd interest rates.

Forex fixed deposit rates iran banks

You can make use of your FD account to achieve your short term or long term financial objectives. According to your objectives, you can choose to deposit a certain amount of money for a fixed duration.

There are 2 options available in FD for interest payment.

One is "cumulative option", in which you will receive the total interest on maturity of your FD account and second one is "non-cumulative option", in which you will receive monthly or quarterly payouts of accumulated interest as per your requirement.

It is to be kept in mind that the interest earned on an FD account is subject to income tax.

Forex fixed deposit rates iran banks

If the interest earned crosses Rs 10,000 in a given financial year, banks deduct a TDS at 10% from the interest to be paid to such FD account holders.

A tax saver FD, you can claim exemption of upto Rs 1.5 lakhs per financial year under Section 80C of the Income Tax Act but there will be a lock in period of 5 years.

As per its name, the amount deposited in an FD remains fixed for the whole tenure and banks do not provide the facility to withdraw the fund before the maturity. In case of urgent need of money, however, you can withdraw the funds prematurely also but you will have to pay certain penalty for the same and you may get much lesser interest rate than what you would have earned at maturity of your FD account.

Forex fixed deposit rates iran banks

Most of the banks charge premature withdrawal penalty in the form of a 0.5o% to 1% lower interest.

On maturity of FD, amounts up to Rs.

20,000 can be withdrawn in cash but amounts above Rs.20,000 need to be paid to the account holder by way of crossed cheque or can be transferred to his/ her savings account.

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