This story is from April 07, 2024
| Bank Name | Highest interest rate (%) | Highest interest rate tenure | 1-3 years |
| Axis Bank | 7.2 | 17 months to less than 18 months | 6.70% to 7.20% |
| Bandhan Bank | 7.85 | 500 days | 7.45% -7.85% |
| DCB Bank | 8 | 25 months to 26 months | 7.15% to 8% |
| Federal Bank | 7.5 | 500 days | 6.80%- 7.50% |
| HDFC Bank | 7.25 | 18 months to less than 21 months | 6.60%-7.25% |
| ICICI Bank | 7.2 | 15 months to 2 years | |
| IDFC First Bank | 8 | 500 days | 6.50%- 8% |
| IndusInd Bank | 7.65 | 1 year to 2 years | 7% to 7.65% |
| Kotak Mahindra Bank | 7.4 | 390 days to less than 23 months | 6.50% to 7.40% |
| RBL Bank | 8.1 | 18 months to 2 years | 7.50% to 8.10% |
| Bank of India | 7.25 | 2 years | 6.8% to 7.25% |
| Canara Bank | 7.25 | 444 days | 6.85% to 7.25% |
| Indian Bank | 7.25 | 400 days - IND SUPER | 6.10% to 7.25% |
| Punjab National Bank | 7.25 | 400 days | 6.75% to 7.25% |
| Punjab & Sind Bank | 7.4 | 444 days | 6.20% to 7.25% |
| State Bank of India | 7.1 | 400 days - Amrit Kalash | 6.80% to 7% |
| Union Bank of India | 7.25 | 399 days | 6.75% to 7.25% |
Income Tax Slabs FY 2024-25: At the start of the new financial year 2024-25 from April 1, it is important for income tax payers to be cognizant of the income tax rates and income tax slabs that are applicable to them - both under the new income tax regime and the old income tax regime. It is also important to remember that effective FY 2023-24, the new income tax regime has become the default income tax regime. Hence if you wish to opt for the old tax regime, you will have to tell your employer at the start of the financial year so that your income tax outgo is calculated accordingly. We take a look at the income tax slabs for FY 2024-25 (AY 2025-26):
Income Tax Slabs 2024-25 Old Tax regime: For the financial year 2024-25, the income tax slabs and rates in the table apply to individuals, including residents below 60 years of age, non-residents (NR), and non-ordinary residents (NOR).
Income Tax Slabs 2024-25 Old Tax regime: Resident individual taxpayers with a total income not exceeding Rs 500,000 will be eligible for a tax rebate of Rs 12,500 or the actual tax payable, whichever is lower.
Income Tax Slabs 2024-25 Old Tax regime: It's also important to note that for resident individuals who are senior citizens aged 60 and above, the basic exemption limit is Rs 3 lakh, while for super senior citizens aged 80 and above, the basic exemption limit is Rs 5 lakh.
Income Tax Slabs 2024-25 New Tax Regime: The income tax rates and slabs for the financial year 2024-25 under the new income tax regime, also known as the Concessional Tax Regime are mentioned in the table.
Income Tax Slabs 2024-25 New Tax Regime: In the new income tax regime, the rebate eligibility threshold is set at Rs 7,00,000, allowing taxpayers to claim a rebate of up to Rs 25,000. Moreover, marginal relief remains available for resident individuals with a net taxable income exceeding Rs 7,00,000, where the incremental income tax liability surpasses the incremental income above Rs 7,00,000.
Income Tax Slabs 2024-25 surcharge rates: Individuals will face a surcharge on their income tax if their total income exceeds Rs 5,000,000. The surcharge rates under the old and the new tax regime are mentioned in the table.
Income Tax FY 2024-25: A health and education cess of 4% is applied to the income tax and surcharge (if applicable) calculated based on the mentioned rates, applicable to all individuals.
Income Tax Slabs 2024-25 New vs Old Regime: The basic difference between the old and new income tax regime is that the former allows for major exemptions and deductions such as Section 80C, Section 80D, Section 80TTA etc. Those opting for the new tax regime can avail lower tax rates depending on the slab they fall under, but the only major exemption available to them is standard deduction.
Income Tax Slabs FY 2024-25 standard deduction: Since no changes were announced in Interim Budget earlier this year, the standard deduction for the financial year 2024-2025 remains unchanged. It will stay at Rs 50,000 for both the old and the new income tax regime.