The special feature of SBI Parent FD Scheme is its interest rate. In this scheme, senior citizens get a return of 7.60 percent, which is the most important aspect of this scheme.
It is known that the limit of TDS deduction on interest income for common citizens has also been increased. Finance Minister Nirmala Sitharaman said in her budget speech that the limit of TDS on interest on FD for non-senior citizens has been increased from Rs 4,000 to Rs 50,000. If your annual income is less than the taxable income, then you can claim TDS in your income tax return.
Currently, if the interest received by senior citizens from bank FDs is more than Rs 50,000, the account holders have to pay 10 percent TDS. Then from April 1, 2025, 10 percent TDS will have to be paid on interest income exceeding Rs 1 lakh.
Along with this, the government has also increased the limit of TDS deduction on dividend income. Earlier this limit was Rs 5000, while in Budget 2025 it has been increased to Rs 10,000. This will benefit retail investors, who earn dividend income from shares.