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What are corporate FDs?
Corporate Fixed Deposits are fixed deposits offered by Large NonBanking Financial companies. They offer a higher rate of interest when compared to bank fixed deposits with a slightly higher risk.
What is the eligibility for opening a Corporate FD?
The individual must be at least 18 years. FD for minor can be opened along with a guardian.
Which type of Businesses can open Corporate FD?
Businesses that often provide corporate FDs are finance companies, housing finance companies and NBFCs.
What are the taxation rules for Corporate FDs?
Corporate FDs are taxed at the individual’s highest income tax slab applicable. Corporate FDs deduct TDS at source if annual interest exceeds ₹5,000.