FD RATE OF INTEREST FOR HUF ACCOUNTS

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This discussion clarifies whether a Hindu Undivided Family (HUF) account can receive senior citizen Fixed Deposit (FD) interest rates if the Karta (manager) is a senior citizen. The consensus is that HUF accounts cannot avail of these higher rates, even if the Karta is a senior citizen. This is because the beneficial owner of the deposit is the HUF itself, not the Karta in their individual capacity.

Basavaraj R J

Basavaraj R J (Querist)
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22 April 2020 Can HUF ac get benifit of senior citizen FD rate of interest in banks if kartha is senior citizen

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 April 2020 The Karta of the HUF cannot be offered higher rate of interest, even if he is senior citizen, as the beneficial owner of the deposit is the HUF and not the Karta in his individual capacity.
Inference - RBI Mater Circular.

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