Tax saving FD: It’s time to provide your employer with investment proofs so you can reduce your taxes. Additionally, for individuals in the lower to medium tax bracket, the tax-saving 5-year Bank Fixed Deposits (FDs) are a wise choice. It provides the benefit of Section 80C tax deduction up to a Rs. 1.5 lakh investment.
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Some Important Points
- Among the least hazardous choices
- Duration: five years
- Withdrawals made too soon are prohibited.
- This investment’s interest is taxable.
Banks Offering Best Interest Rates
- HDFC Bank: The tax-saving 5-year FDs have an interest rate of 7%.
- ICICI Bank: Interest rate offered by ICICI Bank on 5-year tax-saving FDs: 7%
- Axis Bank: The tax-saving 5-year FDs have an interest rate of 7%.
- Canara Bank: The 5-year tax-saving FDs have an interest rate of 6.7%.
- Union Bank Of India: The tax-saving 5-year FD interest rate is 6.7%.
- State Bank Of India: The 5-year tax-saving FDs have an interest rate of 6.5%.
- Punjab National Bank:6.5% interest rate is offered on the 5-year tax-saving FDs.
- Bank Of Baroda: The tax-saving 5-year FDs have an interest rate of 6.5%.
- Indian Bank: The 5-year tax-saving FDs have an interest rate of 6.25%.
- Bank Of India: Interest rate on the 5-year tax-saving FDs: 6%
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