Fixed depositing money has a higher rate of interest than keeping money merely in a bank account and you can deposit it for 1 year, 5 years or more. There are several options available. I usually prefer fixed deposits since I feel my money remains safer than keeping them in an account without in general. I do a lot of transactions and as far as I know, it is hard to take money from fixed deposits. Now there are several types of fixed deposits and people nowadays are more curious to know about what are tax saving FD. Let me give you all a brief idea then.
Tax Saver Fixed DepositsTax Saver Fixed Deposits are a kind of deposits where a depositor can claim a tax deduction as per Section 80C of the Indian Income Tax 1961. The deposits can be made via two types of accounts which are:
Single holder type deposits
Joint holder type deposits.
The minimum time for a term deposit under the Tax Saving Scheme is 5years and one can get a tax exemption of Rs 1.5 lakh maximum.
Some Renowned Banks and their Fixed Deposit Schemes| BANK | INTEREST RATE (REGULAR CITIZEN) | INTEREST RATE (SENIOR CITIZEN) |
State Bank of India |
5.40% |
5.90% |
Kotak Mahindra Bank |
5.30% |
5.80% |
HDFC Bank |
5.30% |
5.80% |
Punjab National Bank |
5.25% |
5.95% |
IDFC Bank |
5.25% |
5.75% |
Deutsche Bank |
6.25% |
6.25% |
Axis Bank |
5.75% |
6.25% |
DCB Bank |
5.95% |
6.45% |
Bank of Baroda |
5.25% |
5.75% |
Lakshmi Vilas Bank |
5.75% |
6.25% |
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Now you must be knowing the benefit of tax saving FD
Read More:
Which Bank Gives Highest Interest Rate On FD?
How To Calculate Interest On FD?
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Authors Of The Question
What are Tax Saving FD?
Nitish
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2 Year
2022-05-17T16:57:12+00:00 2022-06-01T14:05:48+00:00Comment
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