Tax Saving FD: As soon as the new TDS rules are implemented in April, there will be further tax exemption on FD. Many people consider fixed deposits as a good option for savings and investment. All government and private banks and NBFC give good returns to customers on term deposits. In such a situation, there are some banks that are paying attractive interest on the current tax saving scheme.
The tax saving FD scheme provides the benefit of tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. This reduces taxable income and tax liability. The duration of such fixed deposits is 5 years. Premature withdrawal is also not allowed. If you also want to invest in FD before 31 March, then know which bank is paying how much interest.
Yes Bank
Private sector Yes Bank is giving good returns on tax saver FD. The interest rate for ordinary citizens is 7.25% and 8% for senior citizens. The minimum investment amount in this is Rs 10,000. At the same time, customers can invest Rs 1,50,000 in a financial year.
DCB Bank
This private sector bank is also paying good interest on 5 -year tax saving FD. The interest rate for ordinary citizens is 7.40% and 7.90% for senior citizens.
These 2 banks are giving 7.75% interest
Both IndusInd and Axis Bank are paying 7.75% interest to senior citizens on tax saving FD. The investment limit for Axis Bank Tax Saver FD is minimum Rs 100 and a maximum of Rs 1,50,000. The interest rate for ordinary citizens is 7% and 7.75% for senior citizens. IndusInd Bank is paying 7.25% to ordinary citizens and 7.75% to senior citizens.
These banks are giving 7.60% returns
- RBL Bank is paying 7.10% interest to common citizens on 60 months i.e. 5 years tax saving FD. The interest rate for senior citizens is 7.60%.
- Federal Bank is also paying better interest on tax saver FD. It is paying 7.10% to ordinary citizens and 7.60% to senior citizens.
