Tax-saving FDs: These banks offer up to 8.5% interest on fixed deposits
Tax-saving FDs: Tax planning is significant as it helps taxpayers to make the best use of the various tax exemptions, deductions, and benefits to minimise their tax liability, and as the financial year is about to end it's time to consider investments that will help save maximum taxes. One of the most effective and safe investment options is Fixed Deposit (FD) and there are numerous banks that offer tax savings FDs. Let’s have a look at the options available:
(Disclaimer: The lock-in period condition may differ for all banks, read the terms and conditions before investing)
DCB Bank tax saving FD
Private sector Bank, DCB Bank offers the general public a tax-saving interest on FD of up to 8 per cent and for senior citizens 8.5 per cent on various tenures. If one invests Rs 1.5 lakh for 5 years then they will earn Rs 2,22,892 and in the same case, senior citizens will get Rs 2,28,419. Image source- Pixabay
Suryoday Small Finance Bank tax saving FD
The bank is offering an interest rate of 7.5 per cent on tax saving FD for the general public and for senior citizens 7.75 per cent. If the general public invests Rs 1.5 lakh for 5 years then they will earn Rs 2,17,492 and in the same case, senior citizens will get Rs 2,20,176. Image source- Pixabay
IndusInd Bank tax-saving FD
IndusInd Bank is offering an interest rate of 7 per cent on tax-saving FD. If one invests Rs 10,000 for 5 years, then they will earn Rs 13,975. Image source- Pixabay
Axis Bank tax-saving FD
Axis Bank is offering an interest rate of 7 per cent on tax-saving FD for the general public and for senior citizens 7.75 per cent. If the general public invests Rs 1.5 lakh for 5 years then they will earn Rs 2,12,217 and in the same case, senior citizens will get Rs 2,20,176. Image source- Pixabay
Various banks that provide tax-saving FD
Several banks, including City Union Bank, RBL Bank, and IDFC First Bank offer interest rates of up to 7 percent on tax-saving deposits. A sum of Rs 1.5 lakh will give a return of Rs 2.12 lakh in five years. Image source- Pixabay