Many banks including IndusInd Bank and HDFC Bank are offering great interest on tax saving FD. The higher the interest, the higher the return.
Bank FD Rates: You can also save tax through fixed deposits. Many banks offer tax saver FD schemes, which also offer fixed interest. Tax Saver FD Scheme provides the benefit of maximum deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act. In this, higher interest is offered to senior citizens as compared to ordinary citizens. The lock in period of FD ( Fixed Deposit ) is 5 years. There is always revision in interest rates. There are some banks which are offering 7% to 8% interest on tax saver FD.
IndusInd Bank
This bank is currently offering 7.25% interest to general citizens on its tax saver FD scheme. Whereas the rates for senior citizens are 8%.
HDFC bank
The country’s largest private sector bank is also offering good interest on tax saving FD. The interest rate for general citizens is 7% and for senior citizens is 7.75%.
Axis Bank
Axis Bank is offering 7% interest to general citizens and 7.75% interest to senior citizens on tax saving FD.
RBL Bank
This small finance bank is also giving excellent interest on tax saving FD. The interest rates for general citizens are 7.10%. Whereas senior citizens are getting 7.60% interest.
IDFC First Bank
IDFC First Bank is also offering more than 7 percent interest on tax saving fixed deposits. The interest rates are 7% for general citizens and 7.50% for senior citizens.
SBI Bank
India’s largest government bank “State Bank of India” is also offering attractive interest on tax saving. The interest rates for general citizens are 6.50%. Senior citizens are getting 7.50% interest.
(Disclaimer: The purpose of this article is to share general information only. MP Breaking News does not recommend investing in share market, bank FD, schemes etc.)
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