Many banks are offering good interest on tax saving FDs. The interest rate is more than 7%. Banks are also offering extra interest to senior citizens.
Tax saving FD: As soon as the new TDS rules come into effect in April, there will be more tax benefits on FD. Many people consider fixed deposits a good option for savings and investment. All government and private banks and NBFCs offer good returns on term deposits to customers. Why are there banks which are offering attractive interest on the current tax saving scheme.
Tax saving FD scheme provides the benefit of tax deduction up to Rs 1.5 lakh for section 80C of the Income Tax Act. This reduces taxable income and tax liability. The tenure of such fixed deposits is 5 years. Premature withdrawal is also not allowed. If you also wish to invest in FD before March 31, then know which bank is offering how much interest.
Yes Bank
Private sector Yes Bank is offering good returns on tax saver FD. The interest rate is 7.25% for general citizens 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 giving good interest on 5-year tax saving FDs. The interest rate is 7.40% for general citizens and 7.90% for senior citizens.
These 2 banks are offering 7.75% interest
Both IndusInd and Axis Bank are offering 7.75% interest to senior citizens on tax saving FDs. The investment limit for Axis Bank Tax Saver FD is minimum Rs 100 and maximum Rs 1,50,000. The interest rate is 7% for general citizens and 7.75% for senior citizens. IndusInd Bank is offering 7.25% interest to general citizens and 7.75% interest to senior citizens.
These banks are giving 7.60% return
- RBL Bank is giving 7.10% interest to general citizens on 60 months i.e. 5 years tax saving FD. The interest rate for senior citizens is 7.60%.
- Federal Bank is also offering better interest on tax saver FD. It is giving 7.10% interest to general citizens and 7.60% interest to senior citizens.
(Disclaimer: The purpose of this article is only to share general information, which is based on various sources. MP Breaking News does not advise investing in any scheme, FD, stock market etc.)
