Tax-Saving FDs: These largest banks offer up to 7% interest rate
Tax-saving FDs are one of the least risky investment options in the crowded 80C benefit. They have a lock-in period of five years and premature withdrawals are not allowed. The interest in this investment is taxable
It’s time to submit investment proofs to your employer to save on taxes. And the tax-saving 5-year Bank Fixed Deposits (FDs) is a good option for those in lower to medium tax bracket. It offers Section 80C tax deduction benefit, up to an investment of Rs. 1.5 lakh. • Among the least risky options • Tenure: 5 years • Premature withdrawals are not allowed. • Interest in this investment is taxable. Below are the best interest rates offered by India’s largest banks by deposits. Source: BankBazaar.com. Data as of December 22, 2023.
2/11
HDFC Bank Interest rate on the 5-year tax-saving FDs: 7%
3/11
ICICI Bank Interest rate on the 5-year tax-saving FDs: 7%
4/11
Axis Bank Interest rate on the 5-year tax-saving FDs: 7%
5/11
Canara Bank Interest rate on the 5-year tax-saving FDs: 6.7%
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Union Bank Of India Interest rate on the 5-year tax-saving FDs: 6.7%
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State Bank Of India Interest rate on the 5-year tax-saving FDs: 6.5%
8/11
Punjab National Bank Interest rate on the 5-year tax-saving FDs: 6.5%
9/11
Bank Of Baroda Interest rate on the 5-year tax-saving FDs: 6.5%
10/11
Indian Bank Interest rate on the 5-year tax-saving FDs: 6.25%
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Bank Of India Interest rate on the 5-year tax-saving FDs: 6%
