FD Schemes New: If you are one of those investors who prefer not to incur risks, investing in Fixed Deposit (FD) is a good option for you. Particularly such FD plans that provide higher profits while simultaneously saving taxes. You can do it as well. There are several tax-saving FD plans available on the market that might be an excellent choice. A maximum of Rs 1.5 lakh can be deposited in a tax-saving FD. It has a five-year loan term.
FD Schemes New
A maximum deduction of Rs 1.5 lakh can be claimed under Section 80C of the Income Tax Act under these programmes. Keep in mind that this is just for individuals who choose the old regime option of filing an income tax return. Let us now look at five such ideas.
Which bank gives 7 interest in RD SBI
Axis Bank and HDFC Bank, both private sector banks, are presently giving 7% interest on tax-saving FD schemes. One thing to keep in mind is that the interest generated on these tax-free FD plans is taxable. The five-year lock-in term indicates that you will be allowed to withdraw the funds only once the five-year maturity period has ended.
IndusInd Bank FD Rates Calculator
According to the Economic Times, two additional private sector banks are giving 7.25 percent interest on five-year tax saving FD schemes: IndusInd Bank tax saving FD and Yes Bank.
DCB Bank is offering the highest interest on savings account
You can also earn the finest yields on tax-saving FD solutions. Its bank is providing consumers an exceptional interest rate of 7.40 per cent on its tax saving FD (DCB Bank tax saving FD) with a five-year lock-in term. This is open to investors under the age of 60.