Which banks Tax saving fix deposit most benefited check interest rates
FDs are not only safe but also generate guaranteed returns. Investors also get the benefit of tax benefits under section 80C on tax saving FDs.
New Delhi. Investing in fixed deposits has always been the first choice for maximum tax savers. FDs are not only safe but also generate guaranteed returns. Investors also get the benefit of tax benefits under section 80C on tax saving FDs. Investments made in bank FDs for such a period of five years are eligible for income tax deduction under section 80C of the Income Tax Act, 1961. In such a situation, you can also avail maximum tax benefits by investing in FDs.
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Here are the rules related to tax saving
To claim tax benefits up to Rs 1.5 lakh on fixed deposits i.e. FDs, you need to keep the money deposited for a lock-in period of 5 years. That is, you cannot withdraw money before the end of 5 years. Small finance banks are offering the highest interest among the current low interest rates of banks in the era of Corona. It is higher than private and public sector banks in both short term and long term terms.
small finance bank interest rates
In Ujjivan Finance Small Finance Bank, 6.75 percent interest is being given to general citizens and 7.25 percent to senior citizens.
In Jan Small Finance Bank, these rates are 6.5 percent and 7 percent.
In Equitas Small Finance Bank, these rates are 6.25 percent and 6.75 percent.
Suryoday Small Finance Bank holds 6.25 per cent and 6.50 per cent.
– Utkarsh Small Finance Bank These rates are 6 percent and 6.5 percent.
public sector bank
In Union Bank of India, 5.5% interest rate is being given to general citizens and 6 percent to senior citizens.
These rates are also 5.50 percent and 6.00 percent in Canara Bank.
In SBI, these rates are 5.30 percent and 5.80 percent.
Punjab and Sind Bank holds 5.30 per cent and 5.80 per cent.
Bank of India has 5.15 per cent and 5.65 per cent.
– RBL is offering 6.50 percent interest rate to general citizens and 7.00 percent to senior citizens in the bank.
In DCB Bank also these rates are same as RBL.
These rates in Yes Bank are 6.25 percent and 7.00 percent.
IndusInd Bank holds 6.00 per cent and 6.50 per cent.
Both the interest rates in Karur Vysya Bank are 6.6 percent.
FD is safest
The special thing about FD is that it is considered to be much safer than other risky options. Deposits up to Rs 5 lakh in banks are guaranteed by the Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the Reserve Bank of India. Fixed deposit interest rates remain stable and unaffected by market volatility. Banks change FD rates from time to time.
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