Know which Tax Savings FD gets the highest interestThe fiscal year will end in nine days. The deadline to save tax is in 9 days, so if you haven’t invested yet, you only have 9 days left. This article explains how you can save tax by investing in Fixed Deposit, the simplest and safest investment option.
The fiscal year ends in nine days. If you haven’t invested yet, you only have nine days left to save on taxes. Interest on a fixed deposit is one of the most basic and safest investments you can make for tax savings.
Recently, after raising the repo rate by RBI, most banks have raised interest rates on FDIs. Bank tax-saving FDs offer the highest interest rate in many of the country’s government and private banks. What is list? Let’s figure it out
Tax savings FD is of 5 years
As the name suggests, this tax-saving FD has a lock-in period of 5 years. You can only get tax exemption on an investment of Rs 1.50 lakh in a financial year. Investments in FD with a term of 5 years are exempt from tax under Section 80C.
Investing in tax-advantaged fixed deposits is becoming increasingly popular among seniors today. This not only saves tax, but also provides a good return. Many banks are now giving over 8% interest on FDs to seniors.
Fiscal investing is possible until 31 March
This is the last chance for investors to make tax-saving investments until March 31, 2023. In order to save tax in the 2022-23 fiscal year, investments can only be made until March 31.
View here which bank gives seniors the highest interest on tax savings FD
DCB Bank – 8.1% interest
Axis Bank – 7.75 percent interest
IndusInd Bank – 7.75% interest
Yes Bank – 7.75 percent interest
HDFC Bank – 7.5% interest
ICICI Bank Tax – 7.5% interest
IDFC First Bank – 7.5% interest
Bank of Baroda – 7.15% interest
SBI Bank – 7.5 percent
PNB Bank – gives 7 percent interest
