Tax-saving fixed deposits (FDs) are one of the most-preferred investment options among senior citizens in India. Tax-savings FDs are fixed deposits that allow investors to claim income tax deductions under section 80C of the Income-tax Act, 1961.
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All you need to know about tax-saver FDs
Tax-saver fixed deposits have a lock-in period of five years. Banks do not allow premature withdrawals in tax-saver fixed deposits. You can invest up to Rs 1.5 lakh in tax-saver FDs.
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DCB Bank tax-saving FD
DCB Bank offers an interest rate of 7.4% on tax-saving FDs.
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IndusInd Bank tax-saving FD
IndusInd Bank offers an interest rate of 7.25% on tax-saving FDs.
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RBL Bank tax-saving FD
RBL Bank offers an interest rate of 7.1% on tax-saving FDs.
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HDFC Bank, ICICI Bank tax-saving FD
HDFC Bank, ICICI Bank, and Axis Bank offer a 7% interest rate on tax-saving fixed deposits. IDFC First Bank also offers an interest rate of 7% on tax-saving FDs.
