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Senior citizen tax-saving FDs
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Tenure of a Tax Saver FD
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Tax saving FD details
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Points to note
(1) According to the terms and conditions of the Bank’s Fixed Deposit accounts, if a deposit is withdrawn early, interest will be computed at the rate in effect for the time that the deposit actually remained with the Bank, at less than 1% penalty.
(2) Simple interest will be used to calculate interest at maturity for term deposits with a duration of less than 181 days.
(3)The interest on term deposits will be paid out monthly at a reduced rate determined by the current rates.
(4) According to the current income tax regulations, tax is withheld at the source.
(5) If PAN information is missing, resident time deposits with interest income that exceeds the TDS threshold throughout the financial year will be subject to TDS at a higher rate of 20%.
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Senior citizens tax-saving FD interest rates
(2) Bank of Baroda offers 7.15% interest rate on tax saving FD.
(3) State Bank of India, RBL Bank, ICICI Bank, HDFC Bank offers 7.5% interest rate on tax saving FD.
(4) YES Bank, Axis Bank offer 7.75% interest rate on tax saving FD.
(5) DCB Bank offers best rate of 7.9% interest rate on tax saving FD.
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How to open an SBI tax saving FD online
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