Tax Saving Tips: If you are planning to invest at the last moment for tax saving, and also want to earn more interest, then you can invest in Tax Saving Fixed Deposit. This FD will give you tax saving benefits as well as returns. Thus, you can also claim exemption under section 80C of the Income Tax Act, 1961.
The tax benefit on fixed deposits is given with a lock-in period of five years. Under this, you can save tax up to Rs 1.5 lakh. Up to Rs 1.5 lakh can be saved by investing in it every financial year. Here information is being given about some banks, which will give you the highest interest.
How long to invest to save tax?
If you are planning to invest in this financial year to save tax, then you have to invest by March 31, because the new financial year starts from April 1. In such a situation, you should not wait for the last time to save tax.
This bank is giving the highest interest on tax saving FD –
7% interest on Axis Bank’s five-year FD.
Bandhan Bank is paying an interest of 5.85 per cent.
Bank of Baroda is giving 6.5% interest on tax saving FD.
Canara Bank will give 6.5% interest on tax saving FD.
Central Bank of India will give 6.25% interest on Savings FD.
DCB Bank is paying 7.6 per cent interest.
Federal Bank will give 6.6 percent interest.
HDFC Bank will give 7% interest on tax saving FD.
ICICI Bank will also give 7% interest on tax saving FD.
Punjab National Bank will give 6.5 percent interest.
State Bank will give 6.5 percent interest.
Yash Bank is giving 7% interest.
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