Best interest on tax-saver FDs: Get up to 8.25% interest; full list of banks
Several small finance banks are still offering more than 8% interest rate on fixed deposits (FDs) maturing in five years. You can invest in long-term fixed deposits before FD interest rates drop. Do keep in mind that these are tax-saving fixed deposits. You can invest up to Rs 1.5 lakh in tax-saving fixed deposits and claim deduction under section 80C (old tax regime) for this investment while filing an income tax return (ITR).#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Here’s the full list of banks offering up to 8.25% interest on tax-saving FDs.
8.25% interest on tax-saver FD
Suryoday Small Finance Bank is offering an interest rate of 8.25% on tax-saver FDs.
8.15% interest on tax-saver FDs
Unity Small Finance Bank is offering an interest rate of 8.15% on FDs maturing on tax-saving FDs.
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7.75% interest on tax-saving FDs
Utkarsh Small Finance Bank is offering an interest rate of 7.75% for FDs maturing on tax-saver FDs.
Bank Interest RateSuryoday Small Finance Bank8.25%Unity Small Finance Bank8.15%Utkarsh Small Finance Bank 7.75%AU Small Finance Bank7.25%Equitas Small Finance Bank7.25%Jana Small Finance Bank 7.25%Ujjivan Small Finance Bank 7.20%Source: Paisabazaar as of October 8, 2024.
7.25% interest on tax-saving FDs
There are many banks that are offering an interest rate of 7.25% on tax-saving FDs:
AU Small Finance Bank is offering an interest rate of 7.25% on tax-saver FDs. Equitas Small Finance Bank is offering a 7.25% interest rate on tax-saver FDs. Jana Small Finance Bank is offering a 7.25% interest rate on tax-saving FDs.7.2% interest on tax-saver FDs
Ujjivan Small Finance Bank is offering a 7.2% interest rate on tax-saver FDs.
Ujjivan Small Finance BankSource: Ujjivan Small Finance Bank website.Tax-saver FDs: All you need to know
The lock-in period for a tax-saving FD is five years. Premature withdrawal is not allowed during this period. This means that investors cannot withdraw their funds before the end of the five-year term. As per the Income Tax Act 1961, tax is deducted at source from the interest accrued on tax-saver FDs, wherever applicable.
The amount invested in a tax-saver FD is eligible for tax exemption under Section 80C. The maximum investment limit is Rs 1,50,000 per year. In the case of joint account holders, the tax benefits are available only to the primary holder.
As per regulatory guidelines, an auto renewal facility is not available for Tax Saver FDs.
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This story originally appeared on: India Times - Author:Faqs of Insurances
