Tax Saving Tips: If you are planning to invest in the last minute for tax saving and also want to get more interest, then you can invest in tax saving fixed deposit. This FD will give you the benefit of returns along with tax saving. Under this, you can claim exemption under Section 80C of the Income Tax Act, 1961.
Tax benefits on fixed deposits are given on 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 during every financial year. Here is information about some banks, which will give you higher interest.
How long to invest to save tax
If you are planning to invest for saving tax in this financial year, then you have to invest by March 31, because the new financial year will start from April 1. In such a situation, you should not wait for the last moment to save tax.
These banks are giving more interest on tax saving FD
- 7% interest on Axis Bank five year FD
- Bandhan Bank is giving 5.85 percent interest.
- 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 tax saving FD.
- DCB Bank is giving 7.6 percent 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.
- Yes Bank is giving 7% interest.
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