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Tax-Saving FDs: These largest banks offer up to 7% interest rate
Tax-saving FDs are one of the least risky investment options in the crowded 80C benefit. They have a lock-in period of five years and premature withdrawals are not allowed. The interest in this investment is taxable
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It’s time to submit investment proofs to your employer to save on taxes. And the tax-saving 5-year Bank Fixed Deposits (FDs) is a good option for those in lower to medium tax bracket. It offers Section 80C tax deduction benefit, up to an investment of Rs. 1.5 lakh.
• Among the least risky options
• Tenure: 5 years
• Premature withdrawals are not allowed.
• Interest in this investment is taxable.
Below are the best interest rates offered by India’s largest banks by deposits. Source: BankBazaar.com. Data as of December 22, 2023.
• Among the least risky options
• Tenure: 5 years
• Premature withdrawals are not allowed.
• Interest in this investment is taxable.
Below are the best interest rates offered by India’s largest banks by deposits. Source: BankBazaar.com. Data as of December 22, 2023.
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HDFC Bank
Interest rate on the 5-year tax-saving FDs: 7%
Interest rate on the 5-year tax-saving FDs: 7%
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ICICI Bank
Interest rate on the 5-year tax-saving FDs: 7%
Interest rate on the 5-year tax-saving FDs: 7%
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Axis Bank
Interest rate on the 5-year tax-saving FDs: 7%
Interest rate on the 5-year tax-saving FDs: 7%
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Canara Bank
Interest rate on the 5-year tax-saving FDs: 6.7%
Interest rate on the 5-year tax-saving FDs: 6.7%
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Union Bank Of India
Interest rate on the 5-year tax-saving FDs: 6.7%
Interest rate on the 5-year tax-saving FDs: 6.7%
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State Bank Of India
Interest rate on the 5-year tax-saving FDs: 6.5%
Interest rate on the 5-year tax-saving FDs: 6.5%
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Punjab National Bank
Interest rate on the 5-year tax-saving FDs: 6.5%
Interest rate on the 5-year tax-saving FDs: 6.5%
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Bank Of Baroda
Interest rate on the 5-year tax-saving FDs: 6.5%
Interest rate on the 5-year tax-saving FDs: 6.5%
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Indian Bank
Interest rate on the 5-year tax-saving FDs: 6.25%
Interest rate on the 5-year tax-saving FDs: 6.25%
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Bank Of India
Interest rate on the 5-year tax-saving FDs: 6%
Interest rate on the 5-year tax-saving FDs: 6%
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