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 deposits. This FD will give you the benefit of returns along with tax saving. Under this you can claim exemption under section 80C of Income Tax Act 1961.
Tax benefit on fixed deposits is 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 in this financial year to save tax, then you will 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 paying more interest on tax saving FDs
- Axis Bank offers 7 per cent interest on five-year FDs
- Bandhan Bank is offering 5.85 per cent interest.
- Bank of Baroda is offering 6.5 per cent interest on tax saving FDs
- 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 will give 7.6% interest is giving.
- Federal Bank will give 6.6 percent interest.
- HDFC Bank will give 7 percent interest on tax saving FD.
- ICICI Bank will also give 7 percent interest on tax saving FD Will give 7 percent interest.
- Punjab National Bank will give 6.5 percent interest.
- State Bank will give 6.5 percent interest.
- Yes Bank will give 7 percent interest Has been.
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