Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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    We found 112 Tax exemption on Fixed Deposits

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 20 Years
    5% - 8% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.25% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 7.05% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    15 Days to 20 Years
    4.25% - 7.15% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.5% - 6.8% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6% - 6.65% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    6.25% - 6.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.30% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.80% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
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  • Tax exemption on FD Reviews

    • Central Bank of India Fixed Deposit
      "CBI is the best bank for Fixed Deposit"
      0.5 4.5/5 "Excellent!"
      HI! This is Santosh, I had been using from last 8 years with best service without any issue. This Bank Fixed Deposit rate of interest is higher then other banks. The Banking and services are good, There is no Fixed deposit breaking charges. I will recommend this Bank for the Best FD services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 18, 2017
    • HDFC Bank Fixed Deposit
      "Go ahead with your choice"
      0.5 4.0/5 "Great!"
      I have the fixed deposit account with the HDFC bank and I been with them from the last three to four years of time. The rate of interest was reduced as of now but I have got it as fixed. Customer service and other things are really okay and I have not interacted with them.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 06, 2017
    • SBI Fixed Deposit
      "Wonderful "
      0.5 4.0/5 "Great!"
      I had the fixed deposit account with the State bank of India and the interest rate was around 6% to 7% before three years of time. Response and other aspects are good enough. Customer service was also good one and their online banking services are up to the mark.
      Was this review helpful? 6
      , visakhapatnam
      Reviewed on Jul 03, 2017
    • ICICI Bank Fixed Deposit
      "Its Good"
      0.5 4.0/5 "Great!"
      In terms of interest rate, ICICI IS providing lower benefits for Fixed deposit account. For premature they not calculating the proper interest rate. It would be better to give clear information about interest rate calculation within the period of transaction.
      Was this review helpful? 4
      , chennai
      Reviewed on Jun 30, 2017
    • SBI Fixed Deposit
      "Its Average"
      0.5 2.0/5 "Expected more"
      I am having recurring deposit with SBI, I opened the RD by visiting SBI branch. On the same day RD account got activated. But I felt interest rate is low they offering only 7.1% of interest, I have invested the amount of Rs. 1 lakh for the tenure of 15 month, after maturity of the RD. I would be getting the return around 1.08 lakh.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Jun 30, 2017
    • ICICI Bank Fixed Deposit
      "Good for tax saving "
      0.5 5.0/5 "Blown Away!"
      I have opened the fixed deposit through ICICI I mobile application, I have invested the amount of Rs.5000 for the tenure of five years. After the tenure I would be getting Rs.20,000 as a return. I could track the fixed deposit details over the netbanking.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 29, 2017
    • HDFC Bank Fixed Deposit
      "Best"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the HDFC bank and the interest rate is common one with every bank like it used to get varied up to 0.5% . Penalty charges are nil with them for the premature withdraw, which is the really good one.
      Was this review helpful? 5
      , chennai
      Reviewed on Jun 22, 2017
    • SBI Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      When I have started to deposit the money I was getting good interest rate but know the rate of interest is decreased with SBI Fixed deposit. I have started the fixed deposit around 6 years ago with SBI. Initially I got around 9.5% as interest rate but now I am getting only 7.5% interest rate. The service with State is good.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jun 22, 2017
    • Canara Bank Fixed Deposit
      "Good"
      0.5 2.5/5 "Just OK"
      I am having the fixed deposit account with the Canara bank and the rate of interest is around 8.5%, which was very lesser one on that time. Total tenure is around three years of time, also the penalty charges are not really huge. Customer service is not really up to the mark.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • IDBI Fixed Deposit
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I would suggest IDBI bank is the best one to get the fixed because of the good rate of interest . Customer service is good one and am with them from the last three years of time. Penalty charges are lesser one with the m for the premature withdraw.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 19, 2017
    • ICICI Bank Fixed Deposit
      "Good Indian bank"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the ICICI bank and the interest rate is around 6.5% per annum , also the maturity period is also one year of time. Customer service is also a good one with the ICICI bank, also the response too. Online banking services are also working in good way and am very familiar with them till now.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 16, 2017
    • Axis Bank Fixed Deposit
      "Its good investment"
      0.5 4.5/5 "Excellent!"
      I have invested one lakh in fixed deposit with AXIS bank. Its going to matured in this august, Then I would be getting around Rs.1.12,000. I have opened this FD through online and I will be getting the amount same to my account. AXIS gave me premature withdrawal, I can close whenever I want.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2017
    • Canara Bank Fixed Deposit
      "For common man"
      0.5 5.0/5 "Blown Away!"
      I do have the fixed deposit account with the Canara bank and am using it from the last ten years of time. Customer service aspects are good one with them and the online banking services are not really working in a good according the new generation bankers. The interest rate is around 7.25% as of now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • YES Bank Fixed Deposit
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      I have the fixed deposit account with the Yes bank and the interest rate is around 6.5% above and the customer service is not yet experienced because everything used to dealt with through online experience. I have not faced any server down issues with the Yes bank.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Jun 12, 2017
    • HDFC Bank Fixed Deposit
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the HDFC bank and the services are always an excellent one. I have opened the account on immediate basis like everything used to get happened in instant way. Rate of interest is around 6.5% and the response is an excellent one.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 09, 2017
    • Vijaya Bank Fixed Deposit
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Vijaya bank and the interest rate is around 6.5% and the customer service is good one , also they are nearby my locality and also the access is really friendly. Online services are good one with the Vijaya bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 09, 2017
    • Central Bank of India Fixed Deposit
      "Fund transfer"
      0.5 0.5/5 "Unacceptable"
      The worst banking system I have ever seen. if i want to transfer amt to other bank through IFSC they can't detect the bank or automatically logged out .if I want current statement they can't.net banking automatically logged out.if i go for pass book entry server down problem. if I go to ATM only 2k available etc...
      Was this review helpful? 4
      , kolkata
      Reviewed on Jun 01, 2017
    • SBI Fixed Deposit
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      When I wanted to open a fixed deposit account at State Bank of India. I did not have to visit the bank. I opened the account online and though the rate of interest is not that appealing. I am happy with the overall experience and process and the convenient banking process.
      Was this review helpful? 11
      , guwahati
      Reviewed on May 31, 2017
    • SBI Fixed Deposit
      "Convenient to Hold"
      0.5 4.0/5 "Great!"
      It has been two years when I opened fixed deposit with State bank of India. The period is for five years. Since I completed two years, three years to go. Interest rate is of 11%. Actually SBI is located near to my house so I feel more comfortable in visiting the bank at any instance. All the staffs are very friendly and very cooperative.
      Was this review helpful? 6
      , visakhapatnam
      Reviewed on May 25, 2017
    • SBI Fixed Deposit
      "Secured investment"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks SBI offering good interest rate on fixed deposit, they offered me 7.95% of interest. I have the amount of Rs. 2.4 lakhs for the tenure of three years. After the maturity period I got the amount around 2.9 lakhs. I am very much fine with that.
      Was this review helpful? 4
      , hyderabad
      Reviewed on May 24, 2017
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    Tax exemption on Fixed Deposits is Rated as "Excellent!" by 1757 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    The difference between a normal fixed deposit and a tax saver deposit is the first thing an investor would need to know. Are they completely different? Yes they are. With a normal fixed deposit an investor can make a deposit for a period of his/her choice, and will be able to draw the money from the deposit within a week from the date of opening. They normal fixed deposits also do not get any deduction of taxes on this deposit. Whereas if an investor, takes up a tax saver deposit, he/she will not be able to withdrawn the amount invested for a minimum period of 5 years, but will be able to claim for tax deduction as well under section 80C of the Income Tax Act 1961. But the interest earned on the tax saver deposit will still be taxed.

    What exactly is Tax Exemption?

    Tax exemption is to be free from tax or not be subject to tax by the government or regulatory authorities. An individual or entity is excused from paying taxes, under single or even multiple tax laws. Many governments even encourage investments in tax exempt schemes. Income on which tax is not levied is considered as a tax exempt.

    Are Fixed Deposits valid for Tax Exemption?

    As per the government and the announcement made by the Finance Ministry in 2006, an investment made in a tax saving fixed deposit which has a minimum of 5 years lock-in period is valid and eligible for a tax deduction as per section 80C of the Income Tax Act of 1961. The fixed deposit will need to follow the below mentioned guidelines to be eligible:

    1. The deposit maturity will need to be a minimum of 5 years, but it can be extended, to a period of up to 10 years, depending on the bank.
    2. The minimum amount under this deposit should be Rs. 100 and multiples thereof
    3. The maximum amount under the deposit should be Rs. 1.5 lakhs per year.
    4. The deduction is available for only individuals and Hindu Undivided Families
    5. There will be no premature withdrawal for these fixed deposits.
    6. These fixed deposit will also not have any loan facility attached to them
    7. TDS will be charged under this deposit, on the interest earned by the deposit if it is over Rs. 10, 000 for a year. The TDS will be paid at the end of the financial year.

    The tax saving fixed deposits can be made in either a single or joint name, in case the wherein the tax saving fixed deposit are made in a joint account only 1 of the holders can claim the deduction as per section 80C of the Income Tax Act 1961.

    Benefits of Investing in a Tax Saving Fixed Deposit:

    A Fixed Deposit usually serve a dual purpose, they help secure your savings, as well as save on the taxes payable by you. So what is the difference between the two? There are 2 types of Fixed Deposit the regular Fixed Deposits and Tax Saving Fixed Deposits, and they are completely different from each other. If an individual take a normal fixed deposit then he/she will not be able to get a tax deduction under section 80C, but with the Tax saving deposit they can avail this benefit.

    Tax Exemption for NREs:

    All NRE’s who make an investment in a fixed deposit will not be taxed for any interest earned on them, the NRE account will be exempt from taxes under section 10 (4)(ii) as per the Foreign Exchange Management Act, 1999.

    Frequently asked questions on Tax Exemption on FD

    1. Is premature withdrawal allowed under a Tax Saving Deposit?

      No, premature withdrawal and partial withdrawal are not allowed as per Tax saving deposits.

    2. Can I apply for a loan against my tax saver fixed deposit?

      No, this deposit cannot be used as a pledge for loans and advances in any banks.

    3. If the tax saver fixed deposit is opened jointly, who is eligible for the tax exemption?

      Since the tax saver fixed deposit is eligible for tax exemption, only 1 of the joint account members are eligible, it will need to be claimed under the name of the first holder of the account.

    4. What is the minimum tenure for the tax saver fixed deposit?

      The minimum booking period for a tax saver fixed deposit, is a tenure of 5 years minimum and up to a period of 10 years depending on the bank.

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