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    Tax Saver FD Interest Rates Comparison

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 20 Years
    5.25% - 8.75% Quarterly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.6% Quarterly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 7% Monthly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    15 Days to 20 Years
    4.25% - 7.65% Monthly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    5.5% - 7.45% Monthly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4% to 8% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.2% - 7% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7.15% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.5% - 6.95% Monthly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    7% - 7.5% Monthly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.6% Quarterly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    7% - 7.1% Quarterly compounding
    Response Time Within 30 minutes
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    Fixed Deposit BYTES FROM OUR KITCHEN
    What is a Tax Saver FD?

    Tax saver fixed deposit is a type of fixed deposit by investing in which you can get tax deduction under section 80C of the Indian Income Tax Act, 1961. Normally, tax saver deposits are of two types - “Single holder Type Deposits" and “Joint holder Type Deposits”. Such deposits are offered for a lock-in period of 5 years. Any investor can claim a deduction of maximum Rs.1, 50,000 by investing in tax saver fixed deposits.

    Key highlights of Tax Saver FDs:
    • Maturity period of a tax saver FD is 5 years.
    • Get tax deduction up to Rs.1, 50,000.
    • Deduction is available to individuals, members of Hindu undivided family (HUF), senior citizens and NRIs.
    • The interest earned from tax saver fixed deposits is taxable. Tax will deducted at source.
    • Premature withdrawal is not available.
    • You cannot get loan against tax saver fixed deposits.
    • Tax saver deposits can be opened both singly and jointly. In case of a joint account, tax benefit will be availed by first holder of the deposit as per the section 80C of the Income Tax Act, 1961.
    Benefits of investing in Tax Saver FDs:

    Tax saver fixed deposits come with a number of benefits which include:

    • The major benefit of investing in tax saver fixed deposit is that it helps you save income tax.
    • You can start investing with as little as Rs.100 and add to your savings.
    • Since premature withdrawal is not available in case of tax saver fixed deposits, you can be sure of receiving assured returns, apart from saving tax.
    • Nomination facility is available. You can nominate/authorize someone to withdraw your deposit before or post maturity in the event of your death.
    Who is eligible to open a Tax Saver FD?
    • All resident individuals with a pan card.
    • Non–resident Indians (NRIs).
    • Senior citizens above the age of 60 years are eligible to open a tax saver fixed deposit account.
    Top 5 banks offering Tax Saver FDs in India:

    There are many banks in India which offer tax saver fixed deposits for 5 years. Mentioned below is a number of top five Indian banks offering tax saver fixed deposits:

    • Axis Bank
    • ICICI Bank
    • HDFC Bank
    • SBI Bank
    • IDBI Bank

    Tax Saver Fixed Deposits Interest rate comparison

    Given below is a clear comparison of interest rates of the top 5 Tax Saver Fixed Deposit schemes in India:

    Bank Name of the Tax Saver FD scheme General rate of interest Rate of interest for senior citizens
    Axis Bank Axis Bank Tax Saver Fixed Deposit 7.25% per annum 7.75% per annum
    ICICI Bank ICICI Bank Tax Saver Fixed Deposit 7.50% per annum 8.00% per annum
    HDFC Bank HDFC Bank Tax Saver Fixed Deposit 7.50% per annum 8.00% per annum
    SBI Bank SBI Tax Saving Scheme 2006 7.00% per annum 7.25% per annum
    IDBI Bank Suvidha Tax Saving Fixed Deposit Scheme 7.50% per annum 8.00% per annum

    *The rates are subject to change without prior notice. The customers are requested to contact the respective bank for the revised rates.

    Updated on 15 July 2016

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