INSUBCONTINENT EXCLUSIVE:
A tax-saving FD allows a minimum maturity period of five years and a maximum of 10 yearsMany banks today offer income tax benefits under a
This income tax benefit can be availed by the eligible assessees against their investment - up to Rs 1.5 lakh in a financial year - in the
Also known as tax-saving fixed deposit or tax-saving FD, this special type of fixed deposit allows a minimum maturity period of five years
and a maximum of 10 years
Lenders do not allow a premature withdrawal from this type of FD accounts before completion of the lock-in period of five years.From
state-run State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, major commercial banks today pay interest at the rates
of 6.25-7.25 per cent to the general public, and 6.7-7.75 per cent to senior citizens, on tax-saving fixed deposits, according to their
website.Punjab National Bank (PNB)Under its five-year tax-saving fixed deposit, PNB Tax Saver FD, the state-run bank pays interest at the
rate of 6.25 per cent to the general public and 6.75 per cent to senior citizens with effect from March 1, 2019, according to Punjab
tax-saving fixed deposit - Baroda Tax Savings Term Deposit - with effect from March 13, 2019, according to the lender's website -
citizens, on deposits in five-year tax-saving fixed deposits - called 5-Years Tax-Saver FDs - with effect from March 7, 2019, according to
the lender's website - icicibank.com.HDFC BankHDFC Bank pays interest at the rate of 7.25 per cent to the general public and 7.75 per cent
in these fixed deposits - tax-saving FDs - is locked in for a period of five years from the date of issue, which means the investor cannot
withdraw money during this period in order to utilize the tax benefit.Get the latest election news, live updates and election schedule for
Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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