INSUBCONTINENT EXCLUSIVE:
A maximum investment of Rs1.5 lakh in a financial year is allowed in income tax-saver five-year FD.Income tax-saving fixed deposit (FD), a
special category of FD, help investors claim deductions under Section 80C of the Income Tax Act
According to the current Income Tax (I-T) law, a taxpayer can claim maximum tax deductions of up to Rs 1.5 lakh under Section 80C in a
From state-run State Bank of India (SBI) to private sector peers HDFC Bank and ICICI Bank, major commercial banks pay interest at the rates
of 6.60-7.00 per cent to the general public, and 7.10-7.75 per cent to senior citizens, on tax-saving fixed deposits, according to their
websites.TenureAlso known as tax-saving fixed deposit or tax-saving FD, this special type of fixed deposit scheme allows a minimum maturity
period of five years and a maximum of 10 years.Interest ratesHere's a comparison of interest rates offered by major banks on income
tax-saving FDs of up to Rs 2 crore:BankInterest rateGeneral publicSenior citizenState Bank of India6.60%7.10%HDFC Bank7.00%7.50%ICICI
Bank7.25%7.75%(As mentioned on their websites)Premature withdrawalLenders do not allow premature withdrawal from this type of FD accounts
income tax-saver five-year fixed deposit
SBI allows a minimum deposit of Rs 1,000 for investment in its tax-saving scheme, according to the bank's website - sbi.co.in
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