In today's time, there may be many investment options available, but people still have faith in FD. Even today, the elderly consider fixed deposits to be the most reliable means of investment, while others also include them in their portfolio because if they suddenly need money, they can fulfill that need through FD. Usually, there is no tax benefit on FD, but a 5-year FD can also give you tax benefits, so it is called Tax Saving FD. If you are also thinking of investing in 5-year FD, then know where you can get better interest among SBI, PNB, HDFC, ICICI Bank and Post Office.
Tax Saver FD is a popular option in HDFC, the largest bank in the private sector. It gives good returns along with security. The interest rate of this FD is 6.40% for general citizens and 6.90% per annum (0.50% extra) for senior citizens. Highway Infrastructure IPO: Know these important things before investing
Like HDFC Bank, ICICI Bank is also a big private sector bank and is offering attractive interest rates on tax saver FD. In this too, the interest rate on tax saver FD is 6.60% for general citizens and 7.10% for senior citizens.
Crores of people trust the country's largest government bank SBI. In this, interest is being given to general citizens at the rate of 6.05% per annum and 7.05% per annum (1.00% extra) to senior citizens on tax saving FD. Aditya Infotech IPO: Big listing with 50% profit!
The country's second largest public sector bank PNB is giving 6.25% interest to general citizens and 6.75% (0.50% extra) to senior citizens on tax saving FDs.
When it comes to the highest interest and complete government security, the post office wins the race. Tax saver FD in the post office is called 5-year time deposit (TD). Here, both general citizens and senior citizens are getting interest at the rate of 7.50%.
No. Tax saver FD has a mandatory lock-in period of 5 years. You cannot break it before maturity, except in the case of death of the investor.
No. The principal amount invested in this FD (up to Rs 1.5 lakh) is tax exempt, but the interest received from FD is added to your total income and is taxed according to your tax slab.
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