FD means fixed deposit, the way to invest your money which can give you more returns. You should choose FDs in such a way that not only can give you better returns but also help in saving tax. Let us tell you that the interest rate fixed by banks ranges from 4 to 11 percent.
Under Section 80C of the Income Tax Act, you can claim returns for tax deduction up to Rs 1.5 lakh at the time you have invested in it. Tax saving FDs have a lock-in period of up to 5 years. Withdrawals are not allowed at all in these FDs.
RBL Bank offers an interest rate of 6.5% on Tax Saving Deposits. This bank offers the best interest rates among other private banks. If you have invested 1.5 lakh rupees, then in 5 years it will reach 2.07 lakh rupees.
Interest is paid up to 6.5 percent on tax saving deposits from Yes Bank. If you invest 1.5 lakh rupees in this bank too, then in 5 years this amount will increase to 2.07 lakh rupees.
You get an interest of up to 6.25 percent from Deutsche Bank. This is the only bank among foreign banks that gives interest at this rate, which experts consider to be the best. If you invest 1.5 lakh rupees in this bank too, in 5 years this amount goes up to 2.05 lakh rupees.
You get an interest of up to 6.25 percent from Deutsche Bank. This is the only bank among foreign banks that gives interest at this rate, which experts consider to be the best. If you invest 1.5 lakh rupees in this bank too, in 5 years this amount goes up to 2.05 lakh rupees.
Interest is available on tax saving deposits from Suryoday Small Finance Bank at the rate of 6.25 per cent higher. On investing Rs 1.5 lakh, the investor gets Rs 2.05 lakh.
The interest rate on Ujivan Small Finance Bank Tax Saving Deposit is 6.25%. If you invest 1.5 lakh rupees in this bank, then you get 2.5 lakh rupees in 5 years.
Higher interest rates are offered by small private banks and small financial banks to attract new deposits. Investment Guarantee is given by the Deposit Insurance and Credit Guarantee Corporation (DICGC) on investments up to Rs 5 lakh. DICGC is a branch of Reserve Bank of India itself.
