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HomePersonal FinanceFD Interest Rate: Big News! Highest interest available on tax saving FD...

FD Interest Rate: Big News! Highest interest available on tax saving FD in SBI vs HDFC Bank vs ICICI Bank vs Axis Bank, check immediately

Tax saving FDs are among the savings options that offer tax exemption under Section 80C. An investor can claim a deduction of up to Rs 1.5 lakh by investing in tax-saving FDs.

The maturity period of tax-saver FD is 5 years. The interest earned from tax-saver FD is taxable. Premature withdrawal cannot be done in tax-saving FDs and you cannot get a loan against tax-saving FDs.

SBI offers an interest rate of 6.5% for general customers and 7% for senior citizens on its tax saving FD. The minimum deposit amount is Rs 1,000 and its multiples while the maximum deposit amount should not exceed Rs 1,50,000 in a year.

Axis Bank offers 7% interest to the general public and 7.75% interest to senior citizens on FDs maturing between five years to ten years.

ICICI Bank offers interest rates of 7% to general customers and 7.5% to senior citizens on FDs with maturity between five years and 10 years.

HDFC Bank is offering an interest rate of 7% on tax-saving FDs. Senior citizens get an additional 50 basis points on these deposits.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me
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