DCB Bank is paying 6.95% interest on tax saving FD
IndusInd and IDFC Bank are offering 6.75% interest on tax saving FD
These days if you are planning to invest somewhere to save income tax, then you can invest in Fixed Deposit (FD) for tax saving. A tax exemption of up to Rs 1.5 lakh can be taken under Section 80C of the Income Tax Act on investments in 5-year FDs. Many banks are paying more than 6.50% interest on tax saving FD. We are telling you about some such banks, where you will get great interest on tax saving FD if you invest.
Also Read: Top 10 Banks Offering Lower Interest Rates On Personal Loan
What will be the return on investing 1 lakh rupees?
| Bank | What is the amount (Rs) | How much interest will be received (Rs) |
| DCB Bank | 139,927 | 39,927 |
| IndusInd Bank | 138,624 | 38,624 |
| IDFC Bank | 138,624 | 38,624 |
| post office | 138,299 | 38,299 |
| RBL Bank | 137,008 | 37,008 |
| Yes Bank | 137,008 | 37,008 |
| Axis Bank | 130,696 | 30,696 |
| ICICI | 130,696 | 30,696 |
| SBI | 130,077 | 30,077 |
What is section 80C?
Section 80C of the Income Tax Act is actually a part of the Income Tax Law, 1961. It mentions investment channels in which investment tax income tax exemption can be claimed. Many people start investing to save tax before the end of the financial year.
