Investments in this are increasing even after the reduction in interest rates on fixed deposits (FD rates) during the last one year. In fact, in uncertain times like Kovid-19, investors are increasingly moving towards such options in which the risk is less and more secure.
new Delhi. The most popular investment tool for savings in India is Fixed Deposits. People of all ages of the country invest their savings in FD. The biggest reason for investing in FD is that it is a safer and better return option than other types of investment. Investment in FD is less risky than other investment instruments. However, some investors also invest in FDs because they also get the benefit of tax exemption under Section 80C of Income Tax Act. Under Section 80C of the Income Tax Act, the benefit of tax rebate is available for investments up to Rs 1.5 lakh. The lock-in period of tax saving FD is 5 years. Premature Withdrawal does not allow such FDs to break prematurely.
Regarding investment in FD even after interest rates are low
In uncertain times like Kovid-19, investors are increasingly moving towards such option because they have less risk and are a safer option. However, in the last one year, there has been a steady reduction in the interest rates on FD. Today we are going to tell you about 10 such private banks, where even in this phase of low interest rate, 6 percent or more is getting interest. The list is named as AU Small Finance Bank, DCB Bank, IDFC First Bank, IndusInd Bank, Yes Bank, RBL Bank.
>> The top au small finance banks are in the list of these 10 banks, where you will get interest at the rate of 7 percent. If you invest Rs 1.5 lakh in terms of tax savings in this bank, then in the end you will get a total of Rs 2,12,217.
>> Second is DCB Bank, where interest is being received at the rate of 6.95 percent. An investment of Rs 1.5 lakh in this bank will increase to Rs 2,11,696 after 5 years.
>> Third number is IDFC Bank, where interest is being received at the rate of 6.75 percent. After 5 years, investment of Rs 1.5 lakh in DCB Bank will be Rs 2,09,625.
>> IndusInd Bank is at number four in this list and is getting interest at the rate of 6.75 percent. In today’s time, after investing Rs 1.5 lakh in this bank, after five years it will increase to Rs 2,09,625.
>>At number five is RBL Bank, which is paying 6.75 percent interest on 5-year FD. Here your 1.5 lakh rupees will be Rs 2,09,625 after 5 years.
>> Yes Bank, like the above three banks, is giving interest at the rate of 6.25 percent, on the basis of which you will get Rs 1.5 lakh to Rs 2,09,625.
>> Deutsche Bank and Ujjivan Small Finance Bank are paying 6.25 percent interest on 5-year FD. After 5 years of investment of Rs 1.5 lakh, this amount will increase to Rs 2,02,028.
>> Interest rate of 6% is being given on 5 years FD in Bandhan Bank and Karur Vysya Bank. After investing 1.5 lakh rupees in these two banks, it will increase to Rs 2,02,028 crore after 5 years.
After investing in FDs in these banks for tax saving, you can consider other options of tax saving options. Investors have a chance that they can put surplus amount in the FDs of Axis Bank and ICICI Bank for 5 years. 5.5 percent interest is being received here. HDFC Bank is paying interest at the rate of 5.35 per cent. State Bank of India (SBI) and Bank of Baroda (BoB) are paying interest at the rate of 5.40 per cent and 5.30 per cent respectively.