The post Tax-saving FDs: These are the best tax saving FD which can reduce your income tax liability first appeared on Rightsofemployees.com.

Tax Saving FD

If you invest money in 5-year FD, then tax exemption of up to Rs 1.5 lakh can be availed under Section 80C of the Income Tax Act. This does not happen in FDs of less than 5 years. You will get 5-year FD at both banks and post offices. 7.5% interest is being given on 5-year FD in the post office. At the same time, the interest rates of FDs with 5-year tenure in banks are different.

ELSS

Equity Linked Savings Scheme is called tax saving mutual funds. Investment in the income tax saving scheme is locked-in for 3 years. After this, the investor can withdraw this money if he wants. A maximum tax exemption of Rs 1.5 lakh can be taken in this. Its return is market based.

Also Read- SIP Investment: Invest only Rs 2000 monthly in SIP mutual fund and get more than 1 crore for retirement planning, know the calculation

NSC

If you invest in the National Savings Certificate Scheme, which is famous as NSC, then you have to do it for at least 5 years. In this scheme, interest is being given at the rate of 7.7%. In this too, income tax benefits are given under 80C.

PPF

Investment in Public Provident Fund has been kept in E-E-E category. Meaning your investment, interest and maturity amount are all completely tax free. This scheme matures in 15 years. If you want, you can also get it extended to take advantage of it. 7.1 percent interest is being given on this scheme.

NPS

The National Pension System is also a government scheme which is market linked. In this, you are given a retirement fund at the age of 60, along with 40 percent of your total income is used to buy an annuity, which gives you pension. This scheme is also very good in terms of saving tax. By investing in NPS, you can claim a total tax deduction of up to Rs 2 lakh – Rs 1.5 lakh under Section 80C and an additional Rs 50,000 under Section 80CCD (1B).

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What are tax-saving fixed deposits (FDs)?

For those who want to avoid risk in investment or who fall in a lower tax bracket, tax-saving fixed deposits (FDs) can be a good option. Keep in mind that your money gets locked in these FDs for five years. That is, it cannot be withdrawn for five years.

Interest Rates on Tax-Saving FDs in Banks

Interest rates on tax-saving FDs are determined based on the term deposit holdings of banks. This interest is compounded on a quarterly basis. According to Bankbazaar, as per data till June 26, 2024, the interest rates of banks are as follows.

Axis Bank, HDFC Bank and ICICI Bank : An investment of Rs 1.5 lakh at 7% interest rate will grow to Rs 2.12 lakh in five years.

Canara Bank: An investment of Rs 1.5 lakh at 6.70% interest rate will grow to Rs 2.09 lakh in five years.

Also Read: FD: Soon depositors will be able to open a fixed deposit for 20 years: Report

Bank of Baroda, Punjab National Bank, State Bank of India and Union Bank of India : An investment of Rs 1.5 lakh at 6.5% interest rate will grow to Rs 2.07 lakh in five years.

Indian Bank : An investment of Rs 1.5 lakh at 6.25% interest rate will grow to Rs 2.05 lakh in five years.

Bank of India: An investment of Rs 1.5 lakh at 6% interest rate will grow to Rs 2.02 lakh in five years.

DICGC Security Guarantee

The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, guarantees fixed deposit investments up to Rs 5 lakh. Tax-saving FDs can be a safe and stable option for investors who want fixed returns without risk. If you are planning to invest for a long period, then this is the best option.

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The post Tax Saving FD: You will get Rs 2.12 lakh on investment of Rs 1.50 lakh, these are the best FDs to save tax first appeared on Rightsofemployees.com.

This has also become the default tax regime for the financial year 2024. Most all banks offer the option to invest in tax saving FD. You can open your five year FD wherever you have a savings account.

HDFC Bank Tax-Saving FD: How to open

According to HDFC Bank, if you already have a bank account, you can open an FD by visiting the nearest branch or using your netbanking account. If you already have an account in HDFC Bank then you can open FD through your internet banking.

Go to your netbanking account. Click on FD option. Enter your branch, time period and amount and create a nominee. After this press the Continue button and verify. After this download the FD deposit receipt.

If you have an HDFC Bank account and want to open an FD in your nearest bank branch, download the FD application form before visiting the bank. Fill all the required information in the form and take a photocopy of the KYC document.

You will have to take all the original documents to your branch for KYC verification. HDFC Bank is offering up to 7.75% interest on its tax-saving FD. Tax saving FD has a lock-in period of 5 years.

Investors can claim tax exemption under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakh for investing in tax saving FDs. However, the interest received on FD will be taxable. Senior citizens can claim an additional tax exemption of Rs 50,000 under section 80TTB of Income Tax on the interest received on FD.

The post Income Tax Return 2024: Invest in HDFC Bank’s tax saving FD, this is the method first appeared on Rightsofemployees.com.

Senior Citizen Tax Saving FD: If you are above 60 years and are looking for a safe tax saving investment option, then tax saving FD can be a great option. You can get a rebate of Rs 1.5 lakh under section 80C of income tax by investing in tax saving FD for a total of 5 years. Let us give information about those banks, which are offering the highest interest rates to their customers.

Private sector DCB Bank (DCB Bank) is offering 8.10 percent interest rate tax saving to senior citizens. Axis Bank, IndusInd Bank and Yes Bank are offering tax saving FD 7.75% interest rate to senior citizens.

HDFC Bank, ICICI Bank and RBL Bank are offering 7% interest rate on tax saving FDs to senior citizens. The thing to note is that you will have to pay tax on the interest earned on these FDs as per the tax slab.

The post Senior citizens special FD: Senior citizens are getting the highest interest on FD here, see full list first appeared on Rightsofemployees.com.

This FD will give you the benefit of returns along with tax saving. Under this, you can claim exemption under Section 80C of the Income Tax Act, 1961. Tax benefits on fixed deposits are given on a lock-in period of five years. Under this, you can save tax up to Rs 1.5 lakh. Up to Rs 1.5 lakh can be saved by investing in it during every financial year. Here is information about some banks, which will give you higher interest.

How long to invest to save tax

If you are planning to invest in this financial year to save tax, then you will have to invest by March 31, because the new financial year will start from April 1. In such a situation, you should not wait for the last moment to save tax.

These banks are giving more interest on tax saving FD 

• 7% interest on Axis Bank five year FD
• Bandhan Bank is giving 5.85 percent interest.
• Bank of Baroda is giving 6.5% interest on tax saving FD
• Canara Bank will give 6.5% interest on tax saving FD
• Central Bank of India will give 6.25% interest on tax saving FD.
• DCB Bank is giving 7.6 percent interest.
• Federal Bank will give 6.6 percent interest.
• HDFC Bank will give 7% interest on tax saving FD.
• ICICI Bank will also give 7% interest on tax saving FD.
• Punjab National Bank will give 6.5 percent interest.
• State Bank will give 6.5 percent interest.
• Yes Bank is giving 7% interest.

The post SBI, HDFC Bank, ICICI Bank and PNB, know who is paying more interest on tax saving FD first appeared on Rightsofemployees.com.

According to the information available on the bank’s website, the change in interest rate for retail FDs is applicable from February 24, while the interest for bulk deposits has been increased from February 27. Let us know in detail about the latest interest rates.

The minimum interest rate is now 3 percent

For retail term deposits of less than Rs 2 crore, the minimum interest rate is 3 per cent and the maximum interest rate is 7.10 per cent. The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.60 percent. 7 to 29 days FD interest 3%, 30-45 days FD interest 3.50%, 46-60 days FD 4.25%, 61-90 days FD 4.50%, 91-184 days FD 4.75 percent,

7% interest is available on tax saving FD

5.75 per cent is being given on FDs of 185-270 days, 6 per cent interest on FDs ranging from 271 days to less than 365 days. 6.70% interest is being received on FDs from 1 year to less than 15 months, 7.10% from 15 months to 2 years, 7% interest is being received on FDs from 2 years, 1 day to 5 years. 6.90 percent interest is being received on FDs ranging from 5 years 1 day to 10 years. 7% interest is being received on tax saving FDs of more than 5 years, whose limit is Rs 1.5 lakh.

Up to 7.60 percent interest to senior citizens

The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.60 percent. For bulk deposits of more than 2 crores and less than 5 crores, the minimum interest rate is 4.75 percent and the maximum interest rate is 7.15 percent. The minimum interest rate for senior citizens in this category is 4.75 percent and the maximum interest rate is 7.15 percent.

The post ICICI Bank FD Rate Increased: ICICI Bank increased interest on Fixed Deposits, giving 7.60% interest on 15-month FD, know the latest rates first appeared on Rightsofemployees.com.

In order to control the inflation rate, the country’s central bank (RBI) has increased the repo rate six times, due to which the interest rates of bank FDs increased several times. Due to the rapidly increased Fixed Deposit interest rates, some banks are giving good interest to the investors. At the same time, investors are being given more interest than before on Tax Saving Fixed Deposit.

Here is information about tax saving fixed deposits of SBI, HDFC Bank, ICICI Bank and other banks. By comparing these interest, you can know which bank will give you more profit with tax saving. However, before that let us know about tax saving FD.

What is tax saving fixed deposit 

Under tax saving FD, along with a fixed return, the benefit of tax exemption is also given. Under this, exemption can be claimed under Section 80C of the Income Tax Act 1961.

Tax Saving Fixed Deposit Features 

• Under this FD, an account can be opened on investment ranging from Rs 100 to Rs 1.5 lakh.
• The lock in period is for five years.
• This FD gives interest on monthly or quarterly basis.
• Tax will be applicable on the interest earned.
• The rule of premature withdrawal is not applicable in this.
• There will be an option of joint account in tax saving FD scheme.

Which bank is giving more interest on tax saving FD 

SBI Bank is paying 6.50% interest on tax saving FD. On the other hand, HDFC Bank 7%, ICICI Bank 7%, Axis Bank 7%, IndusInd Bank 7.25% and DCB Bank 7.60% are paying interest on five-year tax saving FD.

The post Tax Saving Fixed Deposit: SBI, HDFC or ICICI Bank, Who is giving highest interest on tax saving FD, Know details first appeared on Rightsofemployees.com.

Senior Citizens Tax Saving FD: Rising interest rates have created confidence among senior citizens to go back to their traditional investment strategy and invest their money in fixed deposits. After the RBI Repo Rate Hike , many banks have increased their FD interest rates . Because of which the interest rates of senior citizens have become very high.

As the new year 2023 begins, it is the right time for senior citizens to plan their investments and choose tax saving FDs to make the most of the rising interest rates on deposits. Lending may become more expensive in the coming times and banks may want to entice investors to keep their money with them to increase their cash flow.

Starting a tax-saving FD teaches a very important lesson, that is to save more. Saving a penny is earning money. This is a general rule, and it works well for senior citizens as well. Here are some of the salient features of tax saving senior citizen FD.

The post Senior Citizens : Opportunity To Earn Up to 8% with Tax Savings on Fixed Deposits first appeared on Rightsofemployees.com.

The bank is now offering an interest rate of 3.50 per cent to 6.50 per cent on fixed deposits with maturity of 7 days to 61 months and above. Interest rates on FD for senior citizens range from 4.00 percent to 7.00 percent. Now the maximum interest rate in IndusInd Bank is on FDs of 2 years to 2 years 1 month. At the same time, the highest interest rate for senior citizens is 7.25 per cent for the same period.

Know new interest rates

The bank now has an interest rate of 3.50 percent on FDs ranging from 7 days to 30 days. Whereas, IndusInd Bank is getting interest at the rate of 4.00 percent on fixed deposits of 31 days to 45 days. On the other hand, interest will be given at the rate of 4.25 percent on FDs with a period of 46 days to 60 days. There is an interest rate of 4.50 per cent on FDs with a tenure of 61 to 120 days. Whereas, interest is being received at the rate of 4.75 per cent on FDs with maturity of 121 days and 181 days.

At the same time, 5.50 percent interest rate is now available on FDs ranging from 181 days to 269 days. At the same time, interest is being received at the rate of 5.75 percent on fixed deposits ranging from 270 days to 354 days. IndusInd Bank currently has 6.00 percent interest rate on FDs ranging from 355 days to 364 days.

Tax saving FD will also get more benefits

There is an interest rate of 6.75 per cent on FDs with a tenure of one year to less than 1 year and 6 months. Whereas, interest is being received at the rate of 7.25 percent on fixed deposits ranging from 2 years to 2 years and 1 month. On the other hand, there is an interest rate of 7.00 percent on FDs ranging from 2 years 1 month to three years. Fixed deposits maturing in less than 3 years to 61 months will get interest at the rate of 6.75 per cent. At the same time, 6.50 percent interest rate is available in FDs of 61 months or more.

On the other hand, the bank is paying interest at the rate of 6.75 per cent on Indus Tax Saver Scheme ie 5-year tax saving FD. Whereas, senior citizens will get 7.25 percent interest on this FD.

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According to a media report , Aditya Shetty, CEO, BankBazaar.com, says that the tax savings from funds invested in tax saving FDs will vary depending on the tax bracket. A person in the 30% income tax net can claim a tax deduction of Rs 46,800. Similarly, if a person paying 20% ​​income tax invests Rs 150,000 in a tax saving FD, then he can save Rs 31,200 in tax annually. Good interest is also available in tax saving FD. Let us know how much interest the major banks are paying.

Which bank is paying how much interest

IndusInd Bank: IndusInd Bank is currently paying interest at the rate of 6.75 per cent per annum on tax saving FDs. Yes Bank is also paying only 6.75 percent interest on tax saving FD.

DCB Bank: Private sector bank DCB is also giving good returns on tax saving FDs. At present, the bank is giving interest at the rate of 6.60 percent on this FD.

RBL Bank: RBL Bank is offering 6.55 percent interest to customers on Tax Saving FD. Similarly, if you make a tax saving FD in IDFC First Bank, then you will get 6.50 percent interest.

Indian Overseas Bank: Indian Overseas Bank of the public sector is paying an annual interest rate of 5.85 percent to the customers on tax saving FD.

Canara Bank: Canara Bank is giving interest at the rate of 5.75 percent to its customers on Tax Saving FD. Punjab National Bank is also offering 5.75 percent interest on tax saving FDs.

Union Bank: If you make a tax saving fixed deposit in Union Bank, a leading public sector bank, then you will get interest at the rate of 5.75 percent only. Similarly, State Bank of India is offering 5.65 percent interest on tax saving FDs to its customers.

The post Tax Saving FD: You can save Rs 46,800 tax by investing here, 6.75 percent interest will also be available first appeared on Rightsofemployees.com.