These private banks offer up to 6.75% interest on term deposits saving tax

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These private banks offer up to 6.75% interest on term deposits saving tax

New Delhi: When it comes to claiming tax breaks on investments, investing in a term deposit system in the debt category is still widely favored by risk averse investors, not just to generate safe returns and guaranteed, but also to benefit from tax advantages under Article 80C.

Investments made in fixed bank deposits specified for a period of five years qualify for an income tax deduction under section 80C of the Income Tax Act 1961. To claim tax benefits of up to Rs 1.5 lakh on fixed deposits, you have to stay invested for 5 years of the lock-up period, which means you cannot make a premature withdrawal before the 5-year expiration. .

These 5 private banks offer up to 6.75% interest on tax-advantaged term deposits:

Suryoday Small Finance Bank offers interest rates of up to 6.75 percent on tax saving deposits. Among the smaller financing banks, Suryoday offers the best interest rates. A sum of Rs 1.5 lakh invested increases to Rs 2.10 lakh in five years.

Suryoday Bank Tax Saver FDYes Bank offers interest rates of up to 6.5% on deposits saving tax. Among the private banks, this bank offers the best interest rates. A sum of Rs 1.5 lakh increases to Rs 2.07 lakh in five years.

Yes Bank tax saver FDRBL Bank offers interest rates of up to 6.3 percent on tax saving deposits. A sum of Rs 1.5 lakh increases to Rs 2.05 lakh in five years.

RBL Bank Tax Saver FDGerman Bank offers up to 6.25 percent on tax saving deposits. Among foreign banks, Deutsche offers the best interest rate. A sum of Rs 1.5 lakh increases to Rs 2.05 lakh in five years.

Deutsche Bank Tax Saver FD

Small Ujjivan Financial Bank also gives interest rates of up to 6.25 percent on tax saving deposits. A sum of Rs 1.5 lakh increases to Rs 2.05 lakh in five years.

Tax Saver Ujjivan Small Finance BankIt should be added that small private banks and small financing banks offer higher interest rates to collect new deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in term deposits of up to Rs 5 lakh.

Small private banks and small financing banks offer higher interest rates to collect new deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in term deposits of up to Rs 5 lakh.


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