Tax saving Fixed Deposits (FDs) are one of the most popular investment options among senior citizens in India. Tax saving FDs are those in which investors can claim income tax deduction under section 80C of the Income Tax Act, 1961.
Tax saving Fixed Deposits (FDs) are one of the most popular investment options among senior citizens in India. Tax saving FDs are those in which investors can claim income tax deduction under section 80C of the Income Tax Act, 1961. Investors who do not like risk, they are attracted to invest in it by fixed returns, safer investment than other investment options like equity and tax benefits.
Tax Saver Fixed Deposit has a lock-in period of five years. Banks do not allow premature withdrawal of tax saver FD. Banks generally offer a slightly higher rate of interest to senior citizens. Some banks offer slightly higher interest on tax saver FDs as compared to traditional deposits.
Any person above 60 years of age can open Senior Citizen Tax Saver FD. Investors also have the option of choosing the mode of payment of interest. One can choose the mode of payment of interest for cumulative FDs on a monthly, quarterly or half-yearly basis. Let us know where senior citizens are getting the best interest on tax saver FD.
DCB Bank Limited
In this private bank, senior citizens are getting interest at the rate of 8.1 percent on 5-year tax saver FD.
Axis Bank Limited
At present, senior citizens are getting interest at the rate of 7.75 percent in Axis Bank.
IndusInd Bank Limited
In this private bank, there is currently an interest rate of 7.75 per cent on fixed deposits for senior citizens with a tenure of five years.
Yes Bank
Senior citizens are currently getting interest at the rate of 7.75 per cent in Yes Bank.
HDFC Bank
At present, there is an interest rate of 7.5 percent on tax saver FD for senior citizens in this legendary private bank.
ICICI Bank
Senior citizens in ICICI Bank are currently getting interest at the rate of 7.5 per cent on five-year tax saver FDs.
