With effect from April 20, HDFC Bank revised interest rates on its tax-saving fixed deposits.
Major banks like State Bank of India (SBI), ICICI Bank, HDFC Bank and Axis Bank offer the option of income tax-saving fixed deposits.
With effect from April 20, HDFC Bank revised interest rates on its tax-saving fixed deposits.
With effect from april 17, ICICI Bank revised interest rates on tax-saving fixed deposits.
Tax-saving fixed deposits (FDs) help you claim income tax deduction under the Section 80C of the Income Tax Act.
Fixed deposits, which help save on the income tax outgo require a lock-in period of five years.
Premature withdrawals are barred from tax-saving fixed deposits.(: What Utkarsh Small Finance Bank, SBI, ICICI Bank, HDFC Bank Offer As FD Interest Rates)The interest income earned on income-tax saving FDs is taxable as per an investor's tax bracket.
Interest on income tax-saving deposits is payable on a monthly/quarterly basis.
The interest amount earned can be reinvested, if the investor wants to do so.
However, in case of joint deposit, the tax benefit under Section 80C will be available only to the first holder of the deposit.(: Five Investment Schemes That Can Make You Money, Offer Security)Here are the interest rates offered on tax-saving FDs by SBI, ICICI Bank, HDFC Bank and Axis Bank:Tax-saving fixed deposits interest rates of State Bank of India (SBI)State Bank of India's tax-saving scheme requires an investor to deposit a minimum amount Rs.
1,000 or multiples thereof.
The maximum deposit should not exceed Rs.
1,50,000 in a year, SBI said on its website, sbi.co.in.
The minimum tenor is five years and the maximum is 10 years for the fixed deposit account.
The following are the interest rates on deposits below Rs.
1 crore:TenorsExisting for Public w.e.f.
28.02.2018Revised For Public w.e.f.
28.03.2018Existing for Senior Citizens w.e.f.
28.02.2018Revised for Senior Citizens w.e.f.
28.03.20185 years and up to 10 years6.56.7577.25(: Fixed Deposit (FDs) Rates Of These Banks Are As High As 8.75%)Tax-saving fixed deposits interest rates of ICICI BankICICI Bank, the largest private sector lender, said that it may allow premature withdrawal of the following fixed deposits in exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
Here are the interest rates on tax-saving fixed deposits of ICICI Bank on deposits between Rs.
1 crore to less than Rs.
5 crore, according to its website, icicibank.com:Single DepositRates of Interest (% p.a.) w.e.fApril 17, 2018Tenure Period 1 crore to less than 5 crore5 years 1 day to 7 years6.607 years 1 day to 10 years6.60(: Interest Rates On Post Office Saving Schemes Compared - PPF Vs Recurring Deposit)Tax-saving fixed deposits interest rates of HDFC BankHDFC Bank revised interest rates on fixed deposits without a premature withdrawal facility with effect from April 20, 2018, said the bank on its website, hdfcbank.com.
The following are the interest rates on non-withdrawable domestic term or fixed deposits for amounts equal more than Rs.
5 crore:PeriodRs 5 crore-Rs 10 crore5 year 1 day to 10 years6.85%(: Sukanya Samriddhi Account - Why You Should Put Money By The 10th Of Every Month)Tax-saving fixed deposits interest rates of Axis BankA tax-saving fixed deposit account with Axis Bankworth less than Rs 1 crore provides the following interest rates:PeriodGeneralSenior citizen5 years to 10 years6.90%7.40%You can also avail nomination facilities under income tax-saving fixed deposits.