INSUBCONTINENT EXCLUSIVE:
Premature withdrawal is not allowed in tax-saving fixed deposits.When it comes to tax-saving investments, fixed deposits continue to remain
the preferred option by customers despite the cut in interest rates
The tax-saving deposits are a good way to get the tax deduction under section 80C of the Income Tax (I-T) Act, 1961
This is also known as a tax-saving fixed deposit (FD) and is a special type of fixed deposit as it allows a minimum maturity period of five
years and a maximum of 10 years
top banks including the State Bank of India, ICIC Bank, HDFC Bank, Punjab National Bank
to 6.30 per cent for senior citizens.BankInterest rateGeneral publicSenior citizenState Bank of India5.40%6.20%Punjab National
Bank5.25%6.00%HDFC Bank5.50%6.25%ICICI Bank5.50%6.30%(Source: Bank websites)Investors mostly rely on fixed deposits as they are bank-based
investments and also due to their low-risk, safe nature
returns extra taxes if paid on investments in life insurance, National Pension System (NPS), provident fund (EPF and PPF), National Savings
Certificate (NSC), and tax-saving fixed deposits.
