Fixed Deposit Tax Saving: These banks are giving more than 7 percent interest on tax-saving FD to senior citizens

New Delhi, Business Desk. Tax saving fix deposits (FD) are among those savings options that offer income tax benefits under Section 80C of the Income Tax Act. The maturity period of a tax saving FD is five years. Senior citizens often depend on bank FDs for their regular income. Senior citizens can get more than seven percent interest by investing in tax saving FD.




This investment option is quite good amid decreasing interest rates on deposits. They can also claim income tax exemption up to Rs 1.5 lakh. Tax Saving FD carries a much lower risk than equity. Let us know what are the interest rates of tax saving FD of various banks.

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For senior citizens, Yes Bank’s Tax Saving FD is providing 7.25 percent interest rate. At the same time, IDFC First Bank is also offering 7.25 percent interest rate from senior citizens on tax saving FD. Apart from this, when talking about IndusInd Bank, this bank is also offering 7.25 percent interest rate from senior citizens on tax saving FD.

At the same time, RBL Bank is offering 7.25 percent interest rate from senior citizens on tax saving FD. Apart from this, AU Small Finance Bank is offering 7% interest rate from senior citizens on tax saving FD.




Here let us tell you that up to five lakh investment in FD of a single bank is guaranteed by Deposit Insurance and Credit Guarantee Corporation (DICGC). DICGC is a wholly owned subsidiary of the Reserve Bank of India. Therefore, it is suggested to investors that if they want to invest more amount in FD, they should invest in FDs of different banks instead of one bank.

 

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