By Great News for Taxpayers! This article is a must-read, especially for those seeking tax-saving opportunities. Remember, income tax returns must be filed by March 31. Many individuals are on the lookout for tax-saving investment options. While the market offers various schemes, selecting the right one is crucial. Make wise decisions based on your risk profile and financial goals. Common tax-saving schemes include Public Provident Fund (PPF), National Pension System (NPS), Sukanya Samriddhi Yojana (SSY), Equity Linked Savings Schemes like monthly SIP (ELSS), Employees Provident Fund (EPF), tax-saving fixed deposits (FDs), or life insurance premiums.
In this article, we present no-risk tax-saving fixed deposits from major banks, including Axis, HDFC, ICICI Bank, Bank of Baroda, Punjab National Bank, State Bank of India, and Union Bank of India. Note that the interest rates provided are for deposits below 1 crore.
Interest rates on five-year tax-saving FDs in Axis Bank, HDFC Bank, and ICICI Bank are 7%. An investment of Rs. 1.5 lakhs will grow to Rs. 2.12 lakhs at maturity.
Canara Bank offers a 6.7% interest rate on five-year tax-saving FDs. A Rs. 1.5 lakhs investment will increase to Rs. 2.09 lakhs.
Bank of Baroda, Punjab National Bank, State Bank of India, and Union Bank of India provide a 6.5% interest rate on five-year tax-saving FDs. A Rs. 1.5 lakhs investment will grow to Rs. 2.07 lakhs.
Indian Bank offers a 6.25% interest rate on five-year tax-saving FDs. A Rs. 1.5 lakhs investment will increase to Rs. 2.05 lakhs.
Bank of India’s five-year tax-saving FDs carry a 6% interest rate. An investment of Rs. 1.5 lakhs will grow to Rs. 2.02 lakhs.
Remember, the Deposit Insurance and Credit Guarantee Corporation (DICGC), an RBI subsidiary, guarantees investments in fixed deposits up to Rs. 5 lakhs.
