Tax-saving FDs: UPTO 7.6% Interest Rate
DCB Bank offers interest rates of up to 7.6 percent on tax-saving deposits. Among the private banks, it offers the best interest rates. A sum of Rs 1.5 lakh invested with the bank will grow to Rs 2.19 lakh in five years.
Suryoday Small Finance Bank offers interest rates of up to 7.5 percent on tax-saving deposits. Among the small finance banks, this bank offers the best interest rates. An amount of Rs 1.5 lakh invested here for five years will give a return of Rs 2.17 lakh.
IndusInd Bank offers interest rates of up to 7.25 percent on tax-saving deposits. A sum of Rs 1.5 lakh invested here will grow to Rs 2.15 lakh in five years.
Ujjivan Small Finance Bank and
AU Small Finance Bank offer interest rates of up to 7.2 percent on tax-saving deposits. An investment of Rs 1.5 lakh will see a return of Rs 2.14 lakh in five years.
Deutsche Bank offers interest rates of up to 7 percent on tax-saving deposits. Among the foreign banks, it offers the best interest rates. Rs 1.5 lakh invested here will yield Rs 2.12 lakh in five years.
Several banks, including Axis Bank, City Union Bank, HDFC Bank, RBL Bank, IDFC First Bank, ICICI Bank and Yes Bank offer interest rates of up to 7 percent on tax-saving deposits. A sum of Rs 1.5 lakh will give a return of Rs 2.12 lakh in five years.
The smaller private banks and small finance banks are offering higher interest rates to garner newer deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
These foreign, private, small finance and public sector banks are listed on the BSE. These rates are only for
tax-saving five-year FDs for non-senior citizens.
