Tax-saving FDs: UPTO 7.6% Interest Rate for non-senior Citizens
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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.
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We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
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https://www.desidime.com/discussions/tax-saving-fds-upto-7-6-interest-rate-for-non-senior-citizens?page=1#post_9144516
It's for non senior citizens
https://www.desidime.com/discussions/tax-saving-fds-upto-7-6-interest-rate-for-non-senior-citizens?page=1#post_9149310
which is safest bank now for FD and high returns .. already have some in RBL bank .. thinking to diversify
https://www.desidime.com/discussions/tax-saving-fds-upto-7-6-interest-rate-for-non-senior-citizens?page=1#post_9157559
I have one query :
If Age 38 Years
Total annual salaried non taxable Income is 4 Lac
Total Interest income From Term FD is 39999/- annual from All banks
Then in which column of ITR1 Income from FD Interest 39999/- has to be declared ?
Is that 80TTA or some where else ?
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1. You are considering investment for senior citizens
2. Tax saving FDs - so 5 year lock in.
Tax saving FD is better if the senior citizen is paying income tax (ie. there is some taxable income) or not placing the Form 15 G/H annually with the bank to save TDS.
If 5 year lock in is fine for the investor, then using the senior citizen scheme + a recurring deposit (for the interest from the scheme) with SBI will give a return of 8% after 5 years.