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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Tax-saving FD interest rate up to 8%: Check banks offering highest interest rate to senior citizens on tax-saving FDs
Also read: Last minute tax saving: Here’s a list of tax saving FDs with high interest rates, lock in before March 31, 2025
What you should know before investing in tax-saving FD
One of the key benefits of tax-saving FDs is the tax deduction of up to Rs 1.5 lakh every fiscal year under Section 80C. This reduces taxable income and lowers overall tax liabilities.
Unlike Equity-Linked Savings Schemes (ELSS) and other market-linked instruments, tax-saving FDs provide a consistent return as their interest rates remain fixed until maturity, offering predictability and security for investors.
Also read: Should you stop investing in PPF, SSY, NPS when switching to the new tax regime?
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Tax-saving FDs have a five-year mandatory lock-in period, which means that early withdrawals are not permitted. This encourages disciplined investment and discourages impetuous withdrawals.
DICGC Insurance Coverage
Investments in tax-saving FDs are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) for amounts up to Rs 5 lakh per depositor per bank, providing an additional layer of safety.
Interest earned on tax-saving FDs is taxable
While the principal investment qualifies for tax deduction, the interest earned on tax-saving FDs is fully taxable. The interest is added to the investor’s annual income and taxed according to the applicable income tax slab.
TDS on Interest
If the interest earned exceeds Rs 50,000 for senior citizens in a financial year, Tax Deducted at Source (TDS) at 10% is applicable.
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