SBI FD Interest Rate: SBI and Bank of Baroda are giving interest up to 6.5 percent on tax saving FD. Banks offering interest at this rate also include Punjab National Bank and Union Bank of India.
Tax Saving FD Interest: If you also come under the income tax slab, then this news is useful for you. Under the old tax regime, you can reduce taxable income by showing investments in different sections of income tax. Up to Rs 1.5 lakh can be invested under Section 80C. There are two months left for the completion of the financial year. If you do not invest keeping tax planning in mind at this time, you may have to pay more income tax.
There will be tax saving by investing here also
Most of the employers have asked their employees to submit investment proof. In such a situation, you can also save tax through PPF, NPS, Sukanya Samriddhi Yojana (SSY), ELSS, PF or insurance premium by keeping in mind the investment options. To avoid any kind of risk, investors can also invest in tax saving FD. The interest rate available on this is lower than other FDs. Let us know about banks and their interest rates-
Interest rate up to 7 percent in these banks
Axis Bank, HDFC Bank and ICICI Bank are offering interest rates up to 7 percent on tax saving FDs. These banks offer the best interest rates among private banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.12 lakh in five years. Canara Bank is offering interest up to 6.7% on tax saving FD. This bank is giving the best interest among public sector banks. If you invest Rs 1.5 lakh here, it will increase to Rs 2.09 lakh in five years.
SBI is giving 6.5 percent interest
The largest public sector banks SBI and Bank of Baroda are offering interest up to 6.5 percent on tax saving FDs. Banks offering interest at this rate also include Punjab National Bank and Union Bank of India. By investing Rs 1.5 lakh here, you will get an amount of Rs 2.07 lakh on maturity in five years. Indian Bank is offering 6.25 percent interest on tax saving FD. Here an investment of Rs 1.5 lakh will increase to Rs 2.05 lakh in five years.
Bank of India is giving interest at the rate of 6 percent on tax saving FD. If you invest Rs 1.5 lakh here, this money will increase to Rs 2.02 lakh in five years. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, gives investment guarantee on FDs up to Rs 5 lakh.
