Tax Saving FD: If you have not started tax planning yet, now is the time to start the process. Only 6 months are left to invest to save tax. To save tax for the financial year 2023-24, investment will have to be made by March 31, 2023.
Tax Saving FD: If you have not started tax planning yet, now is the time to start the process. Only 6 months are left to invest to save tax. To save tax for the financial year 2023-24, investment will have to be made by March 31, 2023. Most employers or companies ask their employees to make investment declaration in January or February. Invest wisely keeping your financial goals in mind. Investment options include Public Provident Fund (PPF), National Pension System (NPS), Sukanya Samriddhi Yojana (SSY), Equity-Linked Saving Scheme etc. If you do not want to take any kind of risk then you can invest in tax saving Fixed Deposit (FD).
Tax saving FD
According to BankBazaar data, you can get interest up to 7.25 percent by investing in tax saving FD of IndusInd Bank and Yes Bank. These two banks are offering the best interest rates among private sector banks. The amount of Rs 1.5 lakh invested here will increase to Rs 2.15 lakh in five years.
HDFC Bank
The country’s largest private sector banks include HDFC Bank, ICICI Bank and Axis Bank, these banks are offering interest up to 7 percent on tax saving FDs. The amount of Rs 1.5 lakh invested here will increase to Rs 2.12 lakh in five years.
Union Bank of India
Union Bank of India and Canara Bank are offering interest up to 6.7 percent in tax saving FD. The amount of Rs 1.5 lakh in public sector banks will increase to Rs 2.09 lakh in five years. Federal Bank is offering interest up to 6.6 percent on tax saving FD. The amount of Rs 1.5 lakh invested here will increase to Rs 2.08 lakh in five years.
State Bank of India
Public sector banks State Bank of India (SBI) and Bank of Baroda (BOB) are offering interest up to 6.5 percent on tax saving FDs. Apart from this, Punjab National Bank, Indian Bank, Indian Overseas Bank and IDBI Bank are also offering interest of 6.5 percent. The amount of Rs 1.5 lakh invested here will increase to Rs 2.07 lakh in five years.
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