[ad_1]
Tax Saving FD: This is the last time to save tax for the financial year 2023. If you have selected many other options from post office to NPS, home loan and mutual funds for tax saving and even after that you are looking for the option of tax saving, then the option of fixed deposit tax saving can be better for you. .
Many banks are offering the option of tax exemption on fixed deposits. You can save maximum tax in these FDs. The option of tax saving FD is also offered by the post office, whose maturity period is five years. The tax savings on FDs are similar to mutual funds, debt investments and small savings schemes.
How much interest is earned on tax saving FD
Major banks of the country like SBI is giving 6.50% interest on tax saving fixed deposits to regular citizens. HDFC Bank and ICICI Bank are giving 7% annual interest to such people. On the other hand, DCB Bank is paying 7.60 percent and AU Small Finance Bank is paying 7.20 percent interest on tax saving FD.
how much tax can be saved
If you are going to invest in tax saving FD, then tell that you can save tax under section 80C of Income Tax Act 1961. However, only those who have opted for the old tax regime can get tax exemption in it. Under the new tax regime, they are not given the option of saving tax. Tax saving of up to Rs 1.5 lakh can be done under the old tax regime.
Know these things before investing in tax saving
- Individuals and HUFs only can invest in this tax saving FD. A minor can invest in FD with the help of a parent.
- There are many options in FD tax saving. You can save up to a maximum of 1.5 lakhs.
- Has a maturity period of 5 years, but premature withdrawal and loan permit are not allowed.
read this also
[ad_2]
Source link