There will be huge tax savings with 8.1% interest, these banks are offering on fixed deposits

Tax Saving Fixed Deposit: Tax saving fixed deposits have become a good investment option for senior citizens. In this, not only the investors get tax saving, but the investors are also getting good interest. Under Tax Saving FD (Tax Saving Option) you can claim tax exemption under section 80C of the Income Tax Department.

This option is tax saving as well as safer than high risk equity investment and other risk options. If you are looking for tax saving investment option without risk then this option can be good for you. Here you have been told about such an option, which is giving you up to 8.1 percent interest.

Which bank is giving more interest on tax saving

• 8.1% interest on DCB Bank Tax Saving FD
• 7.75% interest on Axis Bank Tax Saving FD
• IndusInd Bank 7.75% interest on this FD
• 7.75% interest on Yes Bank Limited Tax Savings FD
• HDFC Bank will give 7.5% interest on tax saving FD
• 7.5% interest on ICICI Bank Tax Savings FD
• IDFC First Bank will give 7.5 percent interest
• Bank of Baroda will give 7.15% interest on tax saving FD
• SBI Bank will give 7.5% interest and PNB Bank will give 7% interest.

How much tax exemption will be available

If you invest in a tax saving FD, you can claim tax exemption under section 80C under the Income Tax Act, 1961. You can take a discount of up to Rs 1.5 lakh under this. However, this exemption will be given to you only on FDs with maturity of 5 years. On the other hand, senior citizens can claim a rebate of up to Rs 50,000 on interest under section 80TTB of income tax during a financial year.

Let us tell you that March 31, 2023 is the last chance to save tax for the financial year 2023. If you want to save tax during this financial year, then you can invest in it now.

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