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Top Tax Saving Fixed Deposit Schemes

 is a popular and safe instrument for Tax saving. You can invest maximum of Rs. 1 Lacs in the same.

Below is the list of banks and their respective interest rates offer for general and senior citizens for their Tax Saving FDs.

The best Tax Saving Fixed Deposit Interest offered is 9.75% for General by Abhyudaya Co-operative Bank and 9.5% by City Union Bank; while its 9.75% for Senior Citizens by Abhyudaya Co-operative Bank, Nutan Nagarik Sahakari Bank and IDBI Bank.

The list is sorted in alphabetical order and highlighted best interest offers.

BanksGeneralSenior Citizens
Abhyudaya Co-operative Bank9.759.75
Allahabad Bank8.758.75
Andhra Bank 9.009.5
Axis Bank8.25 9.00
Bank Of Baroda9.009.00
Bank Of Maharashtra 8.759.25
Canara Bank8.50 9.00
Catholic Syrian Bank8.759.25
Central Bank Of India 8.509.00
City Union Bank9.50 9.50
Corporation Bank8.759.25
Dena Bank8.759.50
Dhanalakshmi Bank 9.009.50
Greater Bombay Coop Bank8.50 8.50
HDFC Bank8.759.25
ICICI Bank 8.509.25
IDBI Bank9.009.75
Indian Bank9.009.50
Indian Overseas Bank 9.009.50
IndusInd Bank8.75 9.25
ING Vysya Bank8.509.00
Jammu & Kashmir Bank 8.509.00
Karnataka Bank9.00 9.50
Karur Vysya Bank8.759.00
Lakshmi Vilas Bank 9.009.25
Mahanagar Co-op Bank9.25 9.25
Maharashtra State Co Operative Bank8.008.50
Nainital Bank8.509.00
Nutan Nagarik Sahakari Bank 9.259.75
Oriental Bank of Commerce9.009.25
Punjab and Sind Bank 9.059.55
Punjab National Bank 8.759.25
South Indian Bank8.50 9.00
State Bank of Bikaner and Jaipur8.759.25
State Bank Of Hyderabad 9.009.50
State Bank Of India 8.509.00
State Bank Of Mysore9.00 9.50
State Bank Of Travancore8.509.00
Syndicate Bank 8.509.00
Tamilnad Mercantile Bank9.00 9.25
Thane Janata Sahakari Bank8.759.25
The Ratnakar Bank 9.009.50
The Shamrao Vithal Co-op Bank Limited8.00 8.00
UCO Bank8.759.25
United Bank Of India 8.759.50
Vijaya Bank9.00 9.50
Yes Bank8.759.50
Source: Bank Websites Last Updated: December 18, 2012
 

Key Points – Tax Saving FDs:

  1. Deposits are accepted for a period of 5 years only
  2. Interest rate as applicable from time to time for 5 years to term deposits. Senior citizens are entitled for additional interest as applicable.
  3. Depositor can opt for either cumulative or non-cumulative way of crediting periodical interest.
  4. Depositor gets benefit U/s.80C of the Income Tax Act. 1961
  5. Minimum deposit is Rs.100 and in multiples thereof
  6. Maximum deposit in a Financial Year Rs.1,00,000/- [i.e., 1 st April to 31 st March of the following calendar year]
  7. Deposits cannot be withdrawn prematurely
  8. Deposits cannot be pledged to secure loan or as security

Disclaimer: We have tried to keep interest rates up to date, but as these change frequently you are advised to check with the bank before investing. Also it would be great if you can point out any errors through comments or email!

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax PlanInvest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

    1. Largecap FundsInvest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap FundsInvest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap FundsInvest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap FundsInvest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector FundsInvest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

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