Skip to main content

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

    ----------------------------------------

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

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

Popular posts from this blog

SBI Magnum Tax Gain Scheme 1993 Applcation Form

    https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss     Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.
Read more

Impact of Demonetisation

The government's move to demonetise `500 and `1,000 currency notes will immediately impact reserve money and money supply in the system along with the balance sheet of the Reserve Bank of India, the sole authority in the country for accepting currency notes and coins as legal tender. ET explains the interplay of currency, reserve money and money supply. 1. What is currency in circulation? It is the total value of currency (coins and paper currency) that has ever been issued by the central bank minus the amount that has been withdrawn by it. Currency in circulation comprises currency notes and coins with the public and cash in hand with banks. It is a major liability component of a central bank's balance sheet. 2. What is reserve money? It is essentially the central bank's money . It is also called high-powered money , base money and central bank money . As per the definition, reserve money equals currency in circulation plus bankers' deposits
Read more

Birla Sun Life Tax Plan Online

Invest Birla Sun Life Tax Plan Online   An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.   After a bad patch from 2008 to 2010, Birla Sun Life Tax Plan has made a big comeback in the last five years, with a particularly good run since 2014. The fund's rankings, which had slipped to two stars in 2011-12, recovered sharply to three-four stars in the last three years. The fund has delivered a particularly large outperformance over its benchmark and peers in the last couple of years. The fund's investment strategy focuses on a diversified and high-quality portfolio, with parameters such as capital ratios and balance-sheet strength used to judge quality. It uses a combination of top-down and bottom-up approaches to take sector/stock positions. The fund avoids highly leveraged plays. Staying more or less fully invested at all times, the fund parks roughly half of its portfoli
Read more

Should you Roll Over 1 year Fixed Maturity Plans?

The period between January and March typically sees an uptick in the launch of fixed maturity plans, or FMPs. Not this year. Instead, fund houses are busy rolling over or extending the tenure of their one- year FMPs launched last year to three years. Investors in one- year FMPs have a choice. Either redeem units or roll over to three years. If you exit now, your gains will be added to your income and taxed in line with your individual slab rate of 10, 20 or 30 per cent. If you stay invested for two more years, you pay 20 per cent tax with indexation benefit. Yields have softened in the past few months on expectations of a rate cut. If the central bank continues its soft monetary stance, yields are likely to fall further. In such a scenario, it makes sense for investors, particularly those in the 30 per cent tax bracket, to roll over their investments and lock in at a higher yield now. In a surprise move, the Reserve Bank of India cut repo rate by 25 basis
Read more

Reminder from Income Tax Department for Income Tax Return Filing

The income tax department has sent out emails to tax payers reminding them to   e-file income tax returns for income earned in FY 2015-16 (assessment year AY 2016-17). The due date for submission of tax returns for FY 2015-16 is 31 st   July 2016. The following email has been sent- Dear Taxpayer, By this time last year, you may have had already electronically filed your Income Tax Return. This is a gentle reminder for you to file your Income Tax Return for Assessment Year 2016-17. E-filing is simple, easy and convenient as you would have experienced in the last year. You are requested to login to  https:// incometaxindiaefiling.gov.in   and download the free return preparation software with a host of new features to help you in preparing the Income Tax return and submit your return. You can also prepare and submit ITR1 and ITR4S online. Please take some time to browse through all the value -added services offered on the E-filing website that will help you prepare your return accurat
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now