These five banks will give best interest on FD as well as save tax, know details

Fixed Deposit: Along with the increase in the interest of bank loans, the interest of Fixed Deposit Scheme has also been increased. Many banks are offering interest ranging from 7 to 9 percent for common citizens to senior citizens (Senior Citizen FD). In such a situation, it can be a good investment opportunity. At the same time, Tax Saving FD Scheme has also been started by banks, in which you can save tax with more returns by investing.

If you are planning to invest in Bank Fixed Deposit (Invest in Tax Saving FD) and also want to save tax, then Tax Saving FD can be a better option. Here, information has been given about five such banks, which along with saving tax are also giving high returns.

These 5 banks are giving more interest on tax saving FD
DCB Bank will give a quarterly return of 7.25 percent on bank tax saving FD.
City Union Bank is giving a quarterly return of 7 percent on tax saving FD.
AU Small Finance Bank is giving a quarterly return of 6.95 percent on tax saving FD.
– Indusind Bank will give 6.75 percent return on tax saving FD.
Yes Bank will give 6.75 percent return on tax saving FD.

How much tax exemption will be available
If you are investing in a tax saving FD, you can claim a deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. The interest under this FD will be deposited in your savings account in a year. However, TDS charge of 10 percent will have to be given on the interest, which can be withdrawn by claiming ITR if it is less than the prescribed limit.

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Features of Tax Saving FD
According to the ICICI Bank website, the lock-in period of tax saving FD is for 5 years, under which tax up to Rs 1.5 lakh can be saved annually. Premature withdrawal, loan and overdraft facilities are not available on this FD. Under this, single or joint account can be opened. The facility of auto-renewal facility is not available under this.

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