Everyone in the nation who earns money that is taxable is required to file income taxes. Additionally, there are numerous ways for people to reduce their income taxes. FD is also among them. For tax savings, people also like to purchase FDs. Additionally, if FDs earn a strong rate of interest, people stand to gain significantly. Please let us know which bank is offering the highest interest rate on tax-saving FDs with a 5-year lock-in in this circumstance.

Tax reduction

Under Section 80C of the Income Tax Act, people who invest in tax-saving FDs are eligible to claim a tax deduction of up to Rs 1.5 each year. The lock-in period for tax-saver FDs is five years. On 5-year tax-saving FDs, not all banks give the same interest rate.

FD tax-saving

For 5-year tax-saving FDs, 8 banks are giving general and older citizens better interest rates in September than SBI. Banks like HDFC Bank, IndusInd Bank, RBL Bank, Canara Bank, and Axis Bank are offering greater interest rates whereas SBI is only offering 6.5% interest on tax-saving FDs to ordinary residents and 7% interest to senior citizens.

The interest rates on FD are as follows:

• IndusInd Bank Tax Saving FD: It offers seniors 8.00% interest and general residents 7.25% interest.
• RBL Bank Tax Saving FD: It offers senior persons 7.6% interest and other citizens 7.1% interest.
• HDFC Bank Tax Saving FD: offers senior persons 7.75% interest and regular citizens 7% interest.
• Canara Bank Tax Saving FDs: It offers senior citizens 7.20% interest and other citizens 6.70% interest.
• Axis Bank Tax Saving FD: It offers seniors 7.75% interest and general people 7% interest.
• IDFC First Bank Tax Saving FD: offers elderly residents 7.5% interest and regular citizens 7% interest.
• The tax-saving FD from Union Bank of India: pays 6.70% interest to regular people and 7.20% interest to senior citizens.
• The ICICI Bank Tax Saving FD: offers elderly persons 7.50% interest and regular citizens 7% interest.
• PNB Tax Saving FDs: It offers senior people 7.30% interest and other citizens 6.50% interest.
• The Bank of Baroda Tax Saving FDs: offers elderly residents 7.15% interest and general citizens 6.50% interest.
• SBI Tax Saving FD: It offers senior persons 7.00% interest and regular citizens 6.50% interest.
• Punjab and Sindh Bank Tax Saving FDs: It is offering 6.75% interest to senior citizens and 6.25% interest to ordinary citizens on the Punjab and Sindh Bank Tax Saving FD.
• IDBI Bank Tax Saving FD: It offers senior persons 7.00% interest and regular citizens 6.50% interest.

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