Tax Saving FD
Tax saving FD is the most suitable option for senior citizens who want to save tax through comparatively low risk investments. Here is a list of banks offering the best interest rates on tax-saving FDs.
Bank Name Tax Saving DCB Bank 8.10% Axis Bank 7.75% Indusind Bank 7.75% AU Small Finance Bank 7.70% IDFC First Bank 7.50%
Tax Benefits
Depositors of tax-saving fixed deposits can claim a tax deduction of up to Rs 150,000 under section 80C of the Income Tax Act, 1961. Both individuals and Hindu Undivided Families (HUFs) are eligible for deduction under section 80C. This tax deduction is available to everyone including NRIs and senior citizens. Note that the interest you get from this fixed deposit is not deductible for tax purposes. Interest payment is subject to Tax Deduction at Source (TDS) as per the prevailing Income Tax Act.
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Premature Withdrawal
Under premature withdrawal, you cannot withdraw your money before the lock-in period even if you need it and this rule is almost the same in all other banks including Punjab National Bank. You can make a premature withdrawal if needed in a normal fixed deposit, although the interest paid in it is slightly reduced.
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