The return rate offered by RBL Bank of Tax Saving FD is one of the best in this segment and goes up to 6.8 percent.
FDs allow investors good, guaranteed returns while keeping the principal amount safe with the banks. Know Latest FD Rates
Fixed deposits have long been an investment option for risk-averse investors in India. They allow investors to have good, guaranteed returns while keeping the principal amount safe with the banks. With FDs, you can choose the tenure of your deposit from a minimum lock-in of 7 days to 10 years. The interest earned on FD can be reinvested in Recurring FD to earn more profit. While FD interest has come down in recent years, many private banks are offering return rates of up to 6.3 per cent on tax-saving FDs that come with a locking period of 5 years. Investments up to Rs 1.5 lakh can be claimed for deduction under the provision of 80C of the Income Tax Act. However, these FDs are not eligible for premature withdrawal. Here, we look at some of the top private lenders that offer the best interest rates on FDs
RBL Bank
The return rate offered by RBL Bank of Tax Saving FD is one of the best in this segment and goes up to 6.8 percent. While the interest rate for regular customers is 6.3, senior citizens get an additional 0.5 per cent interest on their tax saving deposits. The regular FD rate of RBL Bank goes up to 5.75 percent. The deposit amount of Rs 1.5 lakh in RBL Bank’s tax saving scheme will increase to Rs 2.05 lakh in five years.
Yes Bank
For fixed deposits made for a minimum tenure of 5 years, Yes Bank offers returns of up to 6.25 per cent along with an additional 0.75 interest for senior citizen customers. Amount of Rs 1.5 lakh invested in Yes Bank FD with earned returns rises to Rs 2.05 lakh
IDFC Bank
IDFC Bank offers an interest rate of up to 6 per cent on tax-saving deposits and an additional 0.5 per cent for senior citizen customers. With IDFC Bank’s FD scheme, deposits of Rs 1.5 lakh will grow to Rs 2.02 lakh in five years.
DCB Bank
Axis Bank offers an interest rate of up to 5.75 on all Tax Saving Deposits.
Before finalizing the scheme, investors are advised to do market research through the terms and conditions of various banks offering FDs.
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