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Tax saving fixed deposits: Key features, interest rate, benefits and more
investment options available in the markets that help investors in building wealth along with saving taxes Among these taxsaving fixed deposits FDs are deemed as one of the safest savings options The amount invested in these is completely protected and the returns are also guaranteed What is the tax benefit of taxsaving FDs Tax saving FD a special category of fixed deposit allows investors to claim deductions under Section 80C of the Income Tax Act Any investor can claim a deduction of a maximum of Rs 1 5 lakh by investing in taxsaving fixed deposits In the case of joint accounts only the first holder is eligible for deduction from income under Section 80C of the Income Tax Act Who can invest in this Individuals and HUFs Hindu undivided family can invest in the taxsaving fixed deposit FD scheme One can open a taxsaving FD in a single and joint account What is the lockin period and how can one open it These taxsaving FDs have a minimum lockin period of five years Investors can open taxsaving FD accounts online or by visiting a bank branch What are the interest rates offered here Different banks offer different interest rates on tax saving FDs The interest rates for Indian citizens and HUFs vary from bank to bank Senior citizens and bank staff members are offered higher interest rates #taxsaving #interest Source:- CNBCTV18
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