Top 5 Private Banks Offer Interest Rates of up to 6.75% on Tax-saving Deposits
Optimization of tax should always be part of your financial plan and not to be completed by the end of the year. Invest wisely, taking into account your financial goals. Those in the lower tax brackets find the FDs in the bank more attractive. Here are the top five banks that offer the best interest on tax savings deposits.
An investment of up to Rs 1.5 lakh may be required for tax exemption under section 80C of the tax law. Tax-saving FDs have a five-year detention period and early withdrawal is not allowed.
Suryoday Small Finance Bank offers interest rates of up to 6.75% on tax savings deposits. Among the smaller financial banks, Suryoday offers the best interest rates. The amount of Rs 1.5 lakh spent grows to Rs 2.10 lakh over five years.
Yes Bank offers interest rates of up to 6.5% on tax savings deposits. Among the private banks, the bank offers the best interest rates. The amount of Rs 1.5 lakh grows to Rs 2.07 lakh in five years.
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RBL Bank offers interest rates of up to 6.3% on tax savings deposits.
Deutsche Bank offers up to 6.25 percent on tax savings deposits. Among foreign banks, Deutsche offers the best interest rates. The amount of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.
Ujjivan Small Finance Bank also offers interest rates of up to 6.25% on tax savings deposits. The amount of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.
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Small private banks and microfinance banks offer high interest rates to raise money. The Deposit Insurance and Credit Guarantee Corporation (DICGC), under the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh. Details compiled as of October 6, 2021 from the banks' website.
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