Small banks are giving better returns on tax saving FD, not a single big bank in top 5

Highlights

Tax saving fixed deposit is a good way to save income tax.
After increasing the repo rate of RBI, banks have also increased the interest rates of FD.
Small finance banks and foreign banks are paying more interest on tax saving FDs.

New Delhi. You can save a lot of income tax by investing in Tax Saving Instruments. Tax Saving Fixed Deposit is also a good option to save income tax. In this, tax exemption can be taken on investment up to 1.5 lakh under section 80C of the Income Tax Act. Investment in tax saving FD is locked for 5 years.

After the increase in the repo rate of the Reserve Bank of India, most of the banks in the country have also increased the interest rates of fixed deposits. But you will be surprised to know that the name of a single big bank is not included in the top 5 banks that pay high interest on tax saving FD. Small finance banks or other small private banks are giving higher returns than big banks. Some small banks are giving interest up to 7.4 percent. Therefore, if you have also made up your mind to get FD to save tax, then first definitely know about those banks, which are providing higher interest rates.

read this also- Income Tax There are many ways to save, know where and how you can get tax exemption by investing

Ujjivan Small Finance Bank

Moneycontrol According to a report by Ujjivan Small Finance Bank, Ujjivan Small Finance Bank is offering the highest interest rate on tax saving fixed deposits in the country. The bank has fixed the interest rate of tax saving FD at 7.4% per annum. The amount of Rs 1.5 lakh deposited in the bank’s tax saving fixed deposit will become 2.16 lakh in 5 years.

Deutsche Bank (Deutsche Bank)

Deutsche Bank is offering 7 percent interest on its tax saving fixed deposits. The amount of Rs 1.5 lakh deposited in the tax saving fixed deposit of this foreign bank will become Rs 2.12 lakh in 5 years.

AU Small Finance Bank

This bank is offering 6.9 percent interest on tax saving fixed deposits. This means that if you make an FD of Rs 1.50 lakh in this bank for five years, then you will get Rs 2.11 lakh after five years.

Suryoday Small Finance Bank

This bank is offering 6.75 percent interest on tax saving fixed deposits. If you deposit 1.5 lakh rupees in the bank, then after five years you will get 2.10 lakh rupees.

DCB Bank

DCB Bank is offering 6.6% annual interest on Tax Saving Fixed Deposits. If you deposit Rs 1.5 lakh in tax saving FD in this bank, then you will get Rs 2.08 lakh after 5 years.

Also read- GST Rate List: Which products and services will be taxed more than before from Monday, check

IndusInd Bank

IndusInd Bank is offering 6.5% interest on tax saving FDs. The amount of Rs 1.5 lakh deposited in this bank’s tax saving fixed deposit will become Rs 2.07 lakh in 5 years.

Tags: Bank FD, FD Rates, income tax, Money Making Tips, Tax saving options

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