FD Rate: Those who make this FD get more interest and tax exemption, know the rates of top banks

Thursday, January 11, 2024 Facebook Instagram Twitter WhatsApp Youtube Education Entertainment Personal Finance Fuel Price Gold Rate today Jobs Alert Latest Cricket News Sports Technology Hindi More Search Home Personal Finance FD Rate: Those who make this FD get more interest and tax. . .

Featured Personal Finance FD Rate: Those who make this FD get more interest and tax exemption, know the rates of top banks By Shyamu Maurya January 11, 2024 0 1 Share Facebook Twitter Pinterest WhatsApp Telegram FD Rate: Those who make this FD get more interest and tax exemption, know the rates of top banks Whenever it comes to investment, the first thing that gets attention is the FD which gives guaranteed returns. Now just imagine, how would it be if you get tax benefits along with strong returns on FD? Whenever it comes to investment, the first thing that gets attention is the FD which gives guaranteed returns. Now just imagine, how would it be if you get tax benefits along with strong returns on FD? Yes, we are talking about tax saving FD, by investing in which you can get tax exemption on income up to Rs 1.

5 lakh per year under Section 80C of Income Tax. However, you will get its benefit only if you choose the old tax system. What is tax saving FD? Tax saving FD is one in which you keep FD for at least 5 years.

The lock-in period of this FD is only 5 years, so you cannot break the FD before that. Before this, if you break your FD, you will have to pay some penalty and you will also not get the benefit of tax exemption. You can invest in this either alone or you can also do joint FD.

The primary holder will get the benefit of tax exemption. What are the rates of tax saving FD in all banks? The rate of tax saving FD in State Bank of India, the country’s largest government bank, is currently running at 6. 5 percent.

If you make FD in Canara Bank, you will get 6. 7 percent interest on tax saving FD. PNB is offering 6.

5 percent interest on tax saving FD. HDFC Bank is offering 7 percent interest on tax saving FD. If you make FD in ICICI Bank, you will get 7 percent interest.

Axis Bank is also offering 7 percent interest on tax saving FD. Benefits of tax saving FD The biggest advantage of tax saving FD is that up to Rs 1. 5 lakh invested in tax saving FD is tax exempt.

Whereas if you take advantage of Senior Citizen FD, you will get 0. 5 percent additional interest. You can transfer tax saving FD from one branch to another.

However, for this you will have to apply in writing. If you want, you can also take a tax saving FD in the name of a child, the tax benefit from which will be given to his guardian. Join Informal Newz Tags FD rate strong returns on FD tax saving fd Share Facebook Twitter Pinterest WhatsApp Telegram Previous article Bank Recruitment: Recruitment for vacant posts of PO in Co-operative Bank, fill the application form immediately Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry.

He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.

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