Best Tax Saver Fixed Deposit Interest Rates for Senior Citizens and Others (May 2023): Investing up to Rs 1.5 lakh in a 5-year Tax Saver Fixed Deposit Scheme qualifies for deduction
Best Tax Saver Fixed Deposit Interest Rates for Senior Citizens and Others (May 2023): Investing up to Rs 1.5 lakh in a 5-year Tax Saver Fixed Deposit Scheme qualifies for deduction under Section 80C of the Income Tax Act. In recent months, many banks have hiked their interest rates for fixed deposits of different tenors. For senior citizens and others, who do not make any other tax-saving investments like SCSS, NSC, PPF, EPF or ELSS, tax-saver FD can be helpful.
Also Read– All You Need To Know About Govt’s Senior Citizen Savings Scheme
As of today, most of the banks are offering around 7-8% interest on tax-saver fixed deposits of 5 years to senior citizens and 6.5-7.6% interest to general citizens. Suryoday Small Finance Bank is offering 9.6% interest on a five-year tax-saving FD to senior citizens, which is more than 2% higher than what is being offered by top banks like HDFC Bank and State Bank of India.
Banks that are offering over 8% interest on 5-year tax-saver Fixed Deposits to senior citizens include DCB Bank, Suryoday Small Finance Bank, Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank. Following are the interest rates offered by different banks on tax saver FD, according to Bank Bazaar.
Read More:– 10 things to remember while investing in tax saving fixed deposits (FDs)
State Bank of India: It is offering 6.5% interest to general citizens and 7% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Kotak Mahindra Bank: It is offering 6.2% interest to general citizens and 6.7% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Also Read- Fitch affirms India’s rating at ‘BBB-‘: Is it good or bad for economy?
HDFC Bank: It is offering 7% interest to general citizens and 7.5% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Punjab National Bank: It is offering 6.5% interest to general citizens and 7% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– HDFC Bank increases MCLR rates; auto loan EMIs, personal loan EMIs to go up
IDFC Bank: It is offering 7% interest to general citizens and 7.5% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Deutsche Bank: It is offering 7.5% interest to general citizens and 7.5% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– Hair Care Tips: 7 Nutrients To Treat Hair Fall In Summer
Axis Bank: It is offering 7% interest to general citizens and 7.75% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
DCB Bank: It is offering 7.6% interest to general citizens and 8.1% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Also Read– Summer Care: 6 Simple Lifestyle Changes To Beat The Heat
Bank of Baroda: It is offering 6.5% interest to general citizens and 7.15% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
RBL Bank: It is offering 7% interest to general citizens and 7.5% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Also Read– What is ONDC and how to place an order on it?
ICICI Bank: It is offering 7% interest to general citizens and 7.5% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Tax Saver FD in Small Finance Banks
Suryoday Small Finance Bank FD: It is offering 9.1% interest to general citizens and 9.6% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Ujjivan Small Finance Bank FD: It is offering 7.2% interest to general citizens and 7.95% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– All You Need To Know About Govt’s Senior Citizen Savings Scheme
ESAF Small Finance Bank FD: It is offering 6.25% interest to general citizens and 6.75% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Unity Small Finance Bank FD: It is offering 7.65% interest to general citizens and 8.15% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– How To Change SBI Bank Account From One Branch To Another Branch Online – Explained In 10 Simple Steps
Jana Small Finance Bank FD: It is offering 6% interest to general citizens and 6.7% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Utkarsh Small Finance Bank FD: It is offering 7.5% interest to general citizens and 8.25% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– 10 things to remember while investing in tax saving fixed deposits (FDs)
Fincare Small Finance Bank FD: It is offering 8% interest to general citizens and 8.6% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
AU Small Finance Bank FD: It is offering 7.2% interest to general citizens and 7.4% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Capital Small Finance Bank FD: It is offering 7.1% interest to general citizens and 7.75% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
Read More:– All You Need To Know About Govt’s Senior Citizen Savings Scheme
North East Small Finance Bank FD: It is offering 6.5% interest to general citizens and 7.25% interest to senior citizens on 5-year Tax-Saver Fixed Deposit.
