Tax Saving Fixed Deposit FAQs

Who should invest in tax-saving FD?

A person who wants a tax rebate under section 80C of Income Tax Act along with a guaranteed return should invest in tax saving fixed deposits. Why should I not invest in Tax Saver Fixed Deposit?

Other instruments offering more returns are available like PF, PPF, ELSS for investment of Rs 1.5 Lakh to claim tax rebate u/s 80C, it has a lock-in period is 5 years and the interest earned is also taxable & tax will deducted at source on interest earned if the interest is over Rs10000 in a financial year.

How can I open a tax-saving FD?

There are 2 options to open tax saving FDs. Either you can open an account online or visiting a bank branch. Which bank should I choose for tax saving FD? As different banks offer different interest rates on tax-saving FDs, you can compare them and choose the best before making an investment.

Is tax-saving FD risky?

No, tax-saving fixed deposits are risk-free. Investment in FDs upto Rs 100000 is completely protected. Moreover, the returns are also guaranteed.

What is the investment limit under tax saving FD?

The minimum investment that can be made in a tax-saving fixed deposit is Rs 100 while the maximum is Rs 1.5 lakh in a financial year.

What is the lock-in period of a tax-saving FD?

Tax-saving fixed deposit has a lock-in period of 5 years and premature withdrawal is also not allowed.

Who can invest in tax-saving FD?

Indian citizens, HUFs and NRIs can invest in tax-saving fixed deposits.

How will I get maturity amount of tax-saving FD?

On maturity of your tax saving FD, the maturity amount will be directly credited to your bank account.

Is transfer of tax saver FD is possible?

Tax-saving fixed deposits can be transferred from one branch to another branch of the same bank.

Can I avail loan against my Tax Saver Fixed Deposit?

No, loan cannot be given by pledging tax saving Fixed Deposits.

 

Bank Tax Saving Fixed Deposit Scheme

Allahabad BankAllahabad Up Gramin Bank
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankArunachal Pradesh Rural Bank
Assam Gramin Vikash BankAxis Bank
Bandhan BankBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda Up Gramin Bank
Bihar Gramin BankCanara Bank
Catholic Syrian BankCentral Bank Of India
Central Madhya Pradesh Gramin BankChaitanya Godavari Grameena Bank
Chhattisgarh Rajya Gramin BankCity Union Bank
Corporation BankDcb Bank
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankEllaquai Dehati Bank
Federal BankGramin Bank Of Aryavart
Hdfc BankHimachal Pradesh Gramin Bank
Icici BankIdbi Bank
Idfc First BankIndian Bank
Indian Overseas BankIndusind Bank
Jammu And Kashmir BankJammu And Kashmir Grameen Bank
Jharkhand Gramin BankKarnataka Bank
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKotak Mahindra Bank
Langpi Dehangi Rural BankLaxmi Vilas Bank
Madhya Bihar Gramin BankMadhyanchal Gramin Bank
Maharashtra Gramin BankMalwa Gramin Bank
Manipur Rural BankMeghalaya Rural Bank
Mizoram Rural BankNagaland Rural Bank
Narmada Jhabua Gramin BankOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Puduvai Bharathiar Grama BankPunjab And Sind Bank
Punjab Gramin BankPunjab National Bank
Purvanchal Gramin BankRajasthan Marudhara Gramin Bank
Saptagiri Grameena BankSarva Haryana Gramin Bank
Sarva Up Gramin BankSaurashtra Gramin Bank
South Indian BankState Bank Of India
Sutlej Kshetriya Gramin BankSyndicate Bank
Tamilnad Mercantile BankTelangana Grameena Bank
The Nainital BankTripura Gramin Bank
Uco BankUnion Bank Of India
United Bank Of IndiaUtkal Grameen Bank
Uttar Banga Kshetriya Gramin BankUttar Bihar Gramin Bank
Uttarakhand Gramin BankVananchal Gramin Bank
Vidharbha Konkan Gramin BankVijaya Bank
Yes Bank 
Disclaimer: The Saving Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.      Source: Bank Websites