Bank Tax Saver Fixed Deposit, Tax Saving FD Scheme

Definition of Tax Saver Fixed Deposit (FD)

Bank tax saver fixed deposit is a special category of bank fixed deposits wherein an investor can claim a tax rebate under section 80C of the Indian Income Tax Act, 1961, if he/she invests in it. Such deposits are offered for a lock-in period of 5 years and allows the investor to claim a tax deduction of maximum of Rs.1,50,000 by investing in it.

Tax Saving Bank Fixed Deposit Rates U/S 80C

In order to get income tax rebate and save tax on total income, you can invest in the instruments who are eligible for getting income tax rebate under section 80C of Income Tax Act. In this way, you can get tax rebate maximum upto Rs 1.5 lakh. Such instruments include PPF, PF, Life Insurance Premium, Tuition Fees, Repayment of principal of home loan, etc. Tax Saving Fixed Deposits is also one of the most popular ways to save taxes u/s 80C of Income Tax Act.

This is a special type of fixed deposits under which the investor gets the benefit of a tax relief if he/she invests an amount in it. Maximum tax benefit is limited to an investment of Rs 1.5 lakh. Moreoevr, there is a lock-in period of 5 years in such a deposit.

Who Can Invest in Tax Saver FDs?

Following assesses are eligible to open Tax Saving Fixed Deposit account:

  1. Individuals (either singly or jointly with other individuals)
  2. Minors represented by guardians
  3. HUF (Hindu Undivided Family)
  • In case of joint FD accounts, only first account holder is allowed to claim deduction under Section 80C of the Income Tax Act.
  • Nomination facility is available under Tax Saving Fixed Deposit account.
  • No nomination can be made for an FD applied on behalf of a minor.

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