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Bank Tax Saver Fixed Deposit

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 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
Rbl BankSaptagiri Grameena Bank
Sarva Haryana Gramin BankSarva Up Gramin Bank
Saurashtra Gramin BankSouth Indian Bank
State Bank Of IndiaSutlej Kshetriya Gramin Bank
Syndicate BankTamilnad Mercantile Bank
Telangana Grameena BankThe Nainital Bank
Tripura Gramin BankUco Bank
Union Bank Of IndiaUnited Bank Of India
Utkal Grameen BankUttar Banga Kshetriya Gramin Bank
Uttar Bihar Gramin BankUttarakhand Gramin Bank
Vananchal Gramin BankVidharbha Konkan Gramin Bank
Vijaya BankYes 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

Upcoming Bank Holidays

2021 October 02 is a bank holiday in Gujarat due to Mahatma Gandhi's Birthday.
2021 October 02 is a bank holiday in Karnataka due to Gandhi Jayanthi.
2021 October 02 is a bank holiday in Andaman And Nicobar Island due to Mahatma Gandhi Jayanti.
2021 October 02 is a bank holiday in Madhya Pradesh due to Gandhi Jayanti.
2021 October 06 is a bank holiday in Tripura due to Mahalaya.
2021 October 06 is a bank holiday in Karnataka due to Mahalaya Amavasye.

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