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Why Should not Invest in Tax Saver FD

Why Should 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.
  • The interest earned is taxable.
  • Lock-in period is 5 years.
  • TDS is applicable i.e. tax will deducted at source on interest earned.
  • Premature withdrawal is not permissible.
  • Loan cannot be given by pledging tax saving Fixed Deposits.
  • In case, you are in highest tax bracket i.e. 30% then you should not invest in Tax Saving FDs as the returns of such investments are taxable.
  • No increase in the interest rate for entire tenure of 5 years.
  • Not a good investment option for risk taking investors.
  • Not suitable for those who want to invest for short term.
  • Tax Saver FD allows only a one-time lump sum deposit
  • Sometimes the inflation increase at higher rate than the interest rate of the tax saver FD, on such times its returns are negative.
  • Only resident individual, minors and HUFs can invest in it.

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 23 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2021 November 01 is a bank holiday in Karnataka due to Kannada Rajyothsava.
2021 November 01 is a bank holiday in Manipur due to Kut.
2021 November 04 is a bank holiday in Maharashtra due to Diwali Amavasaya.
2021 November 04 is a bank holiday in Andaman And Nicobar Island due to Deepavali / Diwali.
2021 November 04 is a bank holiday in Arunachal Pradesh due to Deepawali.

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