Latest News
-
1:4 Bonus Shares, Rs 7 Dividend: Big Update Announced; Buy The FMCG Stock? -
1:10 Stock Split: 1 Rs 980 Smallcap Has Split Into Ten Shares; Check Out New Price Level, Fundamentals! -
Rs 2.50/Share Final Dividend: Record Date In Due Course; Buy The ITC Group Stock? -
Rs 95/Share Dividend: Record Date On 28th June; Buy Mahindra Group Stock To Be Eligible? -
5 Bonus, Rs 28/Sh Dividend: IT Giant Infosys Beats Estimates In Q4FY24, But ADR Falls Sharply; Here's Why! -
1:10 Stock Split Approved: Small Cap Stock Issues Warrants, Shares Gain 111% YTD -
Wipro Q4 Results Preview: Weak Demand Likely To Drag Revenue Sequentially, EBIT Margins Seen Stable -
Rs 6/Share Final Dividend Declared: Buy The Blue Chip Stock To Be Eligible? -
TCS Vs Infosys: Dividend History And Upcoming Rewards, Which IT Giant Is Better? -
LIC New Jeevan Shanti 858 Plan: How To Earn Rs 10,000 Pension Per Month After Retirement? Check Eligibility!
Top 5 Banks Promising Good Returns On Tax Saving Fixed Deposits In 2021
Among the debt category those investors having lower tax brackets want to seek tax benefits under section 80C of the Income Tax Act with a blend of assured returns in the form of regular income, tax-saving fixed deposits are undoubtedly a must to invest. These deposits have 5-years of lock-in period and as a result, no premature withdrawals are allowed which investors need to keep in mind before investing.
For investors who are unfamiliar with the stock market, mutual funds, or have a low-risk appetite, tax-saving fixed deposits are always preferred because they not only provide tax benefits and fixed returns, but the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, also cover their deposits of up to Rs 5 lakh. Hence, by keeping all the above factors in mind, here we have compiled the top 5 banks in India that are now offering higher interest rates on tax-saving fixed deposits to both regular and senior citizens.
Note: Interest Rates On 5-Year Tax Saving Fixed Deposit Are Highlighted In Bold.
Suryoday Small Finance Bank
Suryoday Small Finance Bank FD rates have been recently revised and thus are in force from 9th September 2021. Following are the interest rates on tax-saving fixed deposits of less than Rs 2 Cr of Suryoday Small Finance Bank for both regular and senior citizens.
| Period | Regular Interest Rates In% (p.a.) | Interest Rates for Senior Citizens in % (p.a.) |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 Year | 5.75% | 5.75% |
| 1 Year to 1 Year 6 Months | 6.50% | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 6.75% |
| Above 2 Years to less than 3 Years | 6.25% | 6.50% |
| 3 Years | 7.00% | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% | 6.50% |
| 5 Years | 6.75% | 7.00% |
| Above 5 years to 10 years | 6.00% | 6.00% |
| Source: Bank Website |
Jana Small Finance Bank
With effect from 07.05.2021 interest rates on fixed deposits of Jana Small Finance Bank are in force. For investors who want to open to open an FD account of less than Rs 2 Cr for 5 years of lock-in term at Jana SFB, the following interest rates would be applicable to them.
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7-14 days | 2.50% | 3.00% |
| 15-60 days | 3.00% | 3.50% |
| 61-90 days | 3.75% | 4.25% |
| 91-180 days | 4.50% | 5.00% |
| 181-364 days | 5.50% | 6.00% |
| 1 Year[365 Days] | 6.25% | 6.75% |
| > 1 Year - 2 Years | 6.50% | 7.00% |
| >2 Years-3 Years | 6.50% | 7.00% |
| > 3 Year- < 5 Years | 6.75% | 7.25% |
| 5 Years[1825 Days] | 6.50% | 7.00% |
| > 5 Years - 10 Years | 6.00% | 6.50% |
| Source: Bank Website |
North East Small Finance Bank
After Suryoday and Jana SFB, North East SFB is among the banks that offer higher interest rates on tax-saving fixed deposits. With effect from 19th April 2021, the following interest rates are in force for a deposit amount of less than Rs 2 Cr.
| Tenure | Regular Rates In % (p.a.) | Senior Citizen FD Rates In % (p.a.) |
|---|---|---|
| 7-14 Days | 3 | 3.5 |
| 15-29 Days | 3 | 3.5 |
| 30-45 Days | 3 | 3.5 |
| 46-90 Days | 3.5 | 4 |
| 91-180 Days | 4 | 4.5 |
| 181-365 Days | 5 | 5.5 |
| 366 days to 729 days | 6.75 | 7.25 |
| 730 days to less than 1095 | 6.75 | 7.25 |
| 777 days | 7 | 7.5 |
| 1096 days to less than 1825 days | 6.5 | 7 |
| 1826 days to less than 3650 days | 6.25 | 6.75 |
| Source: Bank Website |
RBL Bank
RBL Bank has recently revised the interest rates of its fixed deposit scheme. The latest interest rates are in force from 01 September 2021 which are as follows and will be applicable on a deposit amount of less than Rs 3 Cr.
| Period of Deposit | Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 240 days | 5.00% | 5.50% |
| 241 days to 364 days | 5.25% | 5.75% |
| 12 months to less than 24 months | 6.00% | 6.50% |
| 24 months to less than 36 months | 6.00% | 6.50% |
| 36 months to less than 60 months | 6.30% | 6.80% |
| 60 months to 60 months 1 day | 6.30% | 6.80% |
| 60 months 2 days to less than 120 months | 5.75% | 6.25% |
| 120 months to 240 months | 5.75% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 6.30% | 6.80% |
| Source: Bank Website |
Yes Bank
Among the private sector banks and after RBL Bank, Yes Bank is now offering the highest interest rates on fixed deposits. For a deposit amount of less than Rs 2 Cr and for a deposit period of 5 years, here are the most recent interest rates on FD of the bank which is in force from 5th August 2021.
| Period | Regular Interest Rates | Senior Citizen Interest Rates |
|---|---|---|
| 7 to 14 days | 3.25% | 3.75% |
| 15 to 45 days | 3.50% | 4.00% |
| 46 to 90 days | 4.00% | 4.50% |
| 3 months to < 6 months | 4.50% | 5.00% |
| 6 months to < 9 months | 5.00% | 5.50% |
| 9 months to < 1 Year | 5.25% | 5.75% |
| 1 year < 18 Months | 5.75% | 6.25% |
| 18 Months to < 3 years | 6.00% | 6.50% |
| 3 Years to < 5 years | 6.25% | 7.00% |
| 5 Years to <= 10 years | 6.50% | 7.25% |
| Source: Bank Website |
