High interest rate

Ratnakar Bank's Tax Savings Fixed Deposit is offering an interest rate of 9.5 per cent. The Bank is slated to go public shortly, though it maybe a lesser known bank when compared to other peers from the sector. However, the interest rate of 9.5 per cent is very attractive.

Significant presence in the South

Like Ratnakar Bank, the Tamil Nad Mercantile Bank is offering an interest rate of 9.5 per cent on its tax saving deposit. The Bank is financially sound with a significant branch presence in South India.

Government owned entity

The government owned IDBI Bank has pegged the interest rate on its tax savings deposit scheme at 9.10 per cent. This is lower than some of the private sector banks mentioned earlier.

Marginally lower interest rate than peers

Corporation Bank along with a host of other banks is offering an interest rate of 9 per cent on its tax savings deposits.