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5 Best Tax Saving Fixed Deposits To Bet In 2022
The most common strategy for long-term debt investors who want to save tax under section 80C while still reaping secure returns on their deposits is to invest in tax-saving fixed deposits. Depositors can save tax benefits under section 80C if they invest up to Rs 1.5 lakh for a five-year deposit term. The most tempting aspect of tax-saving deposits is that, after ELSS, they are the most favoured tax saving mechanism. However, it's worth noting that tax-saving deposits have a 5-year lock-in period, which means that premature withdrawals aren't permissible. On the risk front, DICGC guarantees capital protection on both the principal and interest amount of your tax-saving deposits up to Rs 5 lakh. Tax-saving FDs are a good option for individuals who want to create wealth for their retirement age since they have low risks and assured returns. Based on extensive study, these are the top 5 public, private, and small finance banks that offer the best tax-saving interest rates.
Top 5 Public Sector Banks Offering Highest Returns On Tax Saving Deposits
Along with SBI, the top 5 public sector banks now giving the highest interest rates on tax-saving deposits are listed below.
| Banks | Regular Interest Rate Per Annum | Senior Citizen Rates Per Annum | W.e.f. |
|---|---|---|---|
| Union Bank of India | 5.40% | 5.90% | 01/09/2021 |
| Punjab & Sind Bank | 5.30% | 5.80% | 16/09/2021 |
| SBI | 5.30% | 5.80% | 15.01.2022 |
| Bank of Baroda | 5.25% | 5.75% | 16.11.2020 |
| Canara Bank | 5.25% | 5.75% | 17.01.2022 |
| Source: Bank Websites |
Top 5 Private Sector Banks Offering Highest Returns On Tax Saving Deposits
The top five private sector banks that are currently giving the highest interest rates on tax-saving deposits are listed below.
| Banks | Regular Interest Rate Per Annum | Senior Citizen Rates Per Annum | W.e.f. |
|---|---|---|---|
| Yes Bank | 6.25% | 7.00% | 04.01.2022 |
| RBL Bank | 6.30% | 6.80% | 03.02.2022 |
| IDFC First Bank | 6.25% | 6.75% | 21.01.2022 |
| Bandhan Bank | 6.25% | 7.00% | 12.01.2022 |
| IndusInd Bank | 6.00% | 6.50% | 23.07.2021 |
| Source: Bank Websites |
Top 5 Small Finance Banks Offering Highest Returns On Tax Saving Deposits
Below is a list of the top five small finance banks that are now offering the best interest rates on tax-saving deposits.
| Banks | Regular Interest Rate Per Annum | Senior Citizen Rates Per Annum | W.e.f. |
|---|---|---|---|
| Jana Small Finance Bank | 6.75% | 7.55% | 11.01.2022 |
| Utkarsh Small Finance Bank | 6.75% | 7.25% | 20.01.2022 |
| Fincare Small Finance Bank | 6.75% | 7.25% | 25th October 2021 |
| Suryoday Small Finance Bank | 6.75% | 7.00% | September 09, 2021 |
| North East Small Finance Bank | 6.50% | 7.00% | 27.01.2022 |
| Source: Bank Websites |
