Often, individuals seek ways to reduce their income tax, but they struggle to find reliable and beneficial options, which leads them to refrain from investing their funds. However, numerous tax-saving schemes offer investors substantial returns in addition to tax benefits. A similar choice is the Tax Saving Fixed Deposit Plan.
Investors putting money into tax-saving FDs receive tax exemptions. Moreover, they receive advantages from fixed interest rates. Let’s know in detail about some such tax saving fixed deposit schemes, which are also getting big returns.
Tax deduction under Section 80C
Numerous small finance banks continue to provide over 8% returns on fixed deposits maturing in five years. In that circumstance, you may consider making a long-term FD investment prior to any reduction in FD interest rates. You can invest a maximum of Rs 1.5 lakh in tax-saving fixed deposits and claim a tax deduction under Section 80C (old tax regime) when filing your Income Tax Return (ITR).
These banks are offering returns exceeding 8 percent
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is providing a 7.75% return on maturing fixed deposits for tax-saving FDs.
Unity Small Finance Bank
Unity Small Finance Bank is providing an interest rate of 8.15% on its tax-saving fixed deposit plan.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is providing an interest rate of 8.25% on tax-saving fixed deposits.
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