The return rate offered by RBL Bank of tax-saving FD is the best in the segment and goes up to 6.8 per cent
FDs allow investors to good, guaranteed returns while keeping the principal amount safe with banks. Know latest FD rates
Fixed Deposits have long been the go-to investment option for risk-averse investors in India. They allow investors to good, guaranteed returns while keeping the principal amount safe with banks. With FDs, you can choose the duration of your deposits starting from a minimum lock-in of 7 days to up to 10 years. The interest earned on FDs can further be reinvested in the recurring FD to earn more benefits. While the FD interests have come down in recent years, there are many private banking offering return rates of up to 6.3 per cent on tax-saving FDs that come with a locking period of 5 years. Investment of up to Rs 1.5 lakh can be claimed for deduction under the provision of 80C of the Income-tax act. These FDs, however, are not eligible for premature withdrawals. Here, we look at some of the top private lenders offering the best interest on FDs
RBL Bank
The return rate offered by RBL Bank of tax-saving FD is the best in the segment and goes up to 6.8 per cent. While for regular customers, the interest rate is 6.3 senior citizens gets an additional 0.5 per cent interest on their tax-saving deposits. The regular FD rate of RBL bank goes up to 5.75 per cent. A deposit of Rs 1.5 lakh in the tax-saving scheme of RBL Bank will grow to Rs 2.05 lakh in five years.
YES Bank
For fixed deposits made for a minimum duration of 5 years, Yes Bank offers a return of up to 6.25 per cent with an additional 0.75 interest for senior citizen customers. A sum of Rs 1.5 lakh invested in Yes Bank’s FD move to Rs 2.05 lakh with the earned returns
IDFC Bank
IDFC Bank offers interest of up to 6 per cent on tax-saving deposits and an additional 0.5 interest rate for senior citizen customers. A deposit of Rs 1.5 lakh with IDFC Bank’s FD scheme will grow to Rs 2.02 lakh in five years.
DCB Bank
Axis Bank offers up to a 5.75 interest rate on all tax-saving deposits.
Before finalising the scheme, investors are advised to market research going through the terms and conditions of various banks offering FDs.
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