Tax Saver Fixed Deposit Interest Rate in September 2023: Tax-saving fixed deposit scheme allows individuals to claim a tax deduction of up to Rs 1.5 under Section 80C of the Income Tax Act per year. Tax Saver FDs have a lock-in period of 5 years. However, not all banks are offering the same interest rate on 5-year Tax Saver FDs.
Data on the Bank Bazaar website shows that as many as 8 banks are offering more interest rates than SBI on 5-year tax-saving fixed deposits in September to general as well as senior citizens.
While SBI is offering 6.5% interest on tax-saving FDs to general citizens and 7% to senior citizens, banks like HDFC Bank, IndusInd Bank, RBL Bank, Canara Bank and Axis Bank are offering more.
Following is a list of top banks and the interest rates offered by them on Tax Saver FD.
IndusInd Bank Tax Saver Scheme: It is offering 7.25% interest to general citizens and 8.00% to senior citizens.
RBL Bank Tax Saving FD: It is offering 7.1% interest to general citizens and 7.6% to senior citizens.
HDFC Bank Tax Saving FD: It is offering 7% interest to general citizens and 7.75% to senior citizens.
Canara Bank Tax Saving FD: It is offering 6.70% interest to general citizens and 7.20% to senior citizens.
Axis Bank Tax Saving FD: It is offering 7% interest to general citizens and 7.75% to senior citizens.
IDFC First Bank Tax Saving FD: It is offering 7% interest to general citizens and 7.5% to senior citizens.
Union Bank of India Tax Saving FD: It is offering 6.70% interest to general citizens and 7.20% to senior citizens.
ICICI Bank Tax Saver FD: It is offering 7% interest to general citizens and 7.50% to senior citizens.
PNB Tax Saving FD: It is offering 6.50% interest to general citizens and 7.30% to senior citizens.
Bank of Baroda Tax Saving FD: It is offering 6.50% interest to general citizens and 7.15% to senior citizens.
SBI Tax Saving FD: It is offering 6.50% interest to general citizens and 7.00% to senior citizens.
Punjab and Sind Bank Tax Saving FD: It is offering 6.25% interest to general citizens and 6.75% to senior citizens.
IDBI Bank Tax Saving FD: It is offering 6.50% interest to general citizens and 7.00% to senior citizens.
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