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10 banks that offer up to 6.75% interest on tax-saving fixed deposits
May, 05th 2022

Investments of up to Rs 1.5 lakh can be claimed for tax deduction under section 80C of the income tax Act but don’t just invest to save tax. Your tax–saving FDs must fit your financial plan. Tax-saving FDs have a lock-in period of five years and premature withdrawals are not allowed.

AU Small Finance Bank
 

AU Small Finance Bank and Suryoday Small Finance Bank offer interest rates of up to 6.75 percent on tax-saving deposits. Among small finance banks, these banks offer the best interest rates. A sum of Rs 1.5 lakh invested grows to Rs 2.10 lakh in five years.

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IndusInd Bank offers interest rates of up to 6.5 percent on tax-saving deposits. Among private banks, this offers the best interest rates. A sum of Rs 1.5 lakh invested grows to Rs 2.07 lakh in five years.

Ujjivan Small Finance Bank
 

Ujjivan Small Finance Bank offers interest rates of up to 6.4 percent on tax-saving deposits. A sum of Rs 1.5 lakh invested grows to Rs 2.06 lakh in five years.

RBL Bank
 

RBL Bank is offering interest rates up to 6.3 percent on tax-saving deposits. A sum of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.

Deutsche Bank,  DCB Bank ,  IDFC First Bank  and  Yes Bank  offer interest rates up to 6.25 percent on tax-saving deposits. A sum of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.
 

Deutsche Bank, DCB Bank, IDFC First Bank and Yes Bank offer interest rates up to 6.25 percent on tax-saving deposits. A sum of Rs 1.5 lakh grows to Rs 2.05 lakh in five years.

 Equitas Small Finance Bank  is offering interest rates up to 6 percent on tax-saving deposits. A sum of Rs 1.5 lakh grows to Rs 2.02 lakh in five years.
 

Equitas Small Finance Bank is offering interest rates up to 6 percent on tax-saving deposits. A sum of Rs 1.5 lakh grows to Rs 2.02 lakh in five years.

These small finance banks and smaller private banks are offering higher interest rates to garner new deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.
 

These small finance banks and smaller private banks are offering higher interest rates to garner new deposits. The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees investments in fixed deposits of up to Rs 5 lakh.

The data as of 6 April 2022 has been compiled from websites of the banks. BankBazaar has accounted for FDs belonging to only those foreign, private, small finance and public sector banks that are listed on the BSE. Banks, for which data is not available on their websites, were not considered. The rates are for tax-saving five-year FDs for non-senior citizens.
 

The data as of 6 April 2022 has been compiled from websites of the banks. BankBazaar has accounted for FDs belonging to only those foreign, private, small finance and public sector banks that are listed on the BSE. Banks, for which data is not available on their websites, were not considered. The rates are for tax-saving five-year FDs for non-senior citizens.

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