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Tax-Saving FDs: These largest banks offer up to 7% interest rate
December, 26th 2023

It’s time to submit investment proofs to your employer to save on taxes. And the tax-saving 5-year Bank Fixed Deposits (FDs) is a good option for those in lower to medium tax bracket. It offers Section 80C tax deduction benefit, up to an investment of Rs. 1.5 lakh.
• Among the least risky options
• Tenure: 5 years
• Premature withdrawals are not allowed.
• Interest in this investment is taxable.
Below are the best interest rates offered by India’s largest banks by deposits. Source: BankBazaar.com. Data as of December 22, 2023.

HDFC Bank Interest rate on the 5-year tax-saving FDs: 7%
 
2/11

HDFC Bank
Interest rate on the 5-year tax-saving FDs: 7%

ICICI Bank Interest rate on the 5-year tax-saving FDs: 7%
 
3/11

ICICI Bank
Interest rate on the 5-year tax-saving FDs: 7%

Axis Bank Interest rate on the 5-year tax-saving FDs: 7%
 
4/11

Axis Bank
Interest rate on the 5-year tax-saving FDs: 7%

 
Canara Bank Interest rate on the 5-year tax-saving FDs: 6.7%
 
5/11

Canara Bank
Interest rate on the 5-year tax-saving FDs: 6.7%

Union Bank Of India Interest rate on the 5-year tax-saving FDs: 6.7%
 
6/11

Union Bank Of India
Interest rate on the 5-year tax-saving FDs: 6.7%

State Bank Of India Interest rate on the 5-year tax-saving FDs: 6.5%
 
7/11

State Bank Of India
Interest rate on the 5-year tax-saving FDs: 6.5%

Punjab National Bank Interest rate on the 5-year tax-saving FDs: 6.5%
 
8/11

Punjab National Bank
Interest rate on the 5-year tax-saving FDs: 6.5%

 
Bank Of Baroda Interest rate on the 5-year tax-saving FDs: 6.5%
 
9/11

Bank Of Baroda
Interest rate on the 5-year tax-saving FDs: 6.5%

Indian Bank Interest rate on the 5-year tax-saving FDs: 6.25%
 
10/11

Indian Bank
Interest rate on the 5-year tax-saving FDs: 6.25%

Bank Of India Interest rate on the 5-year tax-saving FDs: 6%
 
11/11

Bank Of India
Interest rate on the 5-year tax-saving FDs: 6%

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