Tax Saver Fixed Deposits (Amount capped at Rs. 1 lakh per Financial Year)
|Maturity Period||Deposit Amount||
INTEREST RATE (% p.a.)
|Tax Benefit Term Deposit Scheme - 5 years||Less than Rs. 1 cr||
- The amount invested in fixed deposits with a maturity period of 5 years in a Scheduled bank is eligible for tax deduction under section 80C. However, the interest earned on the deposit is taxable.
- Tax will be deducted at the source, if the interest income on a fixed deposit per annum exceeds Rs.10000